10-Q

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, 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 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

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, 2023
Common Stock, $1.00 Par Value	94,118,740

GL Q3 2023 FORM 10-Q

Globe Life Inc.

Table of Contents

			Page
PART I. FINANCIAL INFORMATION
	Item 1.	Condensed Consolidated Financial Statements
		Condensed Consolidated Balance Sheets	1
		Condensed Consolidated Statements of Operations	2
		Condensed Consolidated Statements of Comprehensive Income (Loss)	3
		Condensed Consolidated Statements of Shareholders' Equity	4
		Condensed Consolidated Statements of Cash Flows	6
		Notes to Condensed Consolidated Financial Statements	7
		Note 1—Significant Accounting Policies	7
		Note 2—New Accounting Standards	9
		Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income	13
		Note 4—Investments	15
		Note 5—Commitments and Contingencies	26
		Note 6—Policy Liabilities	27
		Note 7—Deferred Acquisition Costs	44
		Note 8—Liability for Unpaid Claims	47
		Note 9—Postretirement Benefits	48
		Note 10—Earnings Per Share	50
		Note 11—Debt	51
		Note 12—Business Segments	52
		Note 13—Subsequent Events	58
		Cautionary Statements	59
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	60
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	89
	Item 4.	Controls and Procedures	89
PART II. OTHER INFORMATION
	Item 1.	Legal Proceedings	89
	Item 1A.	Risk Factors	90
	Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	90
	Item 5.	Other Information	90
	Item 6.	Exhibits	91
Signatures			92

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

GL Q3 2023 FORM 10-Q

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, 2023		December 31, 2022
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2023—$18,914,693; 2022—$18,301,692, allowance for credit losses: 2023— $7,500; 2022— $0)	$	16,260,034	$	16,503,365
Policy loans	644,553		614,866
Other long-term investments (includes: 2023—$782,210; 2022—$768,689 under the fair value option)	1,050,106		976,016
Short-term investments	83,934		114,121
Total investments	18,038,627		18,208,368
Cash	85,546		92,559
Accrued investment income	284,642		259,581
Other receivables	616,881		589,079
Deferred acquisition costs	5,889,293		5,535,697
Goodwill	481,791		481,791
Other assets	769,247		760,066
Total assets	$	26,166,027	$	25,927,141
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2023—$16,757,558; 2022—$16,306,870)	$	17,218,098	$	18,040,042
Unearned and advance premium	260,843		253,140
Policy claims and other benefits payable	503,072		507,219
Other policyholders' funds	218,210		123,236
Total policy liabilities	18,200,223		18,923,637
Current and deferred income taxes	554,853		434,649
Short-term debt	447,537		449,103
Long-term debt (estimated fair value: 2023—$1,586,674; 2022—$1,440,277)	1,798,583		1,627,952
Other liabilities	541,700		542,223
Total liabilities	21,542,896		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-capital	543,693		529,661
Accumulated other comprehensive income (loss)	(2,458,974)		(2,790,313)
Retained earnings	7,519,893		6,894,535
Treasury stock, at cost: (2023—10,952,084 shares; 2022—8,478,288 shares)	(1,086,699)		(789,524)
Total shareholders' equity	4,623,131		3,949,577
Total liabilities and shareholders' equity	$	26,166,027	$	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 Q3 2023 FORM 10-Q

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,
	2023		2022		2023		2022
Revenue:
Life premium	$	788,099	$	758,875	$	2,342,429	$	2,264,895
Health premium	331,236		320,406		982,916		956,397
Other premium	—		1		—		1
Total premium	1,119,335		1,079,282		3,325,345		3,221,293
Net investment income	266,926		246,711		785,275		736,317
Realized gains (losses)	(2,193)		(29,155)		(78,963)		(66,845)
Other income	50		399		185		862
Total revenue	1,384,118		1,297,237		4,031,842		3,891,627
Benefits and expenses:
Life policyholder benefits(1)	515,676		545,933		1,536,317		1,533,726
Health policyholder benefits(2)	193,790		182,409		580,676		561,502
Other policyholder benefits	9,578		9,234		27,488		27,928
Total policyholder benefits	719,044		737,576		2,144,481		2,123,156
Amortization of deferred acquisition costs	95,757		88,012		282,159		258,693
Commissions, premium taxes, and non-deferred acquisition costs	138,677		124,768		414,933		376,490
Other operating expense	85,870		88,140		256,074		262,150
Interest expense	25,955		23,965		76,640		65,737
Total benefits and expenses	1,065,303		1,062,461		3,174,287		3,086,226
Income before income taxes	318,815		234,776		857,555		805,401
Income tax benefit (expense)	(61,732)		(44,190)		(161,602)		(153,358)
Net income	$	257,083	$	190,586	$	695,953	$	652,043
Basic net income per common share	$	2.72	$	1.96	$	7.29	$	6.64
Diluted net income per common share	$	2.68	$	1.94	$	7.20	$	6.58

(1)Net of the total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a $11.3 million gain and a $45.2 million loss for the three months ended September 30, 2023 and 2022, respectively. Net of the total remeasurement gain of $16.5 million for the nine months ended September 30, 2023 and the total remeasurement loss of $49.3 million for the same period in 2022.

(2)Net of the total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a $7.8 million gain and $9.7 million gain for the three months ended September 30, 2023 and 2022, respectively. Net of the total remeasurement gain of $8.3 million and $13.8 million for the nine months ended September 30, 2023 and 2022, respectively.

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 Q3 2023 FORM 10-Q

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,
	2023		2022		2023		2022
Net income	$	257,083	$	190,586	$	695,953	$	652,043
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period	(1,068,091)		(1,368,910)		(932,301)		(5,704,042)
Other reclassification adjustments included in net income	851		12,142		82,866		30,371
Foreign exchange adjustment on fixed maturities recorded at fair value	1,603		2,856		603		4,975
Total unrealized investment gains (losses)	(1,065,637)		(1,353,912)		(848,832)		(5,668,696)
Less applicable tax (expense) benefit	223,782		284,319		178,250		1,190,428
Unrealized gains (losses) on investments, net of tax	(841,855)		(1,069,593)		(670,582)		(4,478,268)
Future Policy Benefits:
Change in discount rate on future policy benefits	1,687,310		1,711,223		1,272,631		7,308,021
Less applicable tax (expense) benefit	(354,334)		(359,354)		(267,252)		(1,534,684)
Future policy benefit adjustments, net of tax	1,332,976		1,351,869		1,005,379		5,773,337
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities	(7,881)		(22,375)		(4,039)		(36,556)
Less applicable tax (expense) benefit	1,655		4,697		847		7,675
Foreign exchange translation adjustments, other than securities, net of tax	(6,226)		(17,678)		(3,192)		(28,881)
Pension:
Pension adjustments	35		3,438		(336)		10,316
Less applicable tax (expense) benefit	(7)		(721)		70		(2,166)
Pension adjustments, net of tax	28		2,717		(266)		8,150
Other comprehensive income (loss)	484,923		267,315		331,339		1,274,338
Comprehensive income (loss)	$	742,006	$	457,901	$	1,027,292	$	1,926,381

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 Q3 2023 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(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
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
Comprehensive income (loss)	—		—		—		17,196		215,260		—		232,456
Common dividends declared ($0.2250 per share)	—		—		—		—		(21,330)		—		(21,330)
Acquisition of treasury stock	—		—		—		—		—		(89,755)		(89,755)
Stock-based compensation	—		—		7,487		—		—		—		7,487
Exercise of stock options	—		—		—		—		(665)		5,822		5,157
Balance at June 30, 2023	—		105,218		536,126		(2,943,897)		7,285,809		(1,002,950)		3,980,306
Comprehensive income (loss)	—		—		—		484,923		257,083		—		742,006
Common dividends declared ($0.2250 per share)	—		—		—		—		(21,181)		—		(21,181)
Acquisition of treasury stock	—		—		—		—		—		(96,898)		(96,898)
Stock-based compensation	—		—		7,567		—		—		—		7,567
Exercise of stock options	—		—		—		—		(1,818)		13,149		11,331
Balance at September 30, 2023	$	—	$	105,218	$	543,693	$	(2,458,974)	$	7,519,893	$	(1,086,699)	$	4,623,131

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 Q3 2023 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity (Continued)

(Unaudited)

(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
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
Comprehensive income (loss)	—		—		—		598,981		223,973		—		822,954
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		(3,228,025)		6,863,681		(1,056,087)		3,220,303
Comprehensive income (loss)	—		—		—		267,315		190,586		—		457,901
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	$	(2,960,710)	$	7,030,901	$	(1,110,076)	$	3,609,969

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 Q3 2023 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)

	Nine Months Ended September 30,
	2023		2022
Cash provided from (used for) operating activities	$	1,091,028	$	1,050,387
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold	192,007		346,722
Fixed maturities available for sale—matured or other redemptions	212,936		387,787
Other long-term investments	133,163		55,877
Total investments sold or matured	538,106		790,386
Acquisition of investments:
Fixed maturities—available for sale	(1,076,699)		(1,178,751)
Other long-term investments	(199,093)		(186,275)
Total investments acquired	(1,275,792)		(1,365,026)
Net (increase) decrease in policy loans	(29,687)		(15,792)
Net (increase) decrease in short-term investments	30,187		(16,628)
Additions to property and equipment	(36,449)		(19,766)
Investments in low-income housing interests	(54,337)		(64,023)
Cash provided from (used for) investing activities	(827,972)		(690,849)
Cash provided from (used for) financing activities:
Issuance of common stock	61,079		49,536
Cash dividends paid to shareholders	(62,945)		(60,441)
Repayment of debt	(165,612)		(150,000)
Proceeds from issuance of debt	170,000		250,492
Payment for debt issuance costs	(757)		(5,272)
Net borrowing from FHLB	198,000		—
Net borrowing (repayment) of commercial paper	(34,066)		(60,582)
Acquisition of treasury stock	(365,929)		(335,452)
Net receipts (payments) from deposit-type products	(69,526)		(66,078)
Cash provided from (used for) financing activities	(269,756)		(377,797)
Effect of foreign exchange rate changes on cash	(313)		11,682
Net increase (decrease) in cash	(7,013)		(6,577)
Cash at beginning of year	92,559		92,163
Cash at end of period	$	85,546	$	85,586

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.

6

        GL Q3 2023 FORM 10-Q

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 September 30, 2023, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 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.

7

        GL Q3 2023 FORM 10-Q

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, 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 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 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, 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 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.

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 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.

8

        GL Q3 2023 FORM 10-Q

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 (also referred to as Long Duration Targeted Improvements or LDTI) 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 Income		DTC		Liberty National		Other		Total
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 assumptions	3,334,600		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 American		Family Heritage		Liberty National		American Income		DTC		Total
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 assumptions	75,652		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.

9

        GL Q3 2023 FORM 10-Q

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,
	2021		2020
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 health	2,998,631		2,115,002
Additional insurance liabilities(1),(2)	2,008,399		2,218,116
Total future policy benefits	24,994,257		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,
	2021		2020
Life:
American Income	$	1,647,761	$	1,647,761
Direct to Consumer	1,498,970		1,498,435
Liberty National	531,504		531,504
Other	304,786		304,459
Total life	3,983,021		3,982,159
Health:
United American	65,020		74,353
Family Heritage	364,751		364,751
Liberty National	124,754		124,888
American Income	39,477		39,477
Direct to Consumer	2,215		6,600
Total health	596,217		610,069
Annuity	8,309		3,216
Total DAC	$	4,587,547	$	4,595,444

In accordance with ASU 2018-12, the Company has adjusted its DAC balance to remove the impact of unrealized gains and losses that were previously recorded in Accumulated Other Comprehensive Income (AOCI) on the Consolidated Statements of Shareholders' Equity. Under prior guidance, the Company included these amounts within its calculation of amortization.

10

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents the effect of transition adjustments due to the adoption of ASU 2018-12 on Shareholders' Equity:

	Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Other(1)		Total
Shareholders’ Equity, as of December 31, 2020	$	5,874,109	$	3,029,244	$	(132,261)	$	8,771,092
Effect of changes in discount rate assumptions	—		(7,829,753)		—		(7,829,753)
Effect of capping and flooring	(38,992)		—		—		(38,992)
Effect of removal of unrealized gain (loss) on DAC	—		4,704		—		4,704
Other adjustments	26,470		—		—		26,470
Shareholders’ Equity, as of January 1, 2021	$	5,861,587	$	(4,795,805)	$	(132,261)	$	933,521

(1)Other represents common stock, additional paid-in capital, and treasury stock, combining balances that were unaffected by the new standard.

As of the Transition Date, the primary effects of the changes required by the standard were to AOCI and retained earnings. As seen in the table above, the transition adjustments impacting AOCI consist of the effect of changes in discount rate assumptions and the effect of the removal of unrealized gains (losses) on DAC. The effect of changes in discount rate assumptions is the impact, net of tax, of the Company re-measuring its liability for future policy benefits using current discount rates. As of the Transition Date, we experienced a lower level of current discount rates than the original discount rates used in valuing our future policy benefits under the prior guidance, thus reducing Shareholders' Equity. For the effect of removing unrealized gains (losses) on DAC, this adjustment relates to the requirement to remove unrealized gains (losses) that were included within the amortization calculation, as noted previously.

Regarding the impact on retained earnings, when the present value of net premiums exceeds the present value of gross premiums for a given cohort (capping), or the present value of future benefits and related termination expenses exceeds the present value of future gross premiums (flooring), an adjustment is recognized to the liability for future policy benefits. Any blocks of business that require increases in future policy benefits to minimum levels, or that have a net premium ratio greater than 100%, required an adjustment to the opening balance of retained earnings (decrease).

Accounting Pronouncements Yet to be Adopted: ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, adds disclosure requirements 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 on January 1, 2024, 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.

11

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Effect of New Accounting Standards on Previously Reported Results: The impacts from the adoption of ASU 2018-12 on the Company's previously reported results included in these financial statements are as follows:

Condensed Consolidated Balance Sheets

	December 31, 2022
	As Previously Reported		Adoption Impact		As Adjusted
Assets:
Other receivables	$	484,887	$	104,192	$	589,079
Deferred acquisition costs	5,249,907		285,790		5,535,697
Liabilities:
Future policy benefits	16,721,846		1,318,196		18,040,042
Unearned and advance premium	60,742		192,398		253,140
Policy claims and other benefits payable	430,027		77,192		507,219
Current and deferred income taxes	686,172		(251,523)		434,649
Shareholders' equity:
Accumulated other comprehensive income (loss)	(1,415,714)		(1,374,599)		(2,790,313)
Retained earnings	6,466,220		428,315		6,894,535

Condensed Consolidated Statements of Operations

	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	As Previously Reported		Adoption Impact		As Adjusted		As Previously Reported		Adoption Impact		As Adjusted
Revenue:
Life premium	$	755,115	$	3,760	$	758,875	$	2,269,641	$	(4,746)	$	2,264,895
Health premium	319,289		1,117		320,406		955,478		919		956,397
Net investment income	245,625		1,086		246,711		733,101		3,216		736,317
Benefits and expenses:
Life policyholder benefits	494,627		51,306		545,933		1,555,004		(21,278)		1,533,726
Health policyholder benefits	198,415		(16,006)		182,409		592,488		(30,986)		561,502
Other policyholder benefits	6,986		2,248		9,234		21,110		6,818		27,928
Amortization of deferred acquisition costs	156,129		(68,117)		88,012		469,718		(211,025)		258,693
Commissions, premium taxes, and non-deferred acquisition costs	93,028		31,740		124,768		277,436		99,054		376,490
Income before income taxes	229,983		4,793		234,776		648,594		156,807		805,401
Income tax benefit (expense)	(43,204)		(986)		(44,190)		(120,450)		(32,908)		(153,358)
Net income	$	186,779	$	3,807	$	190,586	$	528,144	$	123,899	$	652,043
Basic net income per common share	$	1.92	$	0.04	$	1.96	$	5.38	$	1.26	$	6.64
Diluted net income per common share	$	1.90	$	0.04	$	1.94	$	5.33	$	1.25	$	6.58

See Note 1—Significant Accounting Policies, Note 6—Policy Liabilities, and Note 7—DAC for additional information on the adoption.

12

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2023 and 2022:

	Three Months Ended September 30, 2023
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2023	$	(1,249,399)	$	(1,696,801)	$	1,353	$	950	$	(2,943,897)
Other comprehensive income (loss) before reclassifications, net of tax	(842,527)		1,332,976		(6,226)		—		484,223
Reclassifications, net of tax	672		—		—		28		700
Other comprehensive income (loss)	(841,855)		1,332,976		(6,226)		28		484,923
Balance at September 30, 2023	$	(2,091,254)	$	(363,825)	$	(4,873)	$	978	$	(2,458,974)

	Three Months Ended September 30, 2022
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2022	$	(643,385)	$	(2,494,442)	$	8,045	$	(98,243)	$	(3,228,025)
Other comprehensive income (loss) before reclassifications, net of tax	(1,079,185)		1,351,869		(17,678)		—		255,006
Reclassifications, net of tax	9,592		—		—		2,717		12,309
Other comprehensive income (loss)	(1,069,593)		1,351,869		(17,678)		2,717		267,315
Balance at September 30, 2022	$	(1,712,978)	$	(1,142,573)	$	(9,633)	$	(95,526)	$	(2,960,710)

	Nine Months Ended September 30, 2023
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2023	$	(1,420,672)	$	(1,369,204)	$	(1,681)	$	1,244	$	(2,790,313)
Other comprehensive income (loss) before reclassifications, net of tax	(736,046)		1,005,379		(3,192)		—		266,141
Reclassifications, net of tax	65,464		—		—		(266)		65,198
Other comprehensive income (loss)	(670,582)		1,005,379		(3,192)		(266)		331,339
Balance at September 30, 2023	$	(2,091,254)	$	(363,825)	$	(4,873)	$	978	$	(2,458,974)

	Nine Months Ended September 30, 2022
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
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	(4,502,261)		5,773,337		(28,881)		—		1,242,195
Reclassifications, net of tax	23,993		—		—		8,150		32,143
Other comprehensive income (loss)	(4,478,268)		5,773,337		(28,881)		8,150		1,274,338
Balance at September 30, 2022	$	(1,712,978)	$	(1,142,573)	$	(9,633)	$	(95,526)	$	(2,960,710)

13

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Reclassification Adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and nine month periods ended September 30, 2023 and 2022.

	Three Months Ended September 30,				Nine Months Ended September 30,				Affected line items in the Statements of Operations
Component Line Item	2023		2022		2023		2022
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$	1,759	$	12,256	$	85,230	$	29,741	Realized (gains) losses
Amortization of (discount) premium	(908)		(114)		(2,364)		630		Net investment income
Total before tax	851		12,142		82,866		30,371
Tax	(179)		(2,550)		(17,402)		(6,378)		Income taxes
Total after-tax	672		9,592		65,464		23,993
Pension adjustments:
Amortization of prior service cost	269		158		807		474		Other operating expense
Amortization of actuarial (gain) loss	(234)		3,280		(1,143)		9,842		Other operating expense
Total before tax	35		3,438		(336)		10,316
Tax	(7)		(721)		70		(2,166)		Income taxes
Total after-tax	28		2,717		(266)		8,150
Total reclassification (after-tax)	$	700	$	12,309	$	65,198	$	32,143

14

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2023 and December 31, 2022, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."

	At September 30, 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	$	395,382	$	—	$	—	$	(55,738)	$	339,644	2
States, municipalities, and political subdivisions	3,319,521		—		14,159		(696,791)		2,636,889		16
Foreign governments	42,085		—		—		(12,497)		29,588		—
Corporates, by sector:
Financial	4,938,112		—		22,380		(672,806)		4,287,686		27
Utilities	1,998,424		—		13,550		(190,901)		1,821,073		11
Energy	1,426,415		—		13,284		(136,363)		1,303,336		8
Other corporate sectors	6,671,115		(7,500)		32,193		(976,041)		5,719,767		35
Total corporates	15,034,066		(7,500)		81,407		(1,976,111)		13,131,862		81
Collateralized debt obligations	36,843		—		4,842		—		41,685		—
Other asset-backed securities	86,796		—		2		(6,432)		80,366		1
Total fixed maturities	$	18,914,693	$	(7,500)	$	100,410	$	(2,747,569)	$	16,260,034	100

(1)Amount reported in the balance sheet.

(2)At fair value.

15

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	At December 31, 2022
	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	$	394,439	$	—	$	27	$	(38,968)	$	355,498	2
States, municipalities, and political subdivisions	2,791,030		—		24,328		(505,447)		2,309,911		14
Foreign governments	55,164		—		6		(12,706)		42,464		—
Corporates, by sector:
Financial	4,907,794		—		63,126		(504,489)		4,466,431		27
Utilities	1,924,190		—		36,670		(125,713)		1,835,147		11
Energy	1,436,598		—		22,637		(101,923)		1,357,312		8
Other corporate sectors	6,667,043		—		78,903		(738,772)		6,007,174		37
Total corporates	14,935,625		—		201,336		(1,470,897)		13,666,064		83
Collateralized debt obligations	37,098		—		13,266		—		50,364		—
Other asset-backed securities	88,336		—		4		(9,276)		79,064		1
Total fixed maturities	$	18,301,692	$	—	$	238,967	$	(2,037,294)	$	16,503,365	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company has exposure to banks as part of its fixed maturity portfolio carrying an average rating of A- . The Company’s bank securities had a fair value of $1.2 billion (7% of the total fixed maturity portfolio) and $1.3 billion (8% of the total fixed maturity portfolio) at September 30, 2023 and December 31, 2022, respectively. Additionally, the Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $382 million (2% of the total fixed maturity portfolio) and $428 million (3% of the total fixed maturity portfolio) at September 30, 2023 and December 31, 2022, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2023, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.

	At September 30, 2023
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	155,607	$	154,933
Due after one year through five years	1,149,496		1,142,206
Due after five years through ten years	1,818,217		1,732,283
Due after ten years through twenty years	8,160,666		7,271,668
Due after twenty years	7,499,521		5,836,847
Mortgage-backed and asset-backed securities	123,686		122,097
	$	18,907,193	$	16,260,034

16

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Analysis of Investment Operations: "Net investment income" for the three and nine month periods ended September 30, 2023 and 2022 is summarized as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022		% Change	2023		2022		% Change
Fixed maturities available for sale	$	237,609	$	227,673	4	$	704,095	$	679,710	4
Policy loans	12,446		11,716		6	36,435		34,724		5
Other long-term investments(1)	19,993		10,933		83	52,672		34,349		53
Short-term investments	1,396		969			4,811		1,093
	271,444		251,291		8	798,013		749,876		6
Less investment expense	(4,518)		(4,580)		(1)	(12,738)		(13,559)		(6)
Net investment income	$	266,926	$	246,711	8	$	785,275	$	736,317	7

(1)For the three months ended September 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $14.0 million and $8.4 million, respectively, in net investment income. For the nine months ended September 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $37.2 million and $27.7 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities available for sale:
Proceeds from sales(1)	$	46,210	$	127,695	$	192,034	$	346,722
Gross realized gains	261		165		308		938
Gross realized losses	(67,018)		(11,537)		(77,879)		(56,384)

(1)As of September 30, 2023 and 2022, the Company had $27 thousand and $0 of unsettled trades, respectively.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(66,767)	$	(12,256)	$	(77,730)	$	(30,128)
Provision for credit losses	65,008		—		(7,500)		387
Fair value option—change in fair value	868		(11,551)		7,954		(15,942)
Other investments	(1,302)		(5,348)		(1,687)		(21,162)
Realized gains (losses) from investments	(2,193)		(29,155)		(78,963)		(66,845)
Applicable tax	461		6,122		16,583		14,037
Realized gains (losses), net of tax	$	(1,732)	$	(23,033)	$	(62,380)	$	(52,808)

(1)During the three months ended September 30, 2023 and 2022, the Company recorded $21.1 million and $22.1 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the nine months ended September 30, 2023 and 2022, the Company recorded $39.0 million and $24.0 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the three months ended September 30, 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 the year.

17

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2023 and December 31, 2022:

	Fair Value Measurement at September 30, 2023 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	$	—		$	339,644		$	—		$	339,644
States, municipalities, and political subdivisions	—			2,636,889			—			2,636,889
Foreign governments	—			29,588			—			29,588
Corporates, by sector:
Financial	—			4,164,257			123,429			4,287,686
Utilities	—			1,715,887			105,186			1,821,073
Energy	—			1,293,028			10,308			1,303,336
Other corporate sectors	—			5,523,239			196,528			5,719,767
Total corporates	—			12,696,411			435,451			13,131,862
Collateralized debt obligations	—			—			41,685			41,685
Other asset-backed securities	—			80,366			—			80,366
Total fixed maturities	$	—		$	15,782,898		$	477,136		$	16,260,034
Percentage of total	—		%	97		%	3		%	100		%

	Fair Value Measurement at December 31, 2022 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	$	—		$	355,498		$	—		$	355,498
States, municipalities, and political subdivisions	—			2,309,911			—			2,309,911
Foreign governments	—			42,464			—			42,464
Corporates, by sector:
Financial	—			4,332,495			133,936			4,466,431
Utilities	—			1,723,832			111,315			1,835,147
Energy	—			1,346,212			11,100			1,357,312
Other corporate sectors	—			5,785,442			221,732			6,007,174
Total corporates	—			13,187,981			478,083			13,666,064
Collateralized debt obligations	—			—			50,364			50,364
Other asset-backed securities	—			79,064			—			79,064
Total fixed maturities	$	—		$	15,974,918		$	528,447		$	16,503,365
Percentage of total	—		%	97		%	3		%	100		%

18

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2023	$	—		$	50,364		$	478,083		$	528,447
Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			(8,424)			(15,968)			(24,392)
Acquisitions	—			—			—			—
Sales	—			—			—			—
Amortization	—			3,429			5			3,434
Other(1)	—			(3,684)			(26,669)			(30,353)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2023	$	—		$	41,685		$	435,451		$	477,136
Percent of total fixed maturities	—		%	—		%	3		%	3		%

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

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

	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2022	$	—		$	63,505		$	641,688		$	705,193
Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			(13,163)			(114,525)			(127,688)
Acquisitions	—			—			—			—
Sales	—			—			—			—
Amortization	—			3,382			6			3,388
Other(1)	—			(3,129)			(42,604)			(45,733)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2022	$	—		$	50,595		$	484,565		$	535,160
Percent of total fixed maturities	—		%	—		%	3		%	3		%

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

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

19

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
At September 30, 2023	$	—	$	(8,424)	$	(15,968)	$	(24,392)
At September 30, 2022	—		(13,163)		(114,525)		(127,688)

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

	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of September 30, 2023	713	1,640	2,353
As of December 31, 2022	1,819	157	1,976

Globe Life's entire fixed maturity portfolio consisted of 2,446 issues by 990 different issuers at September 30, 2023 and 2,328 issues by 979 different issuers at December 31, 2022. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of September 30, 2023 and December 31, 2022.

20

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2023 and December 31, 2022.

Analysis of Gross Unrealized Investment Losses

	At September 30, 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	$	1,920	$	(192)	$	337,694	$	(55,546)	$	339,614	$	(55,738)
States, municipalities, and political subdivisions	941,815		(77,118)		1,408,695		(619,673)		2,350,510		(696,791)
Foreign governments	1,464		(24)		28,124		(12,473)		29,588		(12,497)
Corporates, by sector:
Financial	1,399,885		(90,121)		2,066,825		(533,152)		3,466,710		(623,273)
Utilities	693,321		(36,324)		649,894		(152,242)		1,343,215		(188,566)
Energy	370,280		(16,721)		522,381		(108,746)		892,661		(125,467)
Other corporate sectors	1,005,726		(67,518)		3,507,313		(890,230)		4,513,039		(957,748)
Total corporates	3,469,212		(210,684)		6,746,413		(1,684,370)		10,215,625		(1,895,054)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		69,047		(5,849)		69,047		(5,849)
Total investment grade securities	4,414,411		(288,018)		8,589,973		(2,377,911)		13,004,384		(2,665,929)
Below investment grade securities:
States, municipalities, and political subdivisions	—		—		—		—		—		—
Corporates, by sector:
Financial	25,065		(3,110)		144,381		(46,423)		169,446		(49,533)
Utilities	—		—		27,772		(2,335)		27,772		(2,335)
Energy	—		—		33,774		(10,896)		33,774		(10,896)
Other corporate sectors	45,943		(1,920)		56,687		(16,373)		102,630		(18,293)
Total corporates	71,008		(5,030)		262,614		(76,027)		333,622		(81,057)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		11,262		(583)		11,262		(583)
Total below investment grade securities	71,008		(5,030)		273,876		(76,610)		344,884		(81,640)
Total fixed maturities	$	4,485,419	$	(293,048)	$	8,863,849	$	(2,454,521)	$	13,349,268	$	(2,747,569)

Gross unrealized losses may fluctuate quarter over quarter due to adverse 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 management 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.

21

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Analysis of Gross Unrealized Investment Losses

	At December 31, 2022
	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	$	349,887	$	(38,218)	$	3,424	$	(750)	$	353,311	$	(38,968)
States, municipalities, and political subdivisions	1,767,624		(453,149)		95,124		(52,298)		1,862,748		(505,447)
Foreign governments	6,297		(201)		25,134		(12,505)		31,431		(12,706)
Corporates, by sector:
Financial	2,837,918		(426,132)		109,784		(42,173)		2,947,702		(468,305)
Utilities	1,088,219		(116,272)		21,636		(6,268)		1,109,855		(122,540)
Energy	855,853		(91,755)		—		—		855,853		(91,755)
Other corporate sectors	4,155,986		(665,831)		94,299		(42,344)		4,250,285		(708,175)
Total corporates	8,937,976		(1,299,990)		225,719		(90,785)		9,163,695		(1,390,775)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	60,157		(5,223)		7,960		(2,435)		68,117		(7,658)
Total investment grade securities	11,121,941		(1,796,781)		357,361		(158,773)		11,479,302		(1,955,554)
Below investment grade securities:
States, municipalities, and political subdivisions	—		—		—		—		—		—
Corporates, by sector:
Financial	120,377		(18,901)		38,348		(17,283)		158,725		(36,184)
Utilities	27,722		(3,173)		—		—		27,722		(3,173)
Energy	14,480		(2,182)		20,075		(7,986)		34,555		(10,168)
Other corporate sectors	166,159		(25,962)		6,670		(4,635)		172,829		(30,597)
Total corporates	328,738		(50,218)		65,093		(29,904)		393,831		(80,122)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		10,874		(1,618)		10,874		(1,618)
Total below investment grade securities	328,738		(50,218)		75,967		(31,522)		404,705		(81,740)
Total fixed maturities	$	11,450,679	$	(1,846,999)	$	433,328	$	(190,295)	$	11,884,007	$	(2,037,294)

22

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Allowance for credit losses beginning balance	$	72,508	$	—	$	—	$	387
Additions to allowance for which credit losses were not previously recorded	—		—		72,508		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	(65,008)		—		(65,008)		—
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	—		—		—		(387)
Allowance for credit losses ending balance	$	7,500	$	—	$	7,500	$	—

As of September 30, 2023 and December 31, 2022, the Company did not have any fixed maturities in non-accrual status. During the three months ended September 30, 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 the year.

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

	September 30, 2023		December 31, 2022
Investment funds	$	782,210	$	768,689
Commercial mortgage loan participations	228,802		181,305
Other	39,094		26,022
Total	$	1,050,106	$	976,016

The following table presents additional information about the Company's investment funds as of September 30, 2023 and December 31, 2022 at fair value:

	Fair Value				Unfunded Commitments
Investment Category	September 30, 2023		December 31, 2022		September 30, 2023		Redemption Term/Notice
Commercial mortgage loans	$	419,120	$	431,405	$	575,445	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	162,202		158,524		135,000		Fully redeemable and non-redeemable with varying terms.
Infrastructure	166,603		159,534		16,279		Fully redeemable and non-redeemable with varying terms.
Other	34,285		19,226		60,000		Non-redeemable with varying terms
Total investment funds	$	782,210	$	768,689	$	786,724

The Company had $103 million of capital called during the year from existing investment funds.

23

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Commercial Mortgage Loan Participations (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at September 30, 2023 and December 31, 2022 are as follows:

	September 30, 2023			December 31, 2022
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Multi-family	$	99,265	43	$	42,232	23
Mixed use	39,012		17	62,375		34
Industrial	37,778		17	27,248		15
Hospitality	25,159		11	27,796		15
Retail	23,842		10	15,342		9
Office	6,734		3	8,101		5
Total recorded investment	231,790		101	183,094		101
Less allowance for credit losses	(2,988)		(1)	(1,789)		(1)
Carrying value, net of allowance for credit losses	$	228,802	100	$	181,305	100

	September 30, 2023			December 31, 2022
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
California	$	51,371	22	$	64,477	36
Texas	45,775		20	22,905		13
Florida	33,367		15	33,182		18
New Jersey	25,090		11	—		—
New York	20,278		9	19,167		11
Washington	14,962		6	14,925		8
Other	40,947		18	28,438		15
Total recorded investment	231,790		101	183,094		101
Less allowance for credit losses	(2,988)		(1)	(1,789)		(1)
Carrying value, net of allowance for credit losses	$	228,802	100	$	181,305	100

24

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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%. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss.

	September 30, 2023
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Total
Loan-to-value ratio(2):
Less than 70%	$	26,987	$	151,455	$	36,769	$	215,211	93
70% to 80%	—		—		—		—		—
81% to 90%	8,391		—		1,153		9,544		4
Greater than 90%	7,035		—		—		7,035		3
Total	$	42,413	$	151,455	$	37,922	231,790		100
Less allowance for credit losses							(2,988)
Total, net of allowance for credit losses							$	228,802

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

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

	December 31, 2022
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Total
Loan-to-value ratio(2):
Less than 70%	$	24,221	$	108,156	$	12,018	$	144,395	79
70% to 80%	—		22,120		1,238		23,358		13
81% to 90%	8,307		—		—		8,307		4
Greater than 90%	7,034		—		—		7,034		4
Total	$	39,562	$	130,276	$	13,256	183,094		100
Less allowance for credit losses							(1,789)
Total, net of allowance for credit losses							$	181,305

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

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

As of September 30, 2023, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 25 loans in the portfolio. For the nine months ended September 30, 2023, the allowance for credit losses increased $1.2 million. Additionally, there was one foreclosure that resulted in a $2.9 million after tax realized loss during the period. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Allowance for credit losses beginning balance	$	2,928	$	1,109	$	1,789	$	827
Provision (reversal) for credit losses	60		1,051		1,199		1,333
Allowance for credit losses ending balance	$	2,988	$	2,160	$	2,988	$	2,160

25

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

There were no delinquent commercial mortgage loans as of September 30, 2023 and December 31, 2022. As of September 30, 2023 and December 31, 2022, the Company had no commercial mortgage loan in non-accrual status. The Company's unfunded commitment balance to commercial loan borrowers was $23 million as of September 30, 2023.

Note 5—Commitments and Contingencies

Guarantees: The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. 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 subsidiaries. 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 September 30, 2021 and now expires in 2026. 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 outstanding at September 30, 2023 was $115 million.

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's financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

On September 30, 2022, putative class action litigation was filed against American Income Life Insurance Company (“American Income”), Giglione-Ackerman Agency, LLC, Eric Giglione and David Ackerman (collectively, “Defendants”) in New Jersey Superior Court (Atiya Bell, et al. v. American Income Life Insurance Company, et al., Case No. MID-L-004928-22). American Income subsequently removed the case to United States District Court for the District of New Jersey (Case No. 2:22-cv-06913-CCC-MAH). Plaintiffs Atiya Bell and Abel Flores (“Plaintiffs”) are former New Jersey independent sales agents who allege they should have been classified as employees, and assert claims under New Jersey state law on behalf of (i) a putative class of registered agents in New Jersey who have worked remotely for at least one week since March 9, 2020, and (ii) a putative class of registered agents in New Jersey who trained for at least one week to become sales agents for American Income in New Jersey during the six years prior to September 30, 2022. Plaintiffs make claims under the New Jersey Wage and Hour Law and the New Jersey Wage Payment Law for the alleged failure to pay minimum wages and overtime pay, including for time spent in training, liquidated damages and attorney’s fees and costs. On December 21, 2022, American Income filed a motion to compel arbitration of the claims pursuant to the provisions of the agent agreements. The Court denied American Income’s motion without prejudice “pending further factual development of the record.” The Court ordered the parties “to conduct limited discovery on the issue of arbitrability,” after which American Income intends to renew its motion to compel arbitration.

26

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 6—Policy Liabilities

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

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2023 and 2022:

	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	(76,338)		(180,498)		(15,119)		(7,237)		(279,192)
Adjusted balance at January 1, 2022	3,864,026		5,432,814		1,042,842		444,118		10,783,800
Issuances(1)	596,320		499,777		73,299		23,148		1,192,544
Interest accrual(2)	131,251		204,334		38,378		15,575		389,538
Net premiums collected(3)	(366,147)		(451,993)		(95,338)		(32,628)		(946,106)
Effect of changes in the foreign exchange rate	(21,643)		—		—		—		(21,643)
Ending balance at original discount rates	4,203,807		5,684,932		1,059,181		450,213		11,398,133
Effect of change from original to current discount rates	(26,258)		153,525		17,403		15,056		159,726
Balance at September 30, 2022	$	4,177,549	$	5,838,457	$	1,076,584	$	465,269	$	11,557,859
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	(103,922)		(219,723)		(26,533)		(13,882)		(364,060)
Adjusted balance at January 1, 2023	4,157,066		5,497,311		1,044,768		443,746		11,142,891
Issuances(1)	557,844		450,361		92,894		21,756		1,122,855
Interest accrual(2)	147,968		214,988		40,362		17,071		420,389
Net premiums collected(3)	(388,288)		(461,367)		(100,093)		(34,542)		(984,290)
Effect of changes in the foreign exchange rate	(631)		—		—		—		(631)
Ending balance at original discount rates	4,473,959		5,701,293		1,077,931		448,031		11,701,214
Effect of change from original to current discount rates	(155,254)		(31,118)		(18,702)		(1,499)		(206,573)
Balance at September 30, 2023	$	4,318,705	$	5,670,175	$	1,059,229	$	446,532	$	11,494,641

(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.

27

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	4,379,496	$	6,164,946	$	1,123,072	$	461,964	$	12,129,478
Beginning balance at original discount rates	4,146,094		5,616,356		1,042,155		416,918		11,221,523
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	(58,998)		(89,037)		(5,994)		(3,741)		(157,770)
Adjusted balance at July 1, 2022	4,121,362		5,606,890		1,053,880		448,391		11,230,523
Issuances(1)	176,042		160,780		24,493		7,553		368,868
Interest accrual(2)	44,410		68,476		12,793		5,270		130,949
Net premiums collected(3)	(123,636)		(151,214)		(31,985)		(11,001)		(317,836)
Effect of changes in the foreign exchange rate	(14,371)		—		—		—		(14,371)
Ending balance at original discount rates	4,203,807		5,684,932		1,059,181		450,213		11,398,133
Effect of change from original to current discount rates	(26,258)		153,525		17,403		15,056		159,726
Balance at September 30, 2022	$	4,177,549	$	5,838,457	$	1,076,584	$	465,269	$	11,557,859
Balance at July 1, 2023	$	4,472,847	$	5,988,577	$	1,110,017	$	471,279	$	12,042,720
Beginning balance at original discount rates	4,399,053		5,700,354		1,071,561		445,475		11,616,443
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	(34,571)		(91,120)		(10,938)		(7,232)		(143,861)
Adjusted balance at July 1, 2023	4,378,747		5,645,404		1,065,801		446,662		11,536,614
Issuances(1)	181,823		136,611		32,045		7,143		357,622
Interest accrual(2)	51,119		72,515		13,707		5,741		143,082
Net premiums collected(3)	(131,329)		(153,237)		(33,622)		(11,515)		(329,703)
Effect of changes in the foreign exchange rate	(6,401)		—		—		—		(6,401)
Ending balance at original discount rates	4,473,959		5,701,293		1,077,931		448,031		11,701,214
Effect of change from original to current discount rates	(155,254)		(31,118)		(18,702)		(1,499)		(206,573)
Balance at September 30, 2023	$	4,318,705	$	5,670,175	$	1,059,229	$	446,532	$	11,494,641

(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.

28

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 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	(81,429)		(174,141)		(14,582)		(8,325)		(278,477)
Adjusted balance at January 1, 2022	7,711,306		8,088,028		3,225,039		3,298,706		22,323,079
Issuances(1)	596,320		499,774		73,299		23,148		1,192,541
Interest accrual(2)	305,526		323,432		126,814		145,941		901,713
Benefit payments(3)	(287,253)		(476,182)		(168,502)		(92,033)		(1,023,970)
Effect of changes in the foreign exchange rate	(51,726)		—		—		—		(51,726)
Ending balance at original discount rates	8,274,173		8,435,052		3,256,650		3,375,762		23,341,637
Effect of change from original to current discount rates	569,356		609,256		108,603		503,107		1,790,322
Balance at September 30, 2022	$	8,843,529	$	9,044,308	$	3,365,253	$	3,878,869	$	25,131,959

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	(109,386)		(227,639)		(27,482)		(17,962)		(382,469)
Adjusted balance at January 1, 2023	8,313,719		8,284,660		3,251,654		3,397,403		23,247,436
Issuances(1)	557,844		450,362		92,894		21,756		1,122,856
Interest accrual(2)	335,349		342,208		130,712		152,378		960,647
Benefit payments(3)	(296,133)		(432,393)		(153,294)		(86,008)		(967,828)
Effect of changes in the foreign exchange rate	(819)		—		—		—		(819)
Ending balance at original discount rates	8,909,960		8,644,837		3,321,966		3,485,529		24,362,292
Effect of change from original to current discount rates	80,477		228,607		(46,234)		282,118		544,968
Balance at September 30, 2023	$	8,990,437	$	8,873,444	$	3,275,732	$	3,767,647	$	24,907,260

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

29

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	9,512,271	$	9,664,209	$	3,622,642	$	4,220,830	$	27,019,952
Beginning balance at original discount rates	8,134,706		8,294,768		3,215,311		3,312,104		22,956,889
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	(64,348)		(87,105)		(5,116)		(3,852)		(160,421)
Adjusted balance at July 1, 2022	8,118,892		8,312,573		3,243,652		3,347,977		23,023,094
Issuances(1)	176,044		160,779		24,493		7,550		368,866
Interest accrual(2)	103,380		108,681		42,392		49,097		303,550
Benefit payments(3)	(89,075)		(146,981)		(53,887)		(28,862)		(318,805)
Effect of changes in the foreign exchange rate	(35,068)		—		—		—		(35,068)
Ending balance at original discount rates	8,274,173		8,435,052		3,256,650		3,375,762		23,341,637
Effect of change from original to current discount rates	569,356		609,256		108,603		503,107		1,790,322
Balance at September 30, 2022	$	8,843,529	$	9,044,308	$	3,365,253	$	3,878,869	$	25,131,959

Balance at July 1, 2023	$	9,668,207	$	9,487,233	$	3,507,845	$	4,109,706	$	26,772,991
Beginning balance at original discount rates	8,753,526		8,592,897		3,297,781		3,448,491		24,092,695
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	(36,998)		(97,632)		(14,364)		(9,595)		(158,589)
Adjusted balance at July 1, 2023	8,729,872		8,529,672		3,289,573		3,450,557		23,999,674
Issuances(1)	181,822		136,612		32,046		7,145		357,625
Interest accrual(2)	114,683		115,547		43,991		51,249		325,470
Benefit payments(3)	(101,161)		(136,994)		(43,644)		(23,422)		(305,221)
Effect of changes in the foreign exchange rate	(15,256)		—		—		—		(15,256)
Ending balance at original discount rates	8,909,960		8,644,837		3,321,966		3,485,529		24,362,292
Effect of change from original to current discount rates	80,477		228,607		(46,234)		282,118		544,968
Balance at September 30, 2023	$	8,990,437	$	8,873,444	$	3,275,732	$	3,767,647	$	24,907,260

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

30

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Life
	Net liability for future policy benefits as of September 30, 2022
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,070,366	$	2,750,120	$	2,197,469	$	2,925,549	$	11,943,504
Effect of changes in discount rate assumptions	595,614		455,731		91,200		488,051		1,630,596
Net liability for future policy benefits at current discount rates	4,665,980		3,205,851		2,288,669		3,413,600		13,574,100
Other Adjustments(1)	851		5,271		(4,056)		(33,790)		(31,724)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	4,666,831	$	3,211,122	$	2,284,613	$	3,379,810	$	13,542,376

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

	Life
	Net liability for future policy benefits as of September 30, 2023
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,436,001	$	2,943,544	$	2,244,035	$	3,037,498	$	12,661,078
Effect of changes in discount rate assumptions	235,731		259,725		(27,532)		283,617		751,541
Net liability for future policy benefits at current discount rates	4,671,732		3,203,269		2,216,503		3,321,115		13,412,619
Other Adjustments(1)	367		3,982		(1,389)		(32,481)		(29,521)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	4,672,099	$	3,207,251	$	2,215,114	$	3,288,634	$	13,383,098

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

31

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2023 and 2022:

	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	(22,004)		(49,359)		(31,290)		11,506		(1,249)		(92,396)
Adjusted balance at January 1, 2022	2,732,287		1,618,300		402,965		172,396		86,492		5,012,440
Issuances(1)	246,877		175,456		35,831		29,970		3,582		491,716
Interest accrual(2)	91,999		45,147		14,312		5,537		3,487		160,482
Net premiums collected(3)	(192,809)		(129,001)		(38,588)		(15,822)		(7,780)		(384,000)
Effect of changes in the foreign exchange rate	—		—		—		(1,937)		—		(1,937)
Ending balance at original discount rates	2,878,354		1,709,902		414,520		190,144		85,781		5,278,701
Effect of change from original to current discount rates	(72,237)		(158,093)		3,658		(4,636)		1,672		(229,636)
Balance at September 30, 2022	$	2,806,117	$	1,551,809	$	418,178	$	185,508	$	87,453	$	5,049,065
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	2,941,261		1,729,219		415,442		192,631		87,751		5,366,304
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	(6,240)		(50,052)		(30,526)		(7,643)		(1,666)		(96,127)
Adjusted balance at January 1, 2023	3,401,904		1,648,912		327,952		178,927		102,638		5,660,333
Issuances(1)	226,363		202,561		43,373		30,667		6,532		509,496
Interest accrual(2)	99,390		50,091		14,047		6,304		3,278		173,110
Net premiums collected(3)	(202,669)		(134,009)		(38,322)		(16,611)		(8,028)		(399,639)
Effect of changes in the foreign exchange rate	—		—		—		(165)		—		(165)
Ending balance at original discount rates	3,524,988		1,767,555		347,050		199,122		104,420		5,943,135
Effect of change from original to current discount rates	(183,608)		(192,981)		(8,372)		(9,976)		(1,254)		(396,191)
Balance at September 30, 2023	$	3,341,380	$	1,574,574	$	338,678	$	189,146	$	103,166	$	5,546,944

(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.

32

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	3,138,706	$	1,650,507	$	425,277	$	193,536	$	102,433	$	5,510,459
Beginning balance at original discount rates	3,022,654		1,706,794		396,741		186,298		94,752		5,407,239
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	13,731		(13,447)		(7,101)		16,766		294		10,243
Adjusted balance at July 1, 2022	2,840,825		1,672,416		409,486		185,153		86,011		5,193,891
Issuances(1)	71,806		65,523		13,220		9,545		1,260		161,354
Interest accrual(2)	30,794		15,133		4,719		1,858		1,134		53,638
Net premiums collected(3)	(65,071)		(43,170)		(12,905)		(5,282)		(2,624)		(129,052)
Effect of changes in the foreign exchange rate	—		—		—		(1,130)		—		(1,130)
Ending balance at original discount rates	2,878,354		1,709,902		414,520		190,144		85,781		5,278,701
Effect of change from original to current discount rates	(72,237)		(158,093)		3,658		(4,636)		1,672		(229,636)
Balance at September 30, 2022	$	2,806,117	$	1,551,809	$	418,178	$	185,508	$	87,453	$	5,049,065
Balance at July 1, 2023	$	2,984,554	$	1,661,020	$	409,551	$	201,844	$	89,674	$	5,346,643
Beginning balance at original discount rates	2,985,660		1,771,206		400,180		201,709		86,840		5,445,595
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	22,683		(15,658)		(2,692)		(2,394)		229		2,168
Adjusted balance at July 1, 2023	3,475,226		1,725,293		340,524		193,254		103,622		5,837,919
Issuances(1)	82,647		70,216		15,183		9,880		2,317		180,243
Interest accrual(2)	35,536		17,272		4,380		2,170		1,160		60,518
Net premiums collected(3)	(68,421)		(45,226)		(13,037)		(5,630)		(2,679)		(134,993)
Effect of changes in the foreign exchange rate	—		—		—		(552)		—		(552)
Ending balance at original discount rates	3,524,988		1,767,555		347,050		199,122		104,420		5,943,135
Effect of change from original to current discount rates	(183,608)		(192,981)		(8,372)		(9,976)		(1,254)		(396,191)
Balance at September 30, 2023	$	3,341,380	$	1,574,574	$	338,678	$	189,146	$	103,166	$	5,546,944

(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.

33

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 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	(24,710)		(51,720)		(32,395)		14,231		(1,425)		(96,019)
Adjusted balance at January 1, 2022	2,871,255		3,114,411		907,278		278,276		85,933		7,257,153
Issuances(1)	246,559		175,456		36,171		29,970		3,567		491,723
Interest accrual(2)	97,837		89,968		35,871		10,348		3,487		237,511
Benefit payments(3)	(198,013)		(89,359)		(71,652)		(15,360)		(9,354)		(383,738)
Effect of changes in the foreign exchange rate	—		—		—		(3,927)		—		(3,927)
Ending balance at original discount rates	3,017,638		3,290,476		907,668		299,307		83,633		7,598,722
Effect of change from original to current discount rates	(75,810)		(389,326)		26,139		5,432		1,648		(431,917)
Balance at September 30, 2022	$	2,941,828	$	2,901,150	$	933,807	$	304,739	$	85,281	$	7,166,805

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	(5,530)		(53,292)		(29,581)		(8,680)		(1,925)		(99,008)
Adjusted balance at January 1, 2023	3,539,755		3,250,624		814,847		288,626		99,217		7,993,069
Issuances(1)	225,915		202,561		42,863		30,667		6,518		508,524
Interest accrual(2)	104,932		99,344		34,699		11,199		3,278		253,452
Benefit payments(3)	(221,753)		(92,973)		(73,614)		(18,633)		(9,502)		(416,475)
Effect of changes in the foreign exchange rate	—		—		—		(217)		—		(217)
Ending balance at original discount rates	3,648,849		3,459,556		818,795		311,642		99,511		8,338,353
Effect of change from original to current discount rates	(191,041)		(498,312)		(4,792)		(5,601)		(1,111)		(700,857)
Balance at September 30, 2023	$	3,457,808	$	2,961,244	$	814,003	$	306,041	$	98,400	$	7,637,496

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

34

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	3,285,696	$	3,129,877	$	985,214	$	321,968	$	99,484	$	7,822,239
Beginning balance at original discount rates	3,160,028		3,267,244		896,137		295,571		92,143		7,711,123
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	13,347		(14,614)		(8,476)		19,916		191		10,364
Adjusted balance at July 1, 2022	2,978,439		3,225,419		905,726		293,928		84,064		7,487,576
Issuances(1)	71,731		65,524		13,379		9,547		1,257		161,438
Interest accrual(2)	32,729		30,383		11,836		3,462		1,134		79,544
Benefit payments(3)	(65,261)		(30,850)		(23,273)		(5,168)		(2,822)		(127,374)
Effect of changes in the foreign exchange rate	—		—		—		(2,462)		—		(2,462)
Ending balance at original discount rates	3,017,638		3,290,476		907,668		299,307		83,633		7,598,722
Effect of change from original to current discount rates	(75,810)		(389,326)		26,139		5,432		1,648		(431,917)
Balance at September 30, 2022	$	2,941,828	$	2,901,150	$	933,807	$	304,739	$	85,281	$	7,166,805

Balance at July 1, 2023	$	3,116,389	$	3,167,461	$	923,148	$	328,579	$	85,856	$	7,621,433
Beginning balance at original discount rates	3,116,768		3,436,167		880,879		315,087		83,188		7,832,089
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	22,410		(17,000)		(2,563)		(2,662)		(95)		90
Adjusted balance at July 1, 2023	3,603,830		3,386,739		817,879		306,018		99,023		8,213,489
Issuances(1)	82,511		70,215		14,963		9,880		2,310		179,879
Interest accrual(2)	37,340		34,024		11,173		3,810		1,160		87,507
Benefit payments(3)	(74,832)		(31,422)		(25,220)		(6,973)		(2,982)		(141,429)
Effect of changes in the foreign exchange rate	—		—		—		(1,093)		—		(1,093)
Ending balance at original discount rates	3,648,849		3,459,556		818,795		311,642		99,511		8,338,353
Effect of change from original to current discount rates	(191,041)		(498,312)		(4,792)		(5,601)		(1,111)		(700,857)
Balance at September 30, 2023	$	3,457,808	$	2,961,244	$	814,003	$	306,041	$	98,400	$	7,637,496

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

35

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Health
	Net liability for future policy benefits as of September 30, 2022
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	139,284	$	1,580,574	$	493,148	$	109,163	$	(2,148)	$	2,320,021
Effect of changes in discount rate assumptions	(3,573)		(231,233)		22,481		10,068		(24)		(202,281)
Net liability for future policy benefits at current discount rates	135,711		1,349,341		515,629		119,231		(2,172)		2,117,740
Other Adjustments(1)	(169)		583		3,354		56		3,232		7,056
Net liability for future policy benefits, after other adjustments, at current discount rates	$	135,542	$	1,349,924	$	518,983	$	119,287	$	1,060	$	2,124,796

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

	Health
	Net liability for future policy benefits as of September 30, 2023
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	123,861		1,692,001		471,745		112,520		(4,909)		2,395,218
Effect of changes in discount rate assumptions	(7,433)		(305,331)		3,580		4,375		143		(304,666)
Net liability for future policy benefits at current discount rates	116,428		1,386,670		475,325		116,895		(4,766)		2,090,552
Other Adjustments(1)	4,374		(4,717)		7,043		993		5,530		13,223
Net liability for future policy benefits, after other adjustments, at current discount rates	$	120,802	$	1,381,953	$	482,368	$	117,888	$	764	$	2,103,775

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using 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 Condensed Consolidated Statements of Operations.

During the third quarter of the current and prior year, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity, resulting in a net reserve remeasurement gain, due to assumption changes only, of $3.2 million for the periods ended September 30, 2023, as compared to a net reserve remeasurement loss of $36.5 million for the periods ended September 30, 2022. For the life segment, the updates to our assumptions of lapses and mortality resulted in a reserve remeasurement loss of $2.0 million and $47.2 million for the three months ended September 30, 2023 and 2022, respectively. For the health segment, the updates to our assumptions of lapses and morbidity resulted in a reserve remeasurement gain of $5.2 million and $10.7 million for the three months ended September 30, 2023 and 2022, respectively.

Excluding the impact of assumption changes, during the three months ended September 30, 2023 and 2022, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $15.9 million and $1.0 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company's results for actual variances from expected experience produced net reserve remeasurement gains of $21.6 million and $1.0 million, respectively. The variance of actual experience from expected experience during the first nine months of 2023 was primarily due to favorable variances from our assumptions as compared to actual experience in our life insurance segment (a $18.5 million gain), and favorable variances from our assumptions as compared to actual experience in our health insurance segment (a $3.1 million gain). The variance of actual

36

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

experience from expected experience during the nine months ended 2022 was primarily due to unfavorable variances from our assumptions of life experience as compared to actual experience in our life insurance segment (a $2.1 million loss), and favorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $3.1 million gain).

The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of September 30, 2023:

	At Original Discount Rates				At Current Discount Rates
	As of September 30,				As of September 30,
	2023		2022		2023		2022
Life(1):
American Income	$	4,435,901	$	4,070,359	$	4,672,099	$	4,666,831
Direct to Consumer	2,943,544		2,750,122		3,207,251		3,211,122
Liberty National	2,236,374		2,186,063		2,215,114		2,284,613
Other	3,010,853		2,900,148		3,288,634		3,379,810
Net liability for future policy benefits—long duration life	12,626,672		11,906,692		13,383,098		13,542,376
Health(1):
United American	126,105		137,231		120,802		135,542
Family Heritage	1,681,391		1,571,083		1,381,953		1,349,924
Liberty National	478,078		495,628		482,368		518,983
American Income	113,340		109,217		117,888		119,287
Direct to Consumer	752		1,024		764		1,060
Net liability for future policy benefits—long duration health	2,399,666		2,314,183		2,103,775		2,124,796
Deferred profit liability	173,520		176,296		173,520		176,296
Deferred annuity	813,275		991,687		813,275		991,687
Interest sensitive life	735,025		740,513		735,025		740,513
Other	9,400		9,503		9,405		9,504
Total future policy benefits	$	16,757,558	$	16,138,874	$	17,218,098	$	17,585,172

(1)Balances are presented net of the reinsurance recoverable and the effects of flooring the liability.

37

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2023 and 2022:

	Life
	Weighted-average Discount Rates
	As of September 30, 2023								As of September 30, 2022
	American Income		DTC		Liberty National		Other		American Income		DTC		Liberty National		Other
Original discount rate	5.7	%	6.0	%	5.6	%	6.2	%	5.8	%	6.0	%	5.6	%	6.2	%
Current discount rate	5.6	%	5.6	%	5.7	%	5.7	%	5.2	%	5.3	%	5.3	%	5.3	%

	Health
	Weighted-average Discount Rates
	As of September 30, 2023										As of September 30, 2022
	United American		Family Heritage		Liberty National		American Income		DTC		United American		Family Heritage		Liberty National		American Income		DTC
Original discount rate	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%
Current discount rate	5.5	%	5.7	%	5.7	%	5.6	%	5.5	%	5.1	%	5.3	%	5.3	%	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 September 30, 2023 and 2022:

	As of September 30,
	2023		2022
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	23.08	23.29	22.91	23.37
Direct to Consumer	19.73	21.00	20.40	21.97
Liberty National	15.12	15.20	14.82	15.31
Other	16.34	17.42	16.65	18.22
Health
United American	11.40	10.34	11.39	10.65
Family Heritage	14.90	13.81	14.90	14.22
Liberty National	9.11	8.97	9.20	9.35
American Income	12.14	12.20	12.14	12.56
Direct to Consumer	11.40	10.34	11.39	10.65

38

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize the amount of gross premiums and interest, net of reinsurance, related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations:

	Life
	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	1,181,247	$	187,381	$	1,122,987	$	174,275
Direct to Consumer	735,374		127,040		729,950		118,995
Liberty National	256,641		89,765		240,460		88,061
Other	154,836		133,991		156,509		129,118
Total	$	2,328,098	$	538,177	$	2,249,906	$	510,449

	Life
	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	399,794	$	63,565	$	377,859	$	58,970
Direct to Consumer	244,931		42,978		243,021		40,161
Liberty National	87,071		30,095		81,007		29,469
Other	51,493		45,065		51,959		43,405
Total	$	783,289	$	181,703	$	753,846	$	172,005

	Health
	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	298,964	$	5,345	$	283,059	$	5,665
Family Heritage	294,047		48,904		272,431		44,516
Liberty National	139,875		20,567		139,818		21,490
American Income	84,863		4,896		83,880		4,811
Direct to Consumer	10,680		—		10,710		—
Total	$	828,429	$	79,712	$	789,898	$	76,482

	Health
	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	100,285	$	1,741	$	95,178	$	1,874
Family Heritage	99,828		16,632		92,133		15,145
Liberty National	46,441		6,766		45,721		7,092
American Income	28,528		1,640		27,939		1,605
Direct to Consumer	3,583		—		3,580		—
Total	$	278,665	$	26,779	$	264,551	$	25,716

Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits.

39

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

	Life
	As of September 30, 2023						As of September 30, 2022
	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	$	23,974,963	$	13,530,015	$	13,147,003	$	22,410,479	$	12,703,160	$	12,721,890
PV of expected future net premiums	7,912,903		4,473,959		4,318,705		7,394,076		4,203,807		4,177,549
PV of expected future policy benefits	30,182,319		8,909,960		8,990,437		27,877,017		8,274,173		8,843,529
DTC
PV of expected future gross premiums	$	17,575,618	$	9,182,146	$	9,112,202	$	17,335,350	$	9,078,493	$	9,301,184
PV of expected future net premiums	10,850,664		5,701,293		5,670,175		10,780,312		5,684,932		5,838,457
PV of expected future policy benefits	25,711,499		8,644,837		8,873,444		25,253,094		8,435,052		9,044,308
Liberty National
PV of expected future gross premiums	$	4,601,176	$	2,681,034	$	2,577,877	$	4,343,332	$	2,525,305	$	2,505,580
PV of expected future net premiums	1,901,039		1,077,931		1,059,229		1,876,758		1,059,181		1,076,584
PV of expected future policy benefits	8,852,345		3,321,966		3,275,732		8,553,973		3,256,650		3,365,253
Other
PV of expected future gross premiums	$	3,753,093	$	1,901,531	$	1,953,533	$	3,832,082	$	1,932,064	$	2,055,807
PV of expected future net premiums	919,200		448,031		446,532		925,064		450,213		465,269
PV of expected future policy benefits	12,427,646		3,485,529		3,767,647		12,333,168		3,375,762		3,878,869
Total
PV of expected future gross premiums	$	49,904,850	$	27,294,726	$	26,790,615	$	47,921,243	$	26,239,022	$	26,584,461
PV of expected future net premiums	21,583,806		11,701,214		11,494,641		20,976,210		11,398,133		11,557,859
PV of expected future policy benefits	77,173,809		24,362,292		24,907,260		74,017,252		23,341,637		25,131,959

As of September 30, 2023 for the life segment using current discount rates, the Company anticipates $26.8 billion of expected future gross premiums and $11.5 billion of expected future net premiums. As of September 30, 2022 using current discount rates, the Company anticipated $26.6 billion of expected future gross premiums and $11.6 billion in expected future net premiums. 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.

40

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Health
	As of September 30, 2023						As of September 30, 2022
	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	$	8,442,713	$	5,141,771	$	4,871,878	$	6,659,804	$	4,191,787	$	4,082,931
PV of expected future net premiums	5,799,017		3,524,988		3,341,380		4,586,540		2,878,354		2,806,117
PV of expected future policy benefits	5,998,770		3,648,849		3,457,808		4,818,514		3,017,638		2,941,828
Family Heritage
PV of expected future gross premiums	$	6,637,472	$	3,932,327	$	3,523,258	$	6,221,234	$	3,732,771	$	3,413,372
PV of expected future net premiums	2,962,973		1,767,555		1,574,574		2,824,266		1,709,902		1,551,809
PV of expected future policy benefits	6,549,339		3,459,556		2,961,244		6,140,498		3,290,476		2,901,150
Liberty National
PV of expected future gross premiums	$	2,084,428	$	1,321,438	$	1,308,898	$	2,268,736	$	1,413,365	$	1,439,069
PV of expected future net premiums	515,612		347,050		338,678		654,018		414,520		418,178
PV of expected future policy benefits	1,414,512		818,795		814,003		1,606,868		907,668		933,807
American Income
PV of expected future gross premiums	$	1,755,682	$	984,122	$	969,090	$	1,738,642	$	971,620	$	987,597
PV of expected future net premiums	354,120		199,122		189,146		337,734		190,144		185,508
PV of expected future policy benefits	632,349		311,642		306,041		609,213		299,307		304,739
Direct to Consumer
PV of expected future gross premiums	$	224,522	$	141,374	$	139,748	$	173,045	$	113,484	$	115,727
PV of expected future net premiums	166,099		104,420		103,166		130,993		85,781		87,453
PV of expected future policy benefits	154,931		99,511		98,400		125,591		83,633		85,281
Total
PV of expected future gross premiums	$	19,144,817	$	11,521,032	$	10,812,872	$	17,061,461	$	10,423,027	$	10,038,696
PV of expected future net premiums	9,797,821		5,943,135		5,546,944		8,533,551		5,278,701		5,049,065
PV of expected future policy benefits	14,749,901		8,338,353		7,637,496		13,300,684		7,598,722		7,166,805

As of September 30, 2023 for the health segment using current discount rates, the Company anticipates $10.8 billion of expected future gross premiums and $5.5 billion of expected future net premiums. As of September 30, 2022 using current discount rates, the Company anticipated $10.0 billion of expected future gross premiums and $5.0 billion in expected future net premiums. 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.

41

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2023 and 2022:

	Policyholders' Account Balances
	2023						2022
	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
Balance at January 1,	$	739,105	$	954,318	$	123,234	$	745,335	$	1,033,525	$	99,468
Issuances	—		602		—		—		1,031		—
Premiums received	17,062		10,543		100,113		18,133		18,898		8,689
Policy charges	(9,729)		—		—		(10,247)		—		—
Surrenders and withdrawals	(16,204)		(125,176)		(9,106)		(16,708)		(52,264)		(8,701)
Benefit payments	(22,753)		(48,459)		—		(25,913)		(34,684)		—
Interest credited	21,274		21,608		6,164		21,475		24,702		3,522
Other	6,270		(161)		(2,195)		8,438		479		72
Balance at September 30,	$	735,025	$	813,275	$	218,210	$	740,513	$	991,687	$	103,050

	Policyholders' Account Balances
	2023						2022
	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
Balance at July 1,	$	736,920	$	853,064	$	187,873	$	742,293	$	1,015,804	$	100,234
Issuances	—		231		—		—		338		—
Premiums received	5,398		2,439		31,704		5,746		4,824		4,797
Policy charges	(3,213)		—		—		(3,373)		—		—
Surrenders and withdrawals	(5,582)		(37,905)		(2,782)		(5,955)		(26,148)		(3,059)
Benefit payments	(7,258)		(11,047)		—		(7,552)		(11,232)		—
Interest credited	7,083		6,863		2,825		7,110		8,112		1,264
Other	1,677		(370)		(1,410)		2,244		(11)		(186)
Balance at September 30,	$	735,025	$	813,275	$	218,210	$	740,513	$	991,687	$	103,050

Weighted-average credit rate	3.91		%	3.34	%	5.68	%	3.89		%	3.27	%	5.07	%
Net amount at risk	$	1,793,787		N/A		N/A		$	1,899,046		N/A		N/A
Cash surrender value	673,814			813,276		218,210		690,020			991,600		103,049

42

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

	At September 30, 2023
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,011	$	118,565
3.00%-3.99%	29,018		610,785		4,002
4.00%-4.99%	615,835		199,724		6,851
Greater than 5.00%	90,172		755		38,788
Total	735,025		813,275		168,206
51-150 basis points above
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		50,004
Greater than 5.00%	—		—		—
Total	—		—		50,004
Grand Total	$	735,025	$	813,275	$	218,210

	At September 30, 2022
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,104	$	3,007
3.00%-3.99%	28,776		778,673		2,941
4.00%-4.99%	622,316		210,910		58,888
Greater than 5.00%	89,421		—		38,214
Total	$	740,513	$	991,687	$	103,050
51-150 basis points above
Less than 3.00%	$	—	$	—	$	—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—
Grand Total	$	740,513	$	991,687	$	103,050

43

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 2023 and 2022:

	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	341,585		140,449		66,073		10,268		558,375
Amortization expense	(104,124)		(70,478)		(33,899)		(12,594)		(221,095)
Foreign exchange adjustment	(15,003)		—		—		—		(15,003)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2022	$	2,182,712	$	1,653,666	$	598,593	$	299,321	$	4,734,292
Balance at January 1, 2023	$	2,258,291	$	1,676,931	$	610,723	$	298,346	$	4,844,291
Capitalizations	351,933		123,774		78,599		9,970		564,276
Amortization expense	(118,207)		(74,496)		(38,192)		(12,390)		(243,285)
Foreign exchange adjustment	(1,297)		—		—		—		(1,297)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2023	$	2,490,720	$	1,726,209	$	651,130	$	295,926	$	5,163,985

	Life
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	2,116,771	$	1,630,734	$	586,898	$	300,272	$	4,634,675
Capitalizations	111,564		46,792		23,259		3,250		184,865
Amortization expense	(35,860)		(23,860)		(11,564)		(4,201)		(75,485)
Foreign exchange adjustment	(9,763)		—		—		—		(9,763)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2022	$	2,182,712	$	1,653,666	$	598,593	$	299,321	$	4,734,292
Balance at July 1, 2023	$	2,417,480	$	1,714,715	$	636,209	$	296,861	$	5,065,265
Capitalizations	117,761		36,385		27,950		3,203		185,299
Amortization expense	(40,465)		(24,891)		(13,029)		(4,138)		(82,523)
Foreign exchange adjustment	(4,056)		—		—		—		(4,056)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2023	$	2,490,720	$	1,726,209	$	651,130	$	295,926	$	5,163,985

44

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 2022	$	81,140	$	388,967	$	127,537	$	49,406	$	2,032	$	649,082
Capitalizations	1,628		38,500		13,357		9,408		2		62,895
Amortization expense	(4,503)		(19,048)		(9,990)		(2,567)		(134)		(36,242)
Foreign exchange adjustment	—		—		—		(755)		—		(755)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2022	$	78,265	$	408,419	$	130,904	$	55,492	$	1,900	$	674,980
Balance at January 1, 2023	$	77,394	$	416,608	$	133,096	$	57,811	$	1,854	$	686,763
Capitalizations	1,491		46,977		14,854		9,579		—		72,901
Amortization expense	(4,504)		(20,071)		(9,977)		(2,919)		(137)		(37,608)
Foreign exchange adjustment	—		—		—		(125)		—		(125)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2023	$	74,381	$	443,514	$	137,973	$	64,346	$	1,717	$	721,931

	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	79,174	$	401,722	$	129,592	$	53,776	$	1,945	$	666,209
Capitalizations	560		13,070		4,621		3,063		—		21,314
Amortization expense	(1,469)		(6,373)		(3,309)		(880)		(45)		(12,076)
Foreign exchange adjustment	—		—		—		(467)		—		(467)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2022	$	78,265	$	408,419	$	130,904	$	55,492	$	1,900	$	674,980
Balance at July 1, 2023	$	75,349	$	433,999	$	136,276	$	62,285	$	1,760	$	709,669
Capitalizations	495		16,386		5,120		3,259		—		25,260
Amortization expense	(1,463)		(6,871)		(3,423)		(1,016)		(43)		(12,816)
Foreign exchange adjustment	—		—		—		(182)		—		(182)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2023	$	74,381	$	443,514	$	137,973	$	64,346	$	1,717	$	721,931

45

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets as of September 30, 2023:

	September 30,
	2023		2022
Life
American Income	$	2,490,720	$	2,182,712
Direct to Consumer	1,726,209		1,653,666
Liberty National	651,130		598,593
Other	295,926		299,321
Total DAC - Life	5,163,985		4,734,292
Health
United American	74,381		78,265
Family Heritage	443,514		408,419
Liberty National	137,973		130,904
American Income	64,346		55,492
Direct to Consumer	1,717		1,900
Total DAC - Health	721,931		674,980
Annuity	3,377		5,085
Total	$	5,889,293	$	5,414,357

46

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 8—Liability for Unpaid Claims

Activity in the liability for unpaid health claims is summarized as follows:

	September 30, 2023		December 31, 2022
Balance at beginning of period	$	182,202	$	171,109
Incurred related to:
Current year	523,152		676,190
Prior year	(2,383)		(15,631)
Total incurred	520,769		660,559
Paid related to:
Current year	375,687		517,856
Prior year	137,701		131,610
Total paid	513,388		649,466
Balance at end of period	$	189,583	$	182,202

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

	September 30, 2023		December 31, 2022
Policy claims and other benefits payable:
Life insurance	$	313,489	$	325,017
Health insurance	189,583		182,202
Total	$	503,072	$	507,219

47

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 9—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (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.

Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2023 and December 31, 2022.

Pension Assets by Component at September 30, 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
Corporate bonds:
Exchange traded fund(4)	$	7,424	$	—	$	—	$	7,424	1
Financial	—		—		—		—		—
Utilities	—		—		—		—		—
Energy	—		—		—		—		—
Other corporates	—		—		—		—		—
Total corporate bonds	7,424		—		—		7,424		1
Exchange traded fund(1)	290,116		—		—		290,116		57
U.S. Government and Agency	—		139,820		—		139,820		27
Other bonds	—		5		—		5		—
Guaranteed annuity contract(2)	—		43,294		—		43,294		9
Short-term investments	16,615		—		—		16,615		3
Other	511		—		—		511		—
	$	314,666	$	183,119	$	—	497,785		97
Other long-term investments(3)							13,407		3
Total pension assets							$	511,192	100

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

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

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of September 30, 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.

48

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Pension Assets by Component at December 31, 2022

	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
Corporate bonds:
Financial	$	—	$	35,649	$	—	$	35,649	7
Utilities	—		23,436		—		23,436		5
Energy	—		12,776		—		12,776		3
Other corporates	—		56,786		—		56,786		11
Total corporate bonds	—		128,647		—		128,647		26
Exchange traded fund(1)	258,297		—		—		258,297		52
U.S. Government and Agency	—		44,213		—		44,213		9
Other bonds	—		200		—		200		—
Guaranteed annuity contract(2)	—		43,116		—		43,116		8
Short-term investments	4,467		—		—		4,467		1
Other	6,547		—		—		6,547		1
	$	269,311	$	216,176	$	—	485,487		97
Other long-term investments(3)							14,288		3
Total pension assets							$	499,775	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)Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1% of the investment fund. As of December 31, 2022, the expected term of the investment fund was approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable.

SERP: The following table includes information regarding the SERP.

	Nine Months Ended September 30,
	2023		2022
Premiums paid for insurance coverage	$	443	$	443
	September 30, 2023		December 31, 2022
Total investments:
Company owned life insurance	$	54,761	$	54,681
Exchange traded funds	78,310		71,258
	$	133,071	$	125,939

49

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2023 and December 31, 2022.

	September 30, 2023		December 31, 2022
Pension Plans	$	490,547	$	492,103
SERP	71,285		70,464
Pension benefit obligation	$	561,832	$	562,567

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and nine month periods ended September 30, 2023 and 2022.

Components of Net Periodic Benefit Cost

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service cost	$	5,392	$	8,657	$	16,174	$	25,968
Interest cost	7,834		6,124		23,502		18,368
Expected return on assets	(9,656)		(8,885)		(28,968)		(26,655)
Amortization:
Prior service cost	269		158		807		474
Actuarial (gain) loss	(48)		3,208		(152)		9,625
Net periodic benefit cost	$	3,791	$	9,262	$	11,363	$	27,780

Note 10—Earnings Per Share

Earnings per Share: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Basic weighted average shares outstanding	94,636,867	97,258,349	95,445,416	98,244,271
Weighted average dilutive options outstanding	1,180,770	889,175	1,211,974	857,964
Diluted weighted average shares outstanding	95,817,637	98,147,524	96,657,390	99,102,235
Antidilutive shares	492,970	2,602,609	399,071	2,351,522

Antidilutive shares are excluded from the calculation of diluted earnings per share. 

50

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 11—Debt

On May 11, 2023, Globe Life issued a $170 million term loan with an 18-month term and a variable interest rate. The proceeds from the term loan were used to retire the $166 million 7.875% Senior Notes, which matured on May 15, 2023, as well as for other corporate purposes. The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues

				As of
				September 30, 2023								December 31, 2022
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value
Senior notes	05/27/1993	05/15/2023	7.875%	$	—	$	—	$	—	$	—	$	165,500
Senior notes	09/27/2018	09/15/2028	4.550%	550,000		(3,887)		546,113		521,290		545,601
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(3,442)		396,558		309,828		396,219
Senior notes(1)	05/19/2022	06/15/2032	4.800%	250,000		(4,222)		245,778		228,709		245,493
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,578)		123,422		114,972		123,410
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,713)		317,287		242,450		317,229
Term loan(2)	05/11/2023	11/11/2024	6.200%	170,000		(575)		169,425		169,425		—
				1,820,000		(21,417)		1,798,583		1,586,674		1,793,452
Less current maturity of long-term debt				—		—		—		—		165,500
Total long-term debt				1,820,000		(21,417)		1,798,583		1,586,674		1,627,952
Current maturity of long-term debt				—		—		—		—		165,500
FHLB borrowings				198,000		—		198,000		198,000		—
Commercial paper				251,000		(1,463)		249,537		249,537		283,603
Total short-term debt				449,000		(1,463)		447,537		447,537		449,103
Total debt				$	2,269,000	$	(22,880)	$	2,246,120	$	2,034,211	$	2,077,055

(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 is payable quarterly while all other long-term debt is payable semi-annually.

Federal Home Loan Bank (FHLB): FHLB membership provides 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.

51

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Globe Life owns $23.9 million in FHLB common stock as of September 30, 2023 and $14.3 million as of December 31, 2022. 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 Globe Life. As of September 30, 2023, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $566 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.1 billion. As of September 30, 2023, $118 million in funding agreements were outstanding with the FHLB, compared to $23 million as of December 31, 2022. This amount is included in "Other policyholders' funds" on the Consolidated Balance Sheets. In addition, the Company had $198 million in short-term borrowings from the FHLB as of September 30, 2023, compared to $0 as of December 31, 2022, this amount is recorded in "Short-term debt" on the Consolidated Balance Sheets.

Note 12—Business Segments

Globe Life is organized into four segments: life insurance, supplemental health insurance, annuities, and investments. In addition, other expenses not included in these segments are reported in "Corporate & Other."

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and the similarity in regulatory environment and management techniques. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments and the corporate function, which has been retrospectively adjusted to exclude the interest on deferred acquisition costs due to the adoption of ASU 2018-12 and the interest on debt. The Company's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. An immaterial amount of annuities sold as companion products are included in the life segment. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products. Annuities include fixed-benefit contracts.

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

Premium Income by Distribution Channel

	Three Months Ended September 30, 2023
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	400,214	51	$	30,535	9	$	—	—	$	430,749	39
Direct to Consumer	247,858		32	17,153		5	—		—	265,011		24
Liberty National	88,199		11	46,643		14	—		—	134,842		12
United American	1,802		—	137,077		42	—		—	138,879		12
Family Heritage	1,561		—	99,828		30	—		—	101,389		9
Other	48,465		6	—		—	—		—	48,465		4
	$	788,099	100	$	331,236	100	$	—	—	$	1,119,335	100

52

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Premium Income by Distribution Channel

	Three Months Ended September 30, 2022
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	378,258	50	$	29,753	9	$	—	—	$	408,011	38
Direct to Consumer	246,021		32	17,733		6	—		—	263,754		24
Liberty National	82,273		11	45,957		14	—		—	128,230		12
United American	1,970		—	134,832		42	1		100	136,803		13
Family Heritage	1,411		—	92,131		29	—		—	93,542		9
Other	48,942		7	—		—	—		—	48,942		4
	$	758,875	100	$	320,406	100	$	1	100	$	1,079,282	100

	Nine Months Ended September 30, 2023
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	1,182,346	50	$	89,656	9	$	—	—	$	1,272,002	38
Direct to Consumer	744,132		32	51,576		5	—		—	795,708		24
Liberty National	260,036		11	140,518		14	—		—	400,554		12
United American	5,533		—	407,137		42	—		—	412,670		13
Family Heritage	4,554		—	294,029		30	—		—	298,583		9
Other	145,828		7	—		—	—		—	145,828		4
	$	2,342,429	100	$	982,916	100	$	—	—	$	3,325,345	100

	Nine Months Ended September 30, 2022
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	1,124,112	50	$	87,930	9	$	—	—	$	1,212,042	38
Direct to Consumer	739,017		33	53,509		6	—		—	792,526		25
Liberty National	244,149		11	140,563		15	—		—	384,712		12
United American	6,047		—	401,966		42	1		100	408,014		13
Family Heritage	4,143		—	272,429		28	—		—	276,572		8
Other	147,427		6	—		—	—		—	147,427		4
	$	2,264,895	100	$	956,397	100	$	1	100	$	3,221,293	100

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

The measure of profitability established by the chief operating decision makers for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather

53

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

than as a component of underwriting margin in the insurance and annuity segments) 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. During the implementation of ASU 2018-12, the Company reviewed its segment disclosures and modified the measure of profitability of our Investment Segment due to the adoption impact of the standard and to align more appropriately with how we view and measure this segment. As of January 1, 2023, this measure was retrospectively adjusted to exclude the interest on deferred acquisition costs due to the adoption of ASU 2018-12 and the interest expense on debt. Other than the above-mentioned interest allocations, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.

Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which is 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 removes items that are related to prior periods when evaluating the operating results of current periods. Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. With the exception of administrative settlements, all of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

54

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.

	Three Months Ended September 30, 2023
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	788,099	$	331,236	$	—	$	—	$	—	$	—		$	1,119,335
Net investment income	—		—		—		266,926		—		—			266,926
Other income	—		—		—		—		50		—			50
Total revenue	788,099		331,236		—		266,926		50		—			1,386,311
Expenses:
Policy benefits	515,676		193,790		6,854		2,724		—		—			719,044
Required interest on reserves	(194,199)		(26,732)		(9,353)		230,284		—		—			—
Amortization of acquisition costs	82,523		12,816		418		—		—		—			95,757
Commissions, premium taxes, and non-deferred acquisition costs	84,011		54,662		4		—		—		—			138,677
Insurance administrative expense(1)	—		—		—		—		74,585					74,585
Parent expense	—		—		—		—		2,581		1,137		(2)	3,718
Stock-based compensation expense	—		—		—		—		7,567		—			7,567
Interest expense	—		—		—		—		25,955		—			25,955
Total expenses	488,011		234,536		(2,077)		233,008		110,688		1,137			1,065,303
Subtotal	300,088		96,700		2,077		33,918		(110,638)		(1,137)			321,008
Non-operating items	—		—		—		—		—		1,137		(2)	1,137
Measure of segment profitability (pretax)	$	300,088	$	96,700	$	2,077	$	33,918	$	(110,638)	$	—		322,145
Realized gain (loss)—investments														(2,193)
Non-operating expenses														(1,137)
Income before income taxes per Condensed Consolidated Statements of Operations														$	318,815

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

55

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Three Months Ended September 30, 2022
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	758,875	$	320,406	$	1	$	—	$	—	$	—		$	1,079,282
Net investment income	—		—		—		246,711		—		—			246,711
Other income	—		—		—		—		399		—			399
Total revenue	758,875		320,406		1		246,711		399		—			1,326,392
Expenses:
Policy obligations	545,933		182,409		8,136		1,098		—		—			737,576
Required interest on reserves	(184,712)		(25,690)		(11,228)		221,630		—		—			—
Amortization of acquisition costs	75,486		12,076		450		—		—		—			88,012
Commissions, premium taxes, and non-deferred acquisition costs	74,284		50,479		5		—		—		—			124,768
Insurance administrative expense(1)	—		—		—		—		75,048		1,416		(2)	76,464
Parent expense	—		—		—		—		2,556					2,556
Stock-based compensation expense	—		—		—		—		9,120		—			9,120
Interest expense	—		—		—		—		23,965		—			23,965
Total expenses	510,991		219,274		(2,637)		222,728		110,689		1,416			1,062,461
Subtotal	247,884		101,132		2,638		23,983		(110,290)		(1,416)			263,931
Non-operating items	—		—		—		—		—		1,416		(2)	1,416
Measure of segment profitability (pretax)	$	247,884	$	101,132	$	2,638	$	23,983	$	(110,290)	$	—		265,347
Realized gain (loss)—investments														(29,155)
Legal proceedings														(1,416)
Income before income taxes per Condensed Consolidated Statements of Operations														$	234,776

(1)Administrative expense is not allocated to insurance segments.

(2)Legal proceedings.

56

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.

	Nine Months Ended September 30, 2023
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	2,342,429	$	982,916	$	—	$	—	$	—	$	—		$	3,325,345
Net investment income	—		—		—		785,275		—		—			785,275
Other income	—		—		—		—		185		—			185
Total revenue	2,342,429		982,916		—		785,275		185		—			4,110,805
Expenses:
Policy obligations	1,536,317		580,676		21,502		5,986		—		—			2,144,481
Required interest on reserves	(575,801)		(79,603)		(29,327)		684,731		—		—			—
Amortization of acquisition costs	243,285		37,608		1,266		—		—		—			282,159
Commissions, premium taxes, and non-deferred acquisition costs	251,136		163,784		13		—		—		—			414,933
Insurance administrative expense(1)	—		—		—		—		223,951		—			223,951
Parent expense	—		—		—		—		8,254		1,137		(2)	9,391
Stock-based compensation expense	—		—		—		—		22,732		—			22,732
Interest expense	—		—		—		—		76,640		—			76,640
Total expenses	1,454,937		702,465		(6,546)		690,717		331,577		1,137			3,174,287
Subtotal	887,492		280,451		6,546		94,558		(331,392)		(1,137)			936,518
Non-operating items	—		—		—		—		—		1,137		(2)	1,137
Measure of segment profitability (pretax)	$	887,492	$	280,451	$	6,546	$	94,558	$	(331,392)	$	—		937,655
Realized gain (loss)—investments														(78,963)
Non-operating expenses														(1,137)
Income before income taxes per Consolidated Statements of Operations														$	857,555

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

57

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

	Nine Months Ended September 30, 2022
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	2,264,895	$	956,397	$	1	$	—	$	—	$	—		$	3,221,293
Net investment income	—		—		—		736,317		—		—			736,317
Other income	—		—		—		—		862		—			862
Total revenue	2,264,895		956,397		1		736,317		862		—			3,958,472
Expenses:
Policy obligations	1,533,726		561,502		24,700		3,228		—		—			2,123,156
Required interest on reserves	(548,840)		(76,420)		(33,956)		659,216		—		—			—
Amortization of acquisition costs	221,096		36,242		1,355		—		—		—			258,693
Commissions, premium taxes, and non-deferred acquisition costs	222,310		154,160		20		—		—		—			376,490
Insurance administrative expense(1)	—		—		—		—		221,313		6,513		(2,3)	227,826
Parent expense	—		—		—		—		8,089		(368)		(3)	7,721
Stock-based compensation expense	—		—		—		—		26,603		—			26,603
Interest expense	—		—		—		—		65,737		—			65,737
Total expenses	1,428,292		675,484		(7,881)		662,444		321,742		6,145			3,086,226
Subtotal	836,603		280,913		7,882		73,873		(320,880)		(6,145)			872,246
Non-operating items	—		—		—		—		—		6,145		(2,3)	6,145
Measure of segment profitability (pretax)	$	836,603	$	280,913	$	7,882	$	73,873	$	(320,880)	$	—		878,391
Realized gain (loss)—investments														(66,845)
Legal proceedings														(1,416)
Non-operating expenses														(4,729)
Income before income taxes per Consolidated Statements of Operations														$	805,401

(1)Administrative expense is not allocated to insurance segments.

(2)Legal proceedings.

(3)Non-operating expenses.

Note 13—Subsequent Events

Subsequent to the balance sheet date, the Company signed an agreement to acquire Evry Healthcare, Inc. ("Evry") for an immaterial amount in October 2023. Evry provides low-cost group and individual health insurance products through its wholly-owned subsidiary to employers and individuals by utilizing technology and data analysis to provide an improved customer service experience.

In accordance with the applicable guidance, the Company is finalizing the estimation of the fair value of the acquired assets and may do so up to one year. The impact to the Company's financial statements as a result of the transaction is expected to be immaterial.

58

        GL Q3 2023 FORM 10-Q

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 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 portfolio yield;

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;

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 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 and demand for our products; and

14.Our 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.

59

        GL Q3 2023 FORM 10-Q

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

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

The results included herein reflect the adoption of ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. Globe Life Inc. implemented the standard on January 1, 2023 using the modified retrospective transition method at adoption. As a result of this election, the prior year figures have been retrospectively adjusted as of January 1, 2021 with significant impacts to Shareholders' Equity, underwriting margins, and net operating income. While the impacts of the new accounting guidance are significant, we do not consider it a fundamental change to the overall business.

Additional information on the effects of the adoption has been included in Note 2—New Accounting Standards.

"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, supplemental health, and annuities, and the investment segment that supports the product lines. Segments are aligned based on their common characteristics, comparability of the profit margins, and management techniques used to operate each segment.
	Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further segmented 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

60

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

Current Highlights, comparing year-to-date 2023 with 2022.

•Net income as a return on equity (ROE) for the nine months ended September 30, 2023 was 22.6% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.7%.

•Total premium increased 3% over the same period in the prior year. Life premium increased 3% for the period from $2.26 billion in 2022 to $2.34 billion in 2023.

•Net investment income increased 7% over the same period in the prior year.

•Total net sales increased 5% over the same period in the prior year from $539 million in 2022 to $568 million in 2023. The average producing agent count across all of the exclusive agencies increased 11% over the prior year.

•Book value per share increased 32% over the same period in the prior year from $36.88 to $48.51. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $67.13 in 2022 to $74.31 in 2023.

•For the nine months ended September 30, 2023, the Company repurchased 2.7 million shares of Globe Life Inc. common stock at a total cost of $303 million for an average share price of $111.82.

The following graphs represent net income and net operating income for the nine month periods ended September 30, 2023 and 2022.

(1)As shown in the charts above, net operating income is the consolidated total of segment profits 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 $(2.5) billion and $(3.0) billion for the nine months ended September 30, 2023 and 2022, 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 $(25.80) and $(30.25) for the nine months ended September 30, 2023 and 2022, respectively.

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

61

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

Summary of Operations. Net income increased 7% to $696 million during the nine months ended September 30, 2023, compared with $652 million in the same period in 2022. On a diluted per common share basis, net income per common share for the nine months ended September 30, 2023 increased 9% from $6.58 to $7.20.

Net operating income increased 7% to $759 million for the nine months ended September 30, 2023, compared with $710 million for the same period in 2022, primarily due to a 28% increase in excess investment income as well as a 6% increase in life underwriting margin. On a diluted per common share basis, net operating income per common share for the nine months ended September 30, 2023 increased from $7.16 to $7.85, a 10% increase. Net operating income is the consolidated total of segment profits 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 2023 and 2022 was affected by certain significant and unusual 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.

Insurance reserve liabilities are 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. The Company regularly reviews its cash flow assumptions (mortality, morbidity, and lapses) used to calculate the change in the liability for future policy benefits and updates those cash flow assumptions as necessary annually in the third quarter, or more frequently if suggested by experience. 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.

The Company continues to see positive signs in its core operations, including sales and premium growth, favorable persistency, and a strong ROE, excluding accumulated other comprehensive income.

62

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

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

Analysis of Profitability by Segment

(Dollar amounts in thousands)

	Nine Months Ended September 30,
	2023		2022		Change		%
Life insurance underwriting margin	$	887,492	$	836,603	$	50,889	6
Health insurance underwriting margin	280,451		280,913		(462)		—
Annuity underwriting margin	6,546		7,882		(1,336)		(17)
Excess investment income	94,558		73,873		20,685		28
Other insurance:
Other income	185		862		(677)		(79)
Administrative expense	(223,951)		(221,313)		(2,638)		1
Corporate and other	(107,626)		(100,429)		(7,197)		7
Pre-tax total	937,655		878,391		59,264		7
Applicable taxes	(178,424)		(168,685)		(9,739)		6
Net operating income	759,231		709,706		49,525		7
Reconciling items, net of tax:
Realized gain (loss)—investments	(62,380)		(52,808)		(9,572)
Non-operating expenses	(898)		(3,736)		2,838
Legal proceedings	—		(1,119)		1,119
Net income	$	695,953	$	652,043	$	43,910	7

The results for the first nine months of 2023 are impacted, as previously noted, by the reserve development and assumption changes in the third quarter of 2023 and 2022. The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $51 million compared with the prior period, primarily a result of increased premiums, favorable policy obligations as a percent of premium, and a significantly lower remeasurement loss resulting from the assumption updates.

63

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

In 2023, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division. The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the nine months ended September 30, 2023.

Total premium income rose 3% for the nine months ended September 30, 2023 to $3.3 billion. Total net sales increased 5% to $568 million, when compared with 2022. Total first-year collected premium (defined in the following section) increased 3% to $449 million for 2023 compared to $436 million in 2022.

Life insurance premium income increased 3% to $2.34 billion over the prior-year total of $2.26 billion. Life net sales rose 2% to $414 million for the first nine months of 2023. First-year collected life premium increased 1% to $313 million. Life underwriting margin, as a percent of premium, increased to 38% in 2023 from 37%. Underwriting margin increased to $887 million in 2023, compared to $837 million for the same period in 2022.

Health insurance premium income increased 3% to $983 million over the prior-year total of $956 million. Health net sales rose 15% to $154 million for the first nine months of 2023. First-year collected health premium rose 9% to $136 million. Health underwriting margin, as a percent of premium, was 29% in 2023 and 2022. Health underwriting margin decreased slightly to $280 million for the first nine months of 2023, compared to the same period in 2022.

Excess investment income, the measure of profitability of our investment segment, increased 28% during the first nine months of 2023 to $94.6 million from $73.9 million in the same period in 2022. Excess investment income per common share, reflecting the impact of our share repurchase program and increased net investment income, increased 31% to $0.98 from $0.75 when compared with the same period in 2022.

Insurance administrative expenses increased 1% in 2023 when compared with the prior-year period. These expenses were 6.7% as a percent of premium during 2023 compared to 6.9% in 2022.

For the nine months ended September 30, 2023, the Company repurchased 2.7 million Globe Life Inc. shares at a total cost of $303 million for an average share price of $111.82.

64

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

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

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

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

•Net sales are calculated as annualized premium issued, net of cancellations 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 has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued.

•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.

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

65

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2023, life premium represented 70% of total premium and life underwriting margin represented 76% 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)

	Nine Months Ended September 30,						Change
	2023			2022
	Amount		% of Premium	Amount		% of Premium	Amount		%
Premium and policy charges	$	2,342,429	100	$	2,264,895	100	$	77,534	3
Policy obligations	1,536,317		66	1,533,726		67	2,591		—
Required interest on reserves	(575,801)		(25)	(548,840)		(24)	(26,961)		5
Net policy obligations	960,516		41	984,886		43	(24,370)		(2)
Commissions, premium taxes, and non-deferred acquisition expenses	251,136		11	222,310		10	28,826		13
Amortization of acquisition costs	243,285		10	221,096		10	22,189		10
Total expense	1,454,937		62	1,428,292		63	26,645		2
Insurance underwriting margin	$	887,492	38	$	836,603	37	$	50,889	6

Net policy obligations amounted to 41% of premium for the nine months ended September 30, 2023 compared to 43% in the year ago period.

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

Life Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)

	Nine Months Ended September 30,						Change
	2023			2022
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	1,182,346	50	$	1,124,112	50	$	58,234	5
Direct to Consumer	744,132		32	739,017		32	5,115		1
Liberty National	260,036		11	244,149		11	15,887		7
Other	155,915		7	157,617		7	(1,702)		(1)
Total	$	2,342,429	100	$	2,264,895	100	$	77,534	3

Annualized life premium in force was $3.17 billion at September 30, 2023, an increase of 4% over $3.04 billion a year earlier.

66

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

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

Life Insurance

Net Sales by Distribution Channel

(Dollar amounts in thousands)

	Nine Months Ended September 30,						Change
	2023			2022
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	246,335	59	$	246,919	61	$	(584)	—
Direct to Consumer	90,593		22	95,303		23	(4,710)		(5)
Liberty National	69,413		17	55,138		14	14,275		26
Other	7,513		2	7,276		2	237		3
Total	$	413,854	100	$	404,636	100	$	9,218	2

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

Life Insurance

First-Year Collected Premium by Distribution Channel

(Dollar amounts in thousands)

	Nine Months Ended September 30,						Change
	2023			2022
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	197,224	63	$	195,369	63	$	1,855	1
Direct to Consumer	59,735		19	67,072		22	(7,337)		(11)
Liberty National	49,810		16	42,076		13	7,734		18
Other	6,513		2	6,841		2	(328)		(5)
Total	$	313,282	100	$	311,358	100	$	1,924	1

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 to life premium of any distribution channel at 50% of the Company's September 30, 2023 total life premium. Net sales were $81 million for the three months ended September 30, 2023, up from $76 million in the year-ago period. For the nine months ended September 30, 2023, net sales decreased slightly to $246 million, as compared with $247 million during the same period in 2022. The comparison to prior year sales is challenging due to the strong sales growth a year ago; life sales for the first nine months of 2022 grew 14% over the same period in 2021. The underwriting margin, as a percent of premium, was 45% for the nine months ended September 30, 2023, down from 46% in the year-ago period due to higher acquisition costs.

Below is the average producing agent count for the nine months ended for the American Income Life Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year. The average producing agent count increased 9% over the year-ago period. The increase in average producing agent count was driven by an increase in new agent recruiting. 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.

	At September 30,		Change
	2023	2022	Amount	%
American Income	10,395	9,511	884	9

67

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

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 agency 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 the customers and have generated a vast majority of sales through virtual presentations. We find this flexibility to be enticing for new recruits as well as a driver of sustainability for our agency force.

The Direct to Consumer Division (DTC) offers adult and juvenile life insurance through a variety of marketing approaches, including direct mailings, insert media, and electronic media. In recent years, production from electronic media, which is comprised of sales through both the internet and inbound phone calls to our call center, has grown faster than direct mail response, as customer preferences focused marketing activity to internet and mobile technology. The proportion of sales from the internet and inbound phone calls continue to outpace the activity from the direct mailings, but all three channels continue to work in an omnichannel approach. The different media channels support and complement one another in the division's efforts to reach the consumer. The DTC's long-term growth has been fueled by constant innovation and name recognition. We continually introduce new initiatives in this division in an attempt to increase response rates.

While the juvenile market is an important source of sales, it is also a vehicle to reach the parents and grandparents of juvenile policyholders, who are more likely to respond favorably to a DTC 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 low acquisition-cost life insurance sales in the future.

DTC net sales declined 5% to $91 million for the nine months ended September 30, 2023 compared with $95 million for the same period in the prior year. This decline is due primarily to reductions in direct mail and mailing insert marketing activity resulting from the impact of inflation on postage and paper costs. While total sales have declined, the focus has been on improving profitability and improving the underwriting margin. DTC’s underwriting margin, as a percent of premium, was 24% for the nine months ended September 30, 2023 compared with 21% for the same period in 2022.

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 help continue this growth. The underwriting margin as a percent of premium was 32% for the nine months ended September 30, 2023, up from 30% during the same period a year ago. The increase is primarily attributable to increased premiums and lower policy obligations as a percent of premium, during the third quarter of 2023 as compared to same period in 2022.

Net sales rose 26% in the nine months ended September 30, 2023 over the same period in 2022. With the division's ability to return to face-to-face customer interaction and the option of virtual sales, the Company continues to project total life net sales to increase for the remainder of 2023 as compared to the prior year.

Below is the average producing agent count for the nine months ended for the Liberty National Division.

	At September 30,		Change
	2023	2022	Amount	%
Liberty National	3,177	2,718	459	17

The Liberty National Division average producing agent count increased significantly compared with the prior-year comparable period. 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. In addition to the aforementioned geographic expansion, we have also started a campaign of market expansion to increase our agency presence in cities where we currently have offices, but not enough to properly serve the community, region, area and city. These tend to be larger geographic cities which will help create long-term sustainable agency growth. Additionally, the agency continues to help improve the ability of agents to develop

68

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

new worksite marketing business. Systems that have been put in place, including the addition of a CRM platform and enhanced analytical capabilities, help 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 agency anticipates continued growth in recruiting activity and average producing agent count.

The other distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The other distribution channels contributed $156 million of life premium income, or 7% of Globe Life's total life premium income in the nine months ended September 30, 2023, and contributed 2% of net sales for the period.

HEALTH INSURANCE

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

Health premium accounted for 30% of our total premium in 2023, while the health underwriting margin accounted for 24% of total underwriting margin. Health underwriting margin decreased slightly to $280 million compared to $281 million in the prior year. 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 following table presents underwriting margin data for health insurance.

Health Insurance

Summary of Results

(Dollar amounts in thousands)

	Nine Months Ended September 30,						Change
	2023			2022
	Amount		% of Premium	Amount		% of Premium	Amount		%
Premium	$	982,916	100	$	956,397	100	$	26,519	3
Policy obligations	580,676		59	561,502		59	19,174		3
Required interest on reserves	(79,603)		(8)	(76,420)		(8)	(3,183)		4
Net policy obligations	501,073		51	485,082		51	15,991		3
Commissions, premium taxes, and non-deferred acquisition expenses	163,784		16	154,160		16	9,624		6
Amortization of acquisition costs	37,608		4	36,242		4	1,366		4
Total expense	702,465		71	675,484		71	26,981		4
Insurance underwriting margin	$	280,451	29	$	280,913	29	$	(462)	—

69

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

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

Health Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)

	Nine Months Ended September 30,						Increase (Decrease)
	2023			2022
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	407,137	42	$	401,966	42	$	5,171	1
Family Heritage	294,029		30	272,429		28	21,600		8
Liberty National	140,518		14	140,563		15	(45)		—
American Income	89,656		9	87,930		9	1,726		2
Direct to Consumer	51,576		5	53,509		6	(1,933)		(4)
Total	$	982,916	100	$	956,397	100	$	26,519	3

Premium related to limited-benefit supplemental health products comprise $553 million, or 56%, of the total health premiums for 2023 compared with $523 million, or 55%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $430 million, or 44%, for 2023 compared with $433 million, or 45%, in the same period in the prior year.

Annualized health premium in force was $1.36 billion at September 30, 2023, an increase of 4% over $1.32 billion a year earlier.

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

Health Insurance

Net Sales by Distribution Channel

(Dollar amounts in thousands)

	Nine Months Ended September 30,						Increase (Decrease)
	2023			2022
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	44,053	29	$	38,491	29	$	5,562	14
Family Heritage	70,865		46	60,097		45	10,768		18
Liberty National	23,806		15	20,304		15	3,502		17
American Income	13,889		9	13,634		10	255		2
Direct to Consumer	1,773		1	1,637		1	136		8
Total	$	154,386	100	$	134,163	100	$	20,223	15

Health net sales related to limited-benefit supplemental health products comprise $121 million, or 79%, of the total health net sales for 2023 compared with $100 million, or 75%, in the same period in the prior year. Medicare Supplement sales make up the remaining $33 million, or 21%, for 2023 compared with $34 million, or 25%, in the same period in the prior year.

70

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

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

 Health Insurance

First-Year Collected Premium by Distribution Channel

(Dollar amounts in thousands)

	Nine Months Ended September 30,						Increase (Decrease)
	2023			2022
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	47,819	35	$	47,345	38	$	474	1
Family Heritage	53,456		39	44,617		36	8,839		20
Liberty National	18,877		14	16,870		13	2,007		12
American Income	12,857		10	13,167		11	(310)		(2)
Direct to Consumer	2,638		2	2,228		2	410		18
Total	$	135,647	100	$	124,227	100	$	11,420	9

First-year collected premium related to limited-benefit supplemental health products is $98 million, or 72%, of total first-year collected premium for 2023 compared with $80 million, or 64%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies makes up the remaining $38 million, or 28%, for 2023 compared with $44 million, or 36%, in the same period in the prior year.

A discussion of health operations by distribution channel follows.

The United American Division consists of non-exclusive independent agencies 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 sales up 14% from the same period in the prior-year period.

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 Benefits, which offers group worksite supplemental health insurance through brokers.

While the increase in sales for this division was driven primarily by sales growth at Globe Life Benefits, the majority of the premium revenue comes from Medicare Supplement and Retiree Health business. Underwriting margin as a percent of premium for the division for the nine months ended September 30, 2023 and 2022 was 11%.

The Family Heritage Division primarily markets limited-benefit supplemental health insurance in non-urban areas. 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% for the nine months ended September 30, 2023 and 2022.

The division experienced a 18% increase in health net sales as compared with the nine-month period a year ago, primarily due to an increase in recruiting, as well as improved agent productivity and training. The division will continue to implement incentive programs to further these increases in the number of producing agents.

71

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

Below is the average producing agent count at the end of the period for the Family Heritage Division. The average producing agent count was up 13% compared with the same period a year ago, driven by a significant increase in recruiting during 2022 and 2023.

	At September 30,		Change
	2023	2022	Amount	%
Family Heritage Division	1,322	1,169	153	13

The Liberty National Division represented 14% of all Globe Life health premium income for the nine-month period ended September 30, 2023. 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 Liberty National Division was $141 million for the nine months ended September 30, 2023 and 2022. Liberty National's first-year collected premium rose 12% to $19 million in the nine months ended September 30, 2023 compared with $17 million for the same period in 2022. Health net sales for the nine months ended September 30, 2023 rose 17% from the comparable period in 2022. The drivers of Liberty National's business discussed previously in the life insurance section also apply to the health business. Despite the increase in health sales from the prior year, health premiums remained level due to the run off of two older blocks of business that are no longer actively sold. For the nine months ended September 30, 2023 and 2022, underwriting margin as a percent of premium was 56% and 57%, respectively.

The Company's other distribution channels, while primarily focused on selling life insurance, 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 for the nine months ended September 30, 2023 compared with 15% for the same period in 2022.

ANNUITIES

Annuities represent an insignificant part of our business. We do not currently market stand-alone fixed or deferred annuity products, favoring instead protection-oriented life and supplemental health insurance products.

INVESTMENTS

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

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.

72

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

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 for per share data) 

 

	Nine Months Ended September 30,				Change
	2023		2022		Amount		%
Net investment income	$	785,275	$	736,317	$	48,958	7
Interest on policy liabilities(1)	(690,717)		(662,444)		(28,273)		4
Excess investment income	$	94,558	$	73,873	$	20,685	28
Excess investment income per diluted share	$	0.98	$	0.75	$	0.23	31
Mean invested assets (at amortized cost)	$	20,329,079	$	19,633,407	$	695,672	4
Average insurance policy liabilities	16,677,765		15,972,505		705,260		4

(1)Interest on policy liabilities is a component of total policyholder benefits, a GAAP measure. The amounts presented for 2022 have been retrospectively adjusted to exclude the interest on deferred acquisition costs due to the LDTI standard and the interest on debt.

Excess investment income increased $20.7 million, or 28%, compared with the year-ago period. Excess investment income per diluted common share was $0.98 for the nine months ended September 30, 2023, an increase of 31% over the prior-year period. 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 for the nine months ended September 30, 2023 was $785 million or 7% greater than the year-ago period. Mean invested assets increased 4% during the first nine months of 2023 over the same period last year. The effective annual yield rate earned on the fixed maturity portfolio was 5.18% in the first nine months of 2023, compared with 5.16% a year earlier. Investment income grew in the current period due to the growth in invested assets and the increase in interest rates compared to the prior year. 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 investment funds for the nine months ended September 30, 2023 was 6.58%. See additional information in Note 4—Investments. For the full year 2023, we currently anticipate the average new money rate on our fixed maturity acquisitions to be approximately 80 basis points higher than the yield achieved on our 2022 acquisitions.

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 included in accumulated other comprehensive income (loss) as of September 30, 2023, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, the fixed maturities prior to their anticipated recovery.

Required interest on insurance policy liabilities reduces excess investment income, as it is the amount of net investment income considered by management necessary to “fund” required interest on insurance policy liabilities. As such, it is removed from the investment segment and applied to the insurance segments to offset the effect of the required interest from the insurance segments. As discussed in Note 12—Business Segments, management regards this as a more meaningful analysis of the investment and insurance segments. Required interest is based on the original discount rate assumptions for our insurance policies in force.

The great 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

73

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to Other Comprehensive Income. The rates are based on the methodology prescribed in ASU 2018-12. See Note 1—Significant Accounting Policies for additional information.

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

In comparison to the year-ago period, required interest on insurance policy liabilities increased $28 million, or 4%, to $691 million, compared with the 4% growth in average interest-bearing insurance policy liabilities.

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 Condensed 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.

Analysis of Realized Gains (Losses), Net of Tax

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

	Nine Months Ended September 30,
	2023				2022
	Amount		Per Share		Amount		Per Share
Fixed maturities:
Sales	$	(61,281)	$	(0.64)	$	(43,802)	$	(0.44)
Matured or other redemptions(1)	(125)		—		20,001		0.20
Provision for credit losses	(5,924)		(0.06)		306		0.01
Fair value option—change in fair value	6,284		0.06		(12,594)		(0.13)
Other(2)	(1,334)		(0.01)		(16,719)		(0.17)
Total realized gains (losses)	$	(62,380)	$	(0.65)	$	(52,808)	$	(0.53)

(1)During the nine months ended September 30, 2023 and 2022, the Company recorded $39.0 million and $24.0 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in no realized gains (losses), net of tax in either period.

(2)Other realized gains (losses) are primarily a result of changes in the fair value of exchange traded funds.

74

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

During the nine months ended September 30, 2023, it was announced Signature Bank New York and First Republic Bank had entered receivership. As of September 30, 2023, the Company disposed of each of the holdings and incurred a $52 million after-tax realized loss. For the nine months ended September 30, 2022, as investment yields have increased, the Company disposed of certain fixed maturity investments to improve the risk-adjusted, capital-adjusted returns on the portfolio and enhance the yield, credit quality, or diversification of the portfolio.

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 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)

	Nine Months Ended September 30,
	2023			2022
Cost of acquisitions:
Investment-grade corporate securities	$	547,330		$	634,213
Investment-grade municipal securities	549,528			541,670
Other investment-grade securities	—			5,491
Total fixed maturity acquisitions(1)	$	1,096,858		$	1,181,374
Effective annual yield (one year compounded)(2)	5.93		%	5.00		%
Average life (in years, to next call)	17.1			12.9
Average life (in years, to maturity)	25.4			23.1
Average rating	A+			A

(1)Fixed maturity acquisitions included unsettled trades of $20 million in 2023 and $3 million 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.

Acquisitions in both periods consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the first nine months of 2023, we invested primarily in the municipal, financial, and industrial sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.18%, up approximately 2 basis points from the yield in the first nine months of 2022. Further, as previously noted in the discussion of net investment income, the increase in taxable equivalent effective yield was primarily due to new purchase yields exceeding the yield on dispositions and the average portfolio yield. For the remainder of 2023, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while maximizing the highest risk-adjusted, capital-adjusted return.

75

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

Since fixed maturities represent such a significant portion of our investment portfolio, the remainder of the discussion of portfolio composition will focus on fixed maturities. See a breakdown of the Company's Other long-term investments in Note 4—Investments.

Selected information concerning the fixed maturity portfolio is as follows:

Fixed Maturity Portfolio Selected Information

	At
	September 30, 2023	December 31, 2022	September 30, 2022
Average annual effective yield(1)	5.23%	5.19%	5.18%
Average life, in years, to:
Next call(2)	14.4	14.7	14.9
Maturity(2)	18.4	18.5	18.6
Effective duration to:
Next call(2,3)	8.4	8.8	8.8
Maturity(2,3)	10.0	10.4	10.3

(1)Tax-equivalent basis. The yield on tax-exempt securities is adjusted to produce a yield equivalent to the pre-tax 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.

76

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

Credit Risk Sensitivity. The following tables summarize certain information about the major corporate sectors and security types held in our fixed maturity portfolio at September 30, 2023 and December 31, 2022.

Fixed Maturities by Sector

September 30, 2023

(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	$	107,098	$	—	$	(17,270)	$	89,828	$	2,391,154	$	17,541	$	(289,661)	$	2,119,034	13	13
Banks	36,915		—		(5,103)		31,812		1,308,142		3,588		(145,951)		1,165,779		7	7
Other financial	74,966		—		(27,160)		47,806		1,238,816		1,251		(237,194)		1,002,873		6	7
Total financial	218,979		—		(49,533)		169,446		4,938,112		22,380		(672,806)		4,287,686		26	27
Industrial
Energy	44,670		—		(10,896)		33,774		1,426,415		13,284		(136,363)		1,303,336		7	8
Basic materials	—		—		—		—		1,161,367		3,683		(143,044)		1,022,006		6	7
Consumer, non-cyclical	—		—		—		—		2,145,682		8,586		(318,626)		1,835,642		11	11
Other industrials	25,378		59		(332)		25,105		1,148,842		9,286		(152,074)		1,006,054		6	6
Communications	—		—		—		—		857,038		3,905		(143,564)		717,379		5	4
Transportation	8,403		—		(459)		7,944		532,035		4,585		(51,884)		484,736		3	3
Consumer. cyclical	79,789		—		(16,083)		63,706		536,904		2,120		(95,424)		443,600		3	3
Technology	32,544		—		(1,419)		31,125		281,747		28		(71,425)		210,350		1	1
Total industrial	190,784		59		(29,189)		161,654		8,090,030		45,477		(1,112,404)		7,023,103		42	43
Utilities	34,701		314		(2,335)		32,680		1,998,424		13,550		(190,901)		1,821,073		11	11
Total corporates	444,464		373		(81,057)		363,780		15,026,566		81,407		(1,976,111)		13,131,862		79	81
States, municipalities, and political divisions:
General obligations	—		—		—		—		932,658		2,130		(226,047)		708,741		5	4
Revenues	—		—		—		—		2,386,863		12,029		(470,744)		1,928,148		13	12
Total states, municipalities, and political divisions	—		—		—		—		3,319,521		14,159		(696,791)		2,636,889		18	16
Other fixed maturities:
Government (U.S. and foreign)	—		—		—		—		437,467		—		(68,235)		369,232		2	2
Collateralized debt obligations	36,843		4,842		—		41,685		36,843		4,842		—		41,685		—	—
Other asset-backed securities	11,845		—		(583)		11,262		86,796		2		(6,432)		80,366		1	1
Total fixed maturities	$	493,152	$	5,215	$	(81,640)	$	416,727	$	18,907,193	$	100,410	$	(2,747,569)	$	16,260,034	100	100

77

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

Fixed Maturities by Sector

December 31, 2022

(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	$	107,355	$	22	$	(13,966)	$	93,411	$	2,375,633	$	44,578	$	(216,938)	$	2,203,273	13	13
Banks	26,944		84		(192)		26,836		1,336,868		14,035		(100,038)		1,250,865		7	8
Other financial	74,963		1		(22,026)		52,938		1,195,293		4,513		(187,513)		1,012,293		7	6
Total financial	209,262		107		(36,184)		173,185		4,907,794		63,126		(504,489)		4,466,431		27	27
Industrial
Energy	44,723		—		(10,168)		34,555		1,436,598		22,637		(101,923)		1,357,312		8	8
Basic materials	—		—		—		—		1,090,309		14,913		(95,958)		1,009,264		6	6
Consumer, non-cyclical	—		—		—		—		2,146,003		20,427		(232,196)		1,934,234		12	12
Other industrials	25,461		—		(522)		24,939		1,212,674		19,107		(121,540)		1,110,241		6	7
Communications	28,499		—		(2,253)		26,246		857,375		7,779		(110,132)		755,022		5	5
Transportation	—		—		—		—		520,029		11,684		(34,269)		497,444		3	3
Consumer. cyclical	149,465		—		(27,822)		121,643		592,657		4,903		(85,005)		512,555		3	3
Technology	—		—		—		—		247,996		90		(59,672)		188,414		1	1
Total industrial	248,148		—		(40,765)		207,383		8,103,641		101,540		(840,695)		7,364,486		44	45
Utilities	35,496		433		(3,173)		32,756		1,924,190		36,670		(125,713)		1,835,147		11	11
Total corporates	492,906		540		(80,122)		413,324		14,935,625		201,336		(1,470,897)		13,666,064		82	83
States, municipalities, and political divisions:
General obligations	—		—		—		—		915,725		5,041		(167,393)		753,373		5	5
Revenues	—		—		—		—		1,875,305		19,287		(338,054)		1,556,538		10	9
Total states, municipalities, and political divisions	—		—		—		—		2,791,030		24,328		(505,447)		2,309,911		15	14
Other fixed maturities:
Government (U.S., municipal, and foreign)	—		—		—		—		449,603		33		(51,674)		397,962		2	2
Collateralized debt obligations	37,098		13,266		—		50,364		37,098		13,266		—		50,364		—	—
Other asset-backed securities	12,493		—		(1,618)		10,875		88,336		4		(9,276)		79,064		1	1
Total fixed maturities	$	542,497	$	13,806	$	(81,740)	$	474,563	$	18,301,692	$	238,967	$	(2,037,294)	$	16,503,365	100	100

78

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

Corporate securities, which consist of bonds and redeemable preferred stocks, were the largest component of the fixed maturity portfolio as of September 30, 2023, representing 79% 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 September 30, 2023, the total fixed maturity portfolio consisted of 990 issuers.

Fixed maturities had a fair value of $16.3 billion at September 30, 2023, compared with $16.5 billion at December 31, 2022. The net unrealized loss position in the fixed-maturity portfolio increased from $1.8 billion at December 31, 2022 to $2.6 billion at September 30, 2023 due to an increase in market rates during the period.

For more information about our fixed maturity portfolio by component at September 30, 2023 and December 31, 2022, including a discussion of allowance for credit losses, an analysis of unrealized investment losses and a schedule of maturities, see Note 4—Investments.

An analysis of the fixed maturity portfolio by composite quality rating at September 30, 2023 and December 31, 2022, is shown in the following tables. The composite rating for each security, other than private-placement securities managed by third parties, is the average of the security’s available ratings as assigned by Moody’s Investor Service, Standard & Poor’s, Fitch Ratings, and Dominion Bond Rating Service, LTD. The ratings assigned by these four nationally recognized statistical rating organizations are evenly weighted when calculating the average. The composite quality rating is created utilizing a methodology developed by Globe Life using ratings from the various rating agencies noted above. The composite quality rating is not a Standard & Poor's credit rating. Standard & Poor's does not sponsor, endorse, or promote the composite quality rating and shall not be liable for any use of the composite quality rating. Included in the following chart are private placement fixed maturity holdings of $440 million at amortized cost, net of allowance for credit losses ($388 million at fair value) for which the ratings were assigned by the third-party managers.

Fixed Maturities by Rating

At September 30, 2023

(Dollar amounts in thousands)

	Amortized Cost, net		% of Total	Fair Value		% of Total	Average Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA	$	945,832	5	$	796,460	5
AA	3,193,624		17	2,488,122		15
A	5,161,393		27	4,582,392		28
BBB+	3,609,077		19	3,204,032		20
BBB	4,196,940		22	3,618,741		22
BBB-	1,307,175		7	1,153,560		7
Total investment grade	18,414,041		97	15,843,307		97	A-
Below investment grade:
BB	422,315		3	342,792		2
B	30,376		—	28,586		—
Below B	40,461		—	45,349		1
Total below investment grade	493,152		3	416,727		3	BB-
	$	18,907,193	100	$	16,260,034	100
Weighted average composite quality rating							A-

79

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

Fixed Maturities by Rating

At December 31, 2022

(Dollar amounts in thousands)

	Amortized Cost, net		% of Total	Fair Value		% of Total	Average Composite Quality Rating on Amortized Cost
Investment grade:
AAA	$	828,315	5	$	733,524	4
AA	2,779,587		15	2,260,257		14
A	4,752,633		26	4,438,913		27
BBB+	3,934,053		21	3,639,118		22
BBB	4,254,730		23	3,844,182		23
BBB-	1,209,877		7	1,112,808		7
Total investment grade	17,759,195		97	16,028,802		97	A-
Below investment grade:
BB	462,356		3	389,132		3
B	43,044		—	35,067		—
Below B	37,097		—	50,364		—
Total below investment grade	542,497		3	474,563		3	BB-
	$	18,301,692	100	$	16,503,365	100
Weighted average composite quality rating							A-

The overall quality rating of the portfolio is A-, the same as of year-end 2022. Fixed maturities rated BBB are 48% of the total portfolio at September 30, 2023, down from 51% at December 31, 2022. While this ratio is high relative to our peers, it is at its lowest level in over 10 years and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of September 30, 2023. 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)

	Nine Months Ended September 30,
	2023		2022
Balance at beginning of period	$	542,497	$	701,546
Downgrades by rating agencies	56,217		50,163
Upgrades by rating agencies	(32,540)		(97,495)
Dispositions	(68,319)		(115,108)
Provision for credit losses	(7,500)		(31)
Amortization and other	2,797		4,293
Balance at end of period	$	493,152	$	543,368

Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, any increases in below-investment grade issues are typically a result of ratings

80

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit losses, were 7% of our shareholders’ equity excluding accumulated other comprehensive income as of September 30, 2023. Globe Life invests long term and as such, one of our key criterion in our investment process is to select issuers that have the ability to weather multiple financial cycles.

OPERATING EXPENSES

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

An analysis of operating expenses is shown below.

Operating Expenses Selected Information

(Dollar amounts in thousands)

	Nine Months Ended September 30,						Increase
	2023			2022			(Decrease)
	Amount		% of Premium	Amount		% of Premium	Amount		%
Insurance administrative expenses:
Salaries	$	89,068	2.7	$	94,883	2.9	$	(5,815)	(6)
Other employee costs	27,850		0.8	31,992		1.0	(4,142)		(13)
Information technology costs	47,106		1.4	40,807		1.3	6,299		15
Legal costs	10,614		0.3	9,175		0.3	1,439		16
Other administrative costs	49,313		1.5	44,456		1.4	4,857		11
Total insurance administrative expenses	223,951		6.7	221,313		6.9	2,638		1
Parent company expense	8,254			8,089			165
Stock compensation expense	22,732			26,603			(3,871)
Legal proceedings	—			1,416			(1,416)
Non-operating expenses	1,137			4,729			(3,592)
Total operating expenses, per Condensed Consolidated Statements of Operations	$	256,074		$	262,150		$	(6,076)	(2)

Total operating expenses for September 30, 2023 decreased in comparison with the prior year primarily due to decreases in stock compensation expense and other non-operating costs. Insurance administrative expenses increased $2.6 million primarily due to higher information technology costs, information security costs, and other administrative costs offset by a decline in pension-related employee benefit costs. Insurance administrative expenses as a percent of premium were 6.7% for the nine months ended September 30, 2023 compared to 6.9% for the same period in 2022.

81

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

SHARE REPURCHASES

Globe Life has an ongoing share repurchase program that began in 1986, and is reviewed with the Board of Directors by management quarterly and reaffirmed by the Board of Directors annually. With no specified authorization amount, management determines the amount of repurchases based on the amount of the excess cash flows 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 $9.3 billion of excess cash flow at the Parent Company 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. The majority of our share repurchases are made from excess cash flow after the payment of shareholder dividends. 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. On August 10, 2023, the Board of Directors reauthorized the Parent Company’s share repurchase program in amounts and with timing that management, in consultation with the Board, determines to be in the best interest of the Company and its shareholders.

The following chart summarizes share repurchases for the nine month periods ended September 30, 2023 and 2022.

Analysis of Share Repurchases

(Amounts in thousands, except per share data) 

	Nine Months Ended September 30,
	2023					2022
	Shares	Amount		Average Price		Shares	Amount		Average Price
Purchases with:
Excess cash flow at the Parent Company(1)	2,708	$	302,849	$	111.82	2,832	$	278,822	$	98.46
Option exercise proceeds	526	60,216		114.58		555	56,630		102.04
Total	3,234	$	363,065	$	112.27	3,387	$	335,452	$	99.04

(1)Excludes excise tax on the repurchase of treasury stock of $2.9 million for the nine months ended September 30, 2023.

Throughout the remainder of this discussion, share repurchases will only refer to those made from excess cash flow at the Parent Company.

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 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 the excess 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 leading source of the excess cash is investment income, a significant portion of the excess cash also comes from underwriting income due to our high underwriting margins and effective expense control.

82

        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

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

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

	Nine Months Ended September 30,				Twelve Months Ended December 31,
	2023		2022		Projected 2023	2022
Liquidity Sources:
Dividends from Subsidiaries	$	411,661	$	353,109	$460,000—470,000	$	407,042
Excess Cash Flows(1)	387,879		329,478		420,000—430,000	358,981

(1)Excess cash flows are reported gross of shareholder dividends. For the nine months ended September 30, 2023 and 2022, shareholder dividends were $63 million and $60 million, respectively. For the twelve months ended December 31, 2023, we project approximately $84 million in shareholder dividends, compared to the $81 million paid in 2022.

Dividends from subsidiaries and excess cash flows are projected to be higher in 2023 than in 2022 primarily due to lower life obligations and the growth in our underwriting margins, both of which resulted in higher statutory earnings generated by the affiliates. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, public debt markets, term loans, and a revolving credit facility. At September 30, 2023, the Parent Company had access to $69 million of invested cash, net intercompany receivables, and other liquid assets.

Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders allowing for unsecured borrowings and stand-by letters of credit up to $750 million, which could be extended up to $1 billion. While the Parent Company may request the extension, it is not guaranteed. 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. The credit agreement will mature on September 30, 2026. As of September 30, 2023, 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 credits. These letters of credit are issued on behalf of our insurance subsidiaries.

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        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper

(Dollar amounts in thousands)

	At
	September 30, 2023			December 31, 2022			September 30, 2022
Balance of commercial paper at end of period (par value)	$	251,000		$	285,000		$	270,000
Annualized interest rate	5.65		%	4.78		%	3.13		%
Letters of credit outstanding	$	115,000		$	125,000		$	125,000
Remaining amount available under credit line	384,000			340,000			355,000

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)

	Nine Months Ended September 30,
	2023			2022
Average balance of commercial paper outstanding during period (par value)	$	296,816		$	322,788
Daily-weighted average interest rate (annualized)	5.33		%	1.15		%
Maximum daily amount outstanding during period (par value)	$	477,700		$	500,529

The Company reduced the commercial paper borrowings by $34 million since year-end. We had no difficulties in accessing the commercial paper market under this facility during the nine months ended September 30, 2023 and 2022.

Globe Life expects to have readily available funds for 2023 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries through liquid assets currently available, internally-generated cash flow and the credit facility. In the unlikely event that more liquidity is needed, the Parent Company could generate additional funds through multiple sources including, but not limited to, the issuance of debt, an additional short-term credit facility or term loan, and intercompany borrowing.

Consolidated Liquidity. Consolidated net cash inflows from operations were $1.09 billion in the first nine months of 2023, compared with $1.05 billion in the same period of 2022. The increase is primarily attributable to fluctuations in the settlement of certain amounts included in other liabilities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale and other long-term investments in the amount of $538 million during the first nine months of 2023. As previously noted under the caption Credit Facility, 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 $169 million at September 30, 2023, compared with $207 million at December 31, 2022. In addition to these liquid assets, $16 billion of fixed income securities are available for sale in the event of an unexpected need. Approximately $767 million, at fair value, are pledged for outstanding FHLB advances and reinsurance. Further, approximately 97% of our fixed income securities are publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. While our fixed income securities are classified as available for sale, we have the ability and general intent to hold any securities to recovery or maturity. Our strong cash flows from operations, on-going investment maturities, and available liquidity under our credit facility make any need to sell securities for liquidity highly unlikely.

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        GL Q3 2023 FORM 10-Q

Globe Life Inc.

Management's Discussion & Analysis

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.

Long-Term Borrowings. The outstanding long-term debt at book value was $1.8 billion at September 30, 2023 and $1.6 billion at December 31, 2022.

Selected Information about Debt Issues

As of September 30, 2023

(Dollar amounts in thousands)

Instrument	Issue Date	Maturity Date	Coupon Rate	Interest Payment Dates	Par Value		Book Value		Fair Value
Senior notes	09/27/2018	09/15/2028	4.550%	semiannual	$	550,000	$	546,113	$	521,290
Senior notes	08/21/2020	08/15/2030	2.150%	semiannual	400,000		396,558		309,828
Senior notes(1)	05/19/2022	06/15/2032	4.800%	semiannual	250,000		245,778		228,709
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	semiannual	125,000		123,422		114,972
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	quarterly	325,000		317,287		242,450
Term loan(2)	05/11/2023	11/11/2024	6.200%	quarterly	170,000		169,425		169,425
Total long-term debt					1,820,000		1,798,583		1,586,674
FHLB borrowings					198,000		198,000		198,000
Commercial paper					251,000		249,537		249,537
Total short-term debt					449,000		447,537		447,537
Total debt					$	2,269,000	$	2,246,120	$	2,034,211

(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.

(2)Interest calculated quarterly using SOFR plus 135 basis points.

On May 11, 2023, Globe Life issued a $170 million term loan with an 18-month term and a variable interest rate. The proceeds from the term loan were used to retire the 7.875% Senior Notes which matured on May 15, 2023. Refer to Note 11—Debt for a complete analysis and description of long-term debt issues outstanding.

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

Analysis of Financing Costs

(Dollar amounts in thousands)

	Nine Months Ended September 30,				Increase (Decrease)
	2023		2022		Amount		%
Interest on funded debt	$	55,732	$	60,235	$	(4,503)	(7)
Interest on term loans	4,605		—		4,605		—
Interest on short-term debt	16,284		5,463		10,821		198
Other	19		39		(20)		(51)
Financing costs	$	76,640	$	65,737	$	10,903	17

During the first nine months of 2023, financing costs increased 17% compared with the prior year. The increase in financing costs is primarily due to higher short-term interest rates. More information on our debt transactions is disclosed in the Financial Condition section of this report.

85

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

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.

Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current ratings. For 2023, 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 2022, our consolidated Company Action Level RBC ratio was 321%. 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.

Shareholders' Equity: In 2023, new guidance became effective that impacted the accounting for our long duration contracts with significant effects to shareholders' equity. Please see Note 2—New Accounting Standards for additional information.

Shareholders’ equity was $4.6 billion at September 30, 2023. This compares with $3.9 billion at December 31, 2022 and $3.6 billion at September 30, 2022, as adjusted. During the nine months since December 31, 2022, shareholders’ equity increased as a result of net income of $696 million during the first nine months of 2023, but was offset by share repurchases of $303 million and an additional $60 million in share repurchases to offset the dilution from stock option exercises. Additionally, the balance of AOCI declined $331 million primarily due to increased interest rates and discount rates over the period.

On September 12, 2023, the Parent Company announced that it had declared a quarterly dividend of $0.2250 per share. This dividend was paid on November 1, 2023.

We plan to use excess cash available at the Parent Company as efficiently as possible in the future. 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.

As previously noted, the liability for future policy benefits under ASU 2018-12 is required to be computed using current discount rates with the impact of changes in discount rates included in accumulated other comprehensive income. Additionally, the guidance requires the liability for future policy benefits to be 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.

Globe Life is required under GAAP to revalue its available for sale fixed maturity portfolio to fair market value at the end of each accounting period. These changes, net of their associated impact on income tax, are reflected directly in 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 policy liabilities and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our securities to maturity. As such, we do not expect to incur losses due to fluctuations in market value of fixed maturities caused by market rate changes and temporarily illiquid markets. Accordingly, our management, credit rating agencies, lenders, many industry analysts, and certain other financial statement users prefer to remove the effect of this accounting rule when analyzing our balance sheet, capital structure, and financial ratios.

86

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

CRITICAL ACCOUNTING POLICIES

The following critical 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). Additional information on our accounting policies is disclosed in Note 1—Significant Accounting Policies.

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 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. Net level premiums reflect a recomputed net premium ratio 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.

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 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 assumptions are based on Globe Life's experience.

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. The discount rate assumption is updated each reporting period with the effect of the changes in the liability included in Other Comprehensive Income (OCI). 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 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 91% 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, and changes in assumptions may cause significant differences in results.

87

        GL Q3 2023 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

The following table illustrates the interest rate sensitivity of our liability for future policy benefits as of September 30, 2023 and 2022. 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 September 30,
Change in Discount Rates(1)	2023		2022
(200)	$	25,040,320	$	25,687,257
(100)	20,510,540		20,998,753
(50)	18,739,489		19,162,906
0	17,218,098		17,585,172
50	15,902,308		16,220,542
100	14,757,077		15,033,077
200	12,871,415		13,079,552

(1) In basis points.

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 lapses. These assumptions will be reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions will be 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 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.

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        GL Q3 2023 FORM 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no quantitative or qualitative changes with respect to market risk exposure during the nine months ended September 30, 2023.

Item 4. Controls and Procedures

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

As of the end of the fiscal period completed September 30, 2023, an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon their evaluation, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-Q. In compliance with Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-Q.

Changes in Internal Control over Financial Reporting: During the period ended September 30, 2023 there have not been any 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.

Part II—Other Information

Item 1. Legal Proceedings

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

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        GL Q3 2023 FORM 10-Q

Item 1A. Risk Factors

The Company had no material changes to its risk factors.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Purchases of Certain Equity Securities by the Issuer and Others for the Third Quarter of 2023

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as  Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs
July 1-31, 2023	198,437	$	111.40	198,437
August 1-31, 2023	441,144	112.60		441,144
September 1-30, 2023	220,600	109.82		220,600

On August 10, 2023, the Globe Life Board of Directors reaffirmed its continued authorization of the Company's stock repurchase program in amounts and with timing that management, in consultation with the Board, determined to be in the best interest of the Company. The program has no defined expiration date or maximum shares to be repurchased.

Item 5. Other Information

(c) Trading arrangements

None

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        GL Q3 2023 FORM 10-Q

Item 6. Exhibits

 

Exhibit No.	Description
3.1	Amended and Restated By-laws of Globe Life Inc., as amended August 10, 2023
31.1	Rule 13a-14(a)/15d-14(a) Certification by J. Matthew Darden
31.2	Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda
31.3	Rule 13a-14(a)/15d-14(a) Certification by Thomas P. Kalmbach
32.1	Section 1350 Certification by J. Matthew Darden, Frank M. Svoboda, and Thomas P. Kalmbach
101.INS	XBRL Instance Document- the instance document does not appear in the Interactive Data file because the XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

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        GL Q3 2023 FORM 10-Q

SIGNATURES

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

 

	GLOBE LIFE INC.
Date: November 6, 2023	/s/ J. Matthew Darden
	J. Matthew Darden
	Co-Chairman and Chief Executive Officer
Date: November 6, 2023	/s/ Frank M. Svoboda
	Frank M. Svoboda
	Co-Chairman and Chief Executive Officer
Date: November 6, 2023	/s/ Thomas P. Kalmbach
	Thomas P. Kalmbach
	Executive Vice President and Chief Financial Officer

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        GL Q3 2023 FORM 10-Q

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, J. Matthew Darden, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Globe Life Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 6, 2023	/s/ J. Matthew Darden
		J. Matthew Darden Co-Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Frank M. Svoboda, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Globe Life Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 6, 2023	/s/ Frank M. Svoboda
		Frank M. Svoboda Co-Chairman and Chief Executive Officer

EX-31.3

Exhibit 31.3

CERTIFICATIONS

I, Thomas P. Kalmbach, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Globe Life Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 6, 2023	/s/ Thomas P. Kalmbach
		Thomas P. Kalmbach Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF PERIODIC REPORT

We, J. Matthew Darden, Co-Chairman and Chief Executive Officer, Frank M. Svoboda, Co-Chairman and Chief Executive Officer, and Thomas P. Kalmbach, Executive Vice President and Chief Financial Officer, of Globe Life Inc., certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to the best of our knowledge:

(1)the Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  November 6, 2023

/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

XML

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-08052
Entity Registrant Name	GLOBE LIFE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	63-0780404
Entity Address, Address Line One	3700 South Stonebridge Drive
Entity Address, City or Town	McKinney
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75070
City Area Code	972
Local Phone Number	569-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,118,740
Entity Central Index Key	0000320335
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, $1.00 par value per share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $1.00 par value per share
Trading Symbol	GL
Security Exchange Name	NYSE
4.250% Junior Subordinated Debentures
Entity Listings [Line Items]
Title of 12(b) Security	4.250% Junior Subordinated Debentures
Trading Symbol	GL PRD
Security Exchange Name	NYSE

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2023—$18,914,693; 2022—$18,301,692, allowance for credit losses: 2023— $7,500; 2022— $0)	$ 16,260,034	$ 16,503,365
Policy loans	644,553	614,866
Other long-term investments (includes: 2023—$782,210; 2022—$768,689 under the fair value option)	1,050,106	976,016
Short-term investments	83,934	114,121
Total investments	18,038,627	18,208,368
Cash	85,546	92,559
Accrued investment income	284,642	259,581
Other receivables	616,881	589,079
Deferred acquisition costs	5,889,293	5,535,697
Goodwill	481,791	481,791
Other assets	769,247	760,066
Total assets	26,166,027	25,927,141
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2023—$16,757,558; 2022—$16,306,870)	17,218,098	18,040,042
Unearned and advance premium	260,843	253,140
Policy claims and other benefits payable	503,072	507,219
Other policyholders' funds	218,210	123,236
Total policy liabilities	18,200,223	18,923,637
Current and deferred income taxes	554,853	434,649
Short-term debt	447,537	449,103
Long-term debt (estimated fair value: 2023—$1,586,674; 2022—$1,440,277)	1,798,583	1,627,952
Other liabilities	541,700	542,223
Total liabilities	21,542,896	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	0	0
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-capital	543,693	529,661
Accumulated other comprehensive income (loss)	(2,458,974)	(2,790,313)
Retained earnings	7,519,893	6,894,535
Treasury stock, at cost: (2023—10,952,084 shares; 2022—8,478,288 shares)	(1,086,699)	(789,524)
Total shareholders' equity	4,623,131	3,949,577
Total liabilities and shareholders' equity	$ 26,166,027	$ 25,927,141

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed maturities, available for sale, amortized cost	$ 18,914,693	$ 18,301,692
Fixed maturities, available for sale, allowance for credit losses	7,500	0
Other long-term investments under fair value option	1,050,106	976,016
Net liabilities for future policy benefits	16,757,558	16,306,870
Total long-term debt, fair value	$ 1,586,674	$ 1,440,277
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	320,000,000	320,000,000
Common stock, shares issued (in shares)	105,218,183	105,218,183
Common stock, shares outstanding (in shares)	105,218,183	105,218,183
Common stock, shares held in treasury (in shares)	10,952,084	8,478,288
Partnership Interest - Fair Value Option | Investment in Limited Partnerships
Other long-term investments under fair value option	$ 782,210	$ 768,689

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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Revenue		$ 1,119,335	$ 1,079,282	$ 3,325,345	$ 3,221,293
Net investment income		266,926	246,711	785,275	736,317
Realized gains (losses)		(2,193)	(29,155)	(78,963)	(66,845)
Other income		50	399	185	862
Total revenue		1,384,118	1,297,237	4,031,842	3,891,627
Benefits and expenses:
Life policyholder benefits	[1]	515,676	545,933	1,536,317	1,533,726
Health policyholder benefits	[2]	193,790	182,409	580,676	561,502
Other policyholder benefits		9,578	9,234	27,488	27,928
Total policyholder benefits		719,044	737,576	2,144,481	2,123,156
Amortization of deferred acquisition costs		95,757	88,012	282,159	258,693
Commissions, premium taxes, and non-deferred acquisition costs		138,677	124,768	414,933	376,490
Other operating expense		85,870	88,140	256,074	262,150
Interest expense		25,955	23,965	76,640	65,737
Total benefits and expenses		1,065,303	1,062,461	3,174,287	3,086,226
Income before income taxes		318,815	234,776	857,555	805,401
Income tax benefit (expense)		(61,732)	(44,190)	(161,602)	(153,358)
Net income		$ 257,083	$ 190,586	$ 695,953	$ 652,043
Basic net income per common share (in dollars per share)		$ 2.72	$ 1.96	$ 7.29	$ 6.64
Diluted net income per common share (in dollars per share)		$ 2.68	$ 1.94	$ 7.20	$ 6.58
Life premium
Revenue:
Revenue		$ 788,099	$ 758,875	$ 2,342,429	$ 2,264,895
Health premium
Revenue:
Revenue		331,236	320,406	982,916	956,397
Other
Revenue:
Revenue		$ 0	$ 1	$ 0	$ 1

[1] et of the total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a $11.3 million gain and a $45.2 million loss for the three months ended September 30, 2023 and 2022, respectively. Net of the total remeasurement gain of $16.5 million for the nine months ended September 30, 2023 and the total remeasurement loss of $49.3 million for the same period in 2022.

[2] $7.8 million gain and $9.7 million gain for the three months ended September 30, 2023 and 2022, respectively. Net of the total remeasurement gain of $8.3 million and $13.8 million for the nine months ended September 30, 2023 and 2022, respectively.

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Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Life insurance
Policyholder benefits net of remeasurement gain (loss)	$ 11.3	$ (45.2)	$ 16.5	$ (49.3)
Health premium
Policyholder benefits net of remeasurement gain (loss)	$ 7.8	$ 9.7	$ 8.3	$ 13.8

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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 257,083	$ 190,586	$ 695,953	$ 652,043
Unrealized gains (losses) on fixed maturities:
Total unrealized investment gains (losses)	(1,065,637)	(1,353,912)	(848,832)	(5,668,696)
Less applicable tax (expense) benefit	223,782	284,319	178,250	1,190,428
Unrealized gains (losses) on investments, net of tax	(841,855)	(1,069,593)	(670,582)	(4,478,268)
Future Policy Benefits:
Change in discount rate on future policy benefits	1,687,310	1,711,223	1,272,631	7,308,021
Less applicable tax (expense) benefit	(354,334)	(359,354)	(267,252)	(1,534,684)
Future policy benefit adjustments, net of tax	1,332,976	1,351,869	1,005,379	5,773,337
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities	(7,881)	(22,375)	(4,039)	(36,556)
Less applicable tax (expense) benefit	1,655	4,697	847	7,675
Foreign exchange translation adjustments, other than securities, net of tax	(6,226)	(17,678)	(3,192)	(28,881)
Pension:
Pension adjustments	35	3,438	(336)	10,316
Less applicable tax (expense) benefit	(7)	(721)	70	(2,166)
Pension adjustments, net of tax	28	2,717	(266)	8,150
Other comprehensive income (loss)	484,923	267,315	331,339	1,274,338
Comprehensive income (loss)	742,006	457,901	1,027,292	1,926,381
Securities
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period	(1,068,091)	(1,368,910)	(932,301)	(5,704,042)
Other reclassification adjustments included in net income	851	12,142	82,866	30,371
Foreign exchange adjustment on fixed maturities recorded at fair value	$ 1,603	$ 2,856	$ 603	$ 4,975

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Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock
Beginning balance at Dec. 31, 2021	$ 2,003,808	$ 0	$ 109,218	$ 520,564	$ (4,235,048)	$ 6,455,733	$ (846,659)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	645,526				408,042	237,484
Common dividends declared	(20,543)					(20,543)
Acquisition of treasury stock	(119,482)						(119,482)
Stock-based compensation	9,035			2,504		(345)	6,876
Exercise of stock options	25,931					(9,964)	35,895
Ending balance at Mar. 31, 2022	2,544,275	0	109,218	523,068	(3,827,006)	6,662,365	(923,370)
Beginning balance at Dec. 31, 2021	2,003,808	0	109,218	520,564	(4,235,048)	6,455,733	(846,659)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	1,926,381
Ending balance at Sep. 30, 2022	3,609,969	0	109,218	540,636	(2,960,710)	7,030,901	(1,110,076)
Beginning balance at Mar. 31, 2022	2,544,275	0	109,218	523,068	(3,827,006)	6,662,365	(923,370)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	822,954				598,981	223,973
Common dividends declared	(20,238)					(20,238)
Acquisition of treasury stock	(143,939)						(143,939)
Stock-based compensation	8,448			8,448
Exercise of stock options	8,803					(2,419)	11,222
Ending balance at Jun. 30, 2022	3,220,303	0	109,218	531,516	(3,228,025)	6,863,681	(1,056,087)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	457,901				267,315	190,586
Common dividends declared	(20,126)					(20,126)
Acquisition of treasury stock	(72,031)						(72,031)
Stock-based compensation	9,120			9,120
Exercise of stock options	14,802					(3,240)	18,042
Ending balance at Sep. 30, 2022	3,609,969	0	109,218	540,636	(2,960,710)	7,030,901	(1,110,076)
Beginning balance at Dec. 31, 2022	3,949,577	0	105,218	529,661	(2,790,313)	6,894,535	(789,524)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	52,830				(170,780)	223,610
Common dividends declared	(21,542)					(21,542)
Acquisition of treasury stock	(179,276)						(179,276)
Stock-based compensation	7,678			(1,022)			8,700
Exercise of stock options	37,024					(4,059)	41,083
Ending balance at Mar. 31, 2023	3,846,291	0	105,218	528,639	(2,961,093)	7,092,544	(919,017)
Beginning balance at Dec. 31, 2022	3,949,577	0	105,218	529,661	(2,790,313)	6,894,535	(789,524)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	1,027,292
Ending balance at Sep. 30, 2023	4,623,131	0	105,218	543,693	(2,458,974)	7,519,893	(1,086,699)
Beginning balance at Mar. 31, 2023	3,846,291	0	105,218	528,639	(2,961,093)	7,092,544	(919,017)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	232,456				17,196	215,260
Common dividends declared	(21,330)					(21,330)
Acquisition of treasury stock	(89,755)						(89,755)
Stock-based compensation	7,487			7,487
Exercise of stock options	5,157					(665)	5,822
Ending balance at Jun. 30, 2023	3,980,306	0	105,218	536,126	(2,943,897)	7,285,809	(1,002,950)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	742,006				484,923	257,083
Common dividends declared	(21,181)					(21,181)
Acquisition of treasury stock	(96,898)						(96,898)
Stock-based compensation	7,567			7,567
Exercise of stock options	11,331					(1,818)	13,149
Ending balance at Sep. 30, 2023	$ 4,623,131	$ 0	$ 105,218	$ 543,693	$ (2,458,974)	$ 7,519,893	$ (1,086,699)

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Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common dividends declared, per share (in dollars per share)	$ 0.2250	$ 0.2250	$ 0.2250	$ 0.2075	$ 0.2075	$ 0.2075

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Cash provided from (used for) operating activities	$ 1,091,028	$ 1,050,387
Investments sold or matured:
Fixed maturities available for sale—sold	192,007	346,722
Fixed maturities available for sale—matured or other redemptions	212,936	387,787
Other long-term investments	133,163	55,877
Total investments sold or matured	538,106	790,386
Acquisition of investments:
Fixed maturities—available for sale	(1,076,699)	(1,178,751)
Other long-term investments	(199,093)	(186,275)
Total investments acquired	(1,275,792)	(1,365,026)
Net (increase) decrease in policy loans	(29,687)	(15,792)
Net (increase) decrease in short-term investments	30,187	(16,628)
Additions to property and equipment	(36,449)	(19,766)
Investments in low-income housing interests	(54,337)	(64,023)
Cash provided from (used for) investing activities	(827,972)	(690,849)
Cash provided from (used for) financing activities:
Issuance of common stock	61,079	49,536
Cash dividends paid to shareholders	(62,945)	(60,441)
Repayment of debt	(165,612)	(150,000)
Proceeds from issuance of debt	170,000	250,492
Payment for debt issuance costs	(757)	(5,272)
Proceeds from issuance of debt	198,000	0
Net borrowing (repayment) of commercial paper	(34,066)	(60,582)
Acquisition of treasury stock	(365,929)	(335,452)
Net receipts (payments) from deposit-type products	(69,526)	(66,078)
Cash provided from (used for) financing activities	(269,756)	(377,797)
Effect of foreign exchange rate changes on cash	(313)	11,682
Net increase (decrease) in cash	(7,013)	(6,577)
Cash at beginning of year	92,559	92,163
Cash at end of period	$ 85,546	$ 85,586

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

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 September 30, 2023, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 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.

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 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 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, 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 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.

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 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 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.

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New Accounting Standards

9 Months Ended

Sep. 30, 2023

Accounting Changes and Error Corrections [Abstract]

New Accounting Standards

Note 2—New Accounting Standards

Accounting Pronouncements Adopted in the Current Year: On January 1, 2023, the Company adopted ASU 2018-12 (also referred to as Long Duration Targeted Improvements or LDTI) 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 Income		DTC		Liberty National		Other		Total
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 assumptions	3,334,600		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 American		Family Heritage		Liberty National		American Income		DTC		Total
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 assumptions	75,652		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.

The following table presents total policy liabilities, both before and after the Transition Date:

	January 1,		December 31,
	2021		2020
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 health	2,998,631		2,115,002
Additional insurance liabilities(1),(2)	2,008,399		2,218,116
Total future policy benefits	24,994,257		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,
	2021		2020
Life:
American Income	$	1,647,761	$	1,647,761
Direct to Consumer	1,498,970		1,498,435
Liberty National	531,504		531,504
Other	304,786		304,459
Total life	3,983,021		3,982,159
Health:
United American	65,020		74,353
Family Heritage	364,751		364,751
Liberty National	124,754		124,888
American Income	39,477		39,477
Direct to Consumer	2,215		6,600
Total health	596,217		610,069
Annuity	8,309		3,216
Total DAC	$	4,587,547	$	4,595,444

In accordance with ASU 2018-12, the Company has adjusted its DAC balance to remove the impact of unrealized gains and losses that were previously recorded in Accumulated Other Comprehensive Income (AOCI) on the Consolidated Statements of Shareholders' Equity. Under prior guidance, the Company included these amounts within its calculation of amortization.

The following table presents the effect of transition adjustments due to the adoption of ASU 2018-12 on Shareholders' Equity:

	Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Other(1)		Total
Shareholders’ Equity, as of December 31, 2020	$	5,874,109	$	3,029,244	$	(132,261)	$	8,771,092
Effect of changes in discount rate assumptions	—		(7,829,753)		—		(7,829,753)
Effect of capping and flooring	(38,992)		—		—		(38,992)
Effect of removal of unrealized gain (loss) on DAC	—		4,704		—		4,704
Other adjustments	26,470		—		—		26,470
Shareholders’ Equity, as of January 1, 2021	$	5,861,587	$	(4,795,805)	$	(132,261)	$	933,521

(1)Other represents common stock, additional paid-in capital, and treasury stock, combining balances that were unaffected by the new standard.

As of the Transition Date, the primary effects of the changes required by the standard were to AOCI and retained earnings. As seen in the table above, the transition adjustments impacting AOCI consist of the effect of changes in discount rate assumptions and the effect of the removal of unrealized gains (losses) on DAC. The effect of changes in discount rate assumptions is the impact, net of tax, of the Company re-measuring its liability for future policy benefits using current discount rates. As of the Transition Date, we experienced a lower level of current discount rates than the original discount rates used in valuing our future policy benefits under the prior guidance, thus reducing Shareholders' Equity. For the effect of removing unrealized gains (losses) on DAC, this adjustment relates to the requirement to remove unrealized gains (losses) that were included within the amortization calculation, as noted previously.

Regarding the impact on retained earnings, when the present value of net premiums exceeds the present value of gross premiums for a given cohort (capping), or the present value of future benefits and related termination expenses exceeds the present value of future gross premiums (flooring), an adjustment is recognized to the liability for future policy benefits. Any blocks of business that require increases in future policy benefits to minimum levels, or that have a net premium ratio greater than 100%, required an adjustment to the opening balance of retained earnings (decrease).

Accounting Pronouncements Yet to be Adopted: ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, adds disclosure requirements 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 on January 1, 2024, 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.

Effect of New Accounting Standards on Previously Reported Results: The impacts from the adoption of ASU 2018-12 on the Company's previously reported results included in these financial statements are as follows:

Condensed Consolidated Balance Sheets

	December 31, 2022
	As Previously Reported		Adoption Impact		As Adjusted
Assets:
Other receivables	$	484,887	$	104,192	$	589,079
Deferred acquisition costs	5,249,907		285,790		5,535,697
Liabilities:
Future policy benefits	16,721,846		1,318,196		18,040,042
Unearned and advance premium	60,742		192,398		253,140
Policy claims and other benefits payable	430,027		77,192		507,219
Current and deferred income taxes	686,172		(251,523)		434,649
Shareholders' equity:
Accumulated other comprehensive income (loss)	(1,415,714)		(1,374,599)		(2,790,313)
Retained earnings	6,466,220		428,315		6,894,535

Condensed Consolidated Statements of Operations

	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	As Previously Reported		Adoption Impact		As Adjusted		As Previously Reported		Adoption Impact		As Adjusted
Revenue:
Life premium	$	755,115	$	3,760	$	758,875	$	2,269,641	$	(4,746)	$	2,264,895
Health premium	319,289		1,117		320,406		955,478		919		956,397
Net investment income	245,625		1,086		246,711		733,101		3,216		736,317
Benefits and expenses:
Life policyholder benefits	494,627		51,306		545,933		1,555,004		(21,278)		1,533,726
Health policyholder benefits	198,415		(16,006)		182,409		592,488		(30,986)		561,502
Other policyholder benefits	6,986		2,248		9,234		21,110		6,818		27,928
Amortization of deferred acquisition costs	156,129		(68,117)		88,012		469,718		(211,025)		258,693
Commissions, premium taxes, and non-deferred acquisition costs	93,028		31,740		124,768		277,436		99,054		376,490
Income before income taxes	229,983		4,793		234,776		648,594		156,807		805,401
Income tax benefit (expense)	(43,204)		(986)		(44,190)		(120,450)		(32,908)		(153,358)
Net income	$	186,779	$	3,807	$	190,586	$	528,144	$	123,899	$	652,043
Basic net income per common share	$	1.92	$	0.04	$	1.96	$	5.38	$	1.26	$	6.64
Diluted net income per common share	$	1.90	$	0.04	$	1.94	$	5.33	$	1.25	$	6.58

See Note 1—Significant Accounting Policies, Note 6—Policy Liabilities, and Note 7—DAC for additional information on the adoption.

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Supplemental Information about Changes to Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Supplemental Information about Changes to Accumulated Other Comprehensive Income

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 the three and nine month periods ended September 30, 2023 and 2022:

	Three Months Ended September 30, 2023
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2023	$	(1,249,399)	$	(1,696,801)	$	1,353	$	950	$	(2,943,897)
Other comprehensive income (loss) before reclassifications, net of tax	(842,527)		1,332,976		(6,226)		—		484,223
Reclassifications, net of tax	672		—		—		28		700
Other comprehensive income (loss)	(841,855)		1,332,976		(6,226)		28		484,923
Balance at September 30, 2023	$	(2,091,254)	$	(363,825)	$	(4,873)	$	978	$	(2,458,974)

	Three Months Ended September 30, 2022
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2022	$	(643,385)	$	(2,494,442)	$	8,045	$	(98,243)	$	(3,228,025)
Other comprehensive income (loss) before reclassifications, net of tax	(1,079,185)		1,351,869		(17,678)		—		255,006
Reclassifications, net of tax	9,592		—		—		2,717		12,309
Other comprehensive income (loss)	(1,069,593)		1,351,869		(17,678)		2,717		267,315
Balance at September 30, 2022	$	(1,712,978)	$	(1,142,573)	$	(9,633)	$	(95,526)	$	(2,960,710)

	Nine Months Ended September 30, 2023
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2023	$	(1,420,672)	$	(1,369,204)	$	(1,681)	$	1,244	$	(2,790,313)
Other comprehensive income (loss) before reclassifications, net of tax	(736,046)		1,005,379		(3,192)		—		266,141
Reclassifications, net of tax	65,464		—		—		(266)		65,198
Other comprehensive income (loss)	(670,582)		1,005,379		(3,192)		(266)		331,339
Balance at September 30, 2023	$	(2,091,254)	$	(363,825)	$	(4,873)	$	978	$	(2,458,974)

	Nine Months Ended September 30, 2022
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
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	(4,502,261)		5,773,337		(28,881)		—		1,242,195
Reclassifications, net of tax	23,993		—		—		8,150		32,143
Other comprehensive income (loss)	(4,478,268)		5,773,337		(28,881)		8,150		1,274,338
Balance at September 30, 2022	$	(1,712,978)	$	(1,142,573)	$	(9,633)	$	(95,526)	$	(2,960,710)

Reclassification Adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and nine month periods ended September 30, 2023 and 2022.

	Three Months Ended September 30,				Nine Months Ended September 30,				Affected line items in the Statements of Operations
Component Line Item	2023		2022		2023		2022
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$	1,759	$	12,256	$	85,230	$	29,741	Realized (gains) losses
Amortization of (discount) premium	(908)		(114)		(2,364)		630		Net investment income
Total before tax	851		12,142		82,866		30,371
Tax	(179)		(2,550)		(17,402)		(6,378)		Income taxes
Total after-tax	672		9,592		65,464		23,993
Pension adjustments:
Amortization of prior service cost	269		158		807		474		Other operating expense
Amortization of actuarial (gain) loss	(234)		3,280		(1,143)		9,842		Other operating expense
Total before tax	35		3,438		(336)		10,316
Tax	(7)		(721)		70		(2,166)		Income taxes
Total after-tax	28		2,717		(266)		8,150
Total reclassification (after-tax)	$	700	$	12,309	$	65,198	$	32,143

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Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2023 and December 31, 2022, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."

	At September 30, 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	$	395,382	$	—	$	—	$	(55,738)	$	339,644	2
States, municipalities, and political subdivisions	3,319,521		—		14,159		(696,791)		2,636,889		16
Foreign governments	42,085		—		—		(12,497)		29,588		—
Corporates, by sector:
Financial	4,938,112		—		22,380		(672,806)		4,287,686		27
Utilities	1,998,424		—		13,550		(190,901)		1,821,073		11
Energy	1,426,415		—		13,284		(136,363)		1,303,336		8
Other corporate sectors	6,671,115		(7,500)		32,193		(976,041)		5,719,767		35
Total corporates	15,034,066		(7,500)		81,407		(1,976,111)		13,131,862		81
Collateralized debt obligations	36,843		—		4,842		—		41,685		—
Other asset-backed securities	86,796		—		2		(6,432)		80,366		1
Total fixed maturities	$	18,914,693	$	(7,500)	$	100,410	$	(2,747,569)	$	16,260,034	100

(1)Amount reported in the balance sheet.

(2)At fair value.

	At December 31, 2022
	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	$	394,439	$	—	$	27	$	(38,968)	$	355,498	2
States, municipalities, and political subdivisions	2,791,030		—		24,328		(505,447)		2,309,911		14
Foreign governments	55,164		—		6		(12,706)		42,464		—
Corporates, by sector:
Financial	4,907,794		—		63,126		(504,489)		4,466,431		27
Utilities	1,924,190		—		36,670		(125,713)		1,835,147		11
Energy	1,436,598		—		22,637		(101,923)		1,357,312		8
Other corporate sectors	6,667,043		—		78,903		(738,772)		6,007,174		37
Total corporates	14,935,625		—		201,336		(1,470,897)		13,666,064		83
Collateralized debt obligations	37,098		—		13,266		—		50,364		—
Other asset-backed securities	88,336		—		4		(9,276)		79,064		1
Total fixed maturities	$	18,301,692	$	—	$	238,967	$	(2,037,294)	$	16,503,365	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company has exposure to banks as part of its fixed maturity portfolio carrying an average rating of A- . The Company’s bank securities had a fair value of $1.2 billion (7% of the total fixed maturity portfolio) and $1.3 billion (8% of the total fixed maturity portfolio) at September 30, 2023 and December 31, 2022, respectively. Additionally, the Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $382 million (2% of the total fixed maturity portfolio) and $428 million (3% of the total fixed maturity portfolio) at September 30, 2023 and December 31, 2022, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2023, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.

	At September 30, 2023
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	155,607	$	154,933
Due after one year through five years	1,149,496		1,142,206
Due after five years through ten years	1,818,217		1,732,283
Due after ten years through twenty years	8,160,666		7,271,668
Due after twenty years	7,499,521		5,836,847
Mortgage-backed and asset-backed securities	123,686		122,097
	$	18,907,193	$	16,260,034

Analysis of Investment Operations: "Net investment income" for the three and nine month periods ended September 30, 2023 and 2022 is summarized as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022		% Change	2023		2022		% Change
Fixed maturities available for sale	$	237,609	$	227,673	4	$	704,095	$	679,710	4
Policy loans	12,446		11,716		6	36,435		34,724		5
Other long-term investments(1)	19,993		10,933		83	52,672		34,349		53
Short-term investments	1,396		969			4,811		1,093
	271,444		251,291		8	798,013		749,876		6
Less investment expense	(4,518)		(4,580)		(1)	(12,738)		(13,559)		(6)
Net investment income	$	266,926	$	246,711	8	$	785,275	$	736,317	7

(1)For the three months ended September 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $14.0 million and $8.4 million, respectively, in net investment income. For the nine months ended September 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $37.2 million and $27.7 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities available for sale:
Proceeds from sales(1)	$	46,210	$	127,695	$	192,034	$	346,722
Gross realized gains	261		165		308		938
Gross realized losses	(67,018)		(11,537)		(77,879)		(56,384)

(1)As of September 30, 2023 and 2022, the Company had $27 thousand and $0 of unsettled trades, respectively.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(66,767)	$	(12,256)	$	(77,730)	$	(30,128)
Provision for credit losses	65,008		—		(7,500)		387
Fair value option—change in fair value	868		(11,551)		7,954		(15,942)
Other investments	(1,302)		(5,348)		(1,687)		(21,162)
Realized gains (losses) from investments	(2,193)		(29,155)		(78,963)		(66,845)
Applicable tax	461		6,122		16,583		14,037
Realized gains (losses), net of tax	$	(1,732)	$	(23,033)	$	(62,380)	$	(52,808)

(1)During the three months ended September 30, 2023 and 2022, the Company recorded $21.1 million and $22.1 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the nine months ended September 30, 2023 and 2022, the Company recorded $39.0 million and $24.0 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the three months ended September 30, 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 the year.

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2023 and December 31, 2022:

	Fair Value Measurement at September 30, 2023 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	$	—		$	339,644		$	—		$	339,644
States, municipalities, and political subdivisions	—			2,636,889			—			2,636,889
Foreign governments	—			29,588			—			29,588
Corporates, by sector:
Financial	—			4,164,257			123,429			4,287,686
Utilities	—			1,715,887			105,186			1,821,073
Energy	—			1,293,028			10,308			1,303,336
Other corporate sectors	—			5,523,239			196,528			5,719,767
Total corporates	—			12,696,411			435,451			13,131,862
Collateralized debt obligations	—			—			41,685			41,685
Other asset-backed securities	—			80,366			—			80,366
Total fixed maturities	$	—		$	15,782,898		$	477,136		$	16,260,034
Percentage of total	—		%	97		%	3		%	100		%

	Fair Value Measurement at December 31, 2022 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	$	—		$	355,498		$	—		$	355,498
States, municipalities, and political subdivisions	—			2,309,911			—			2,309,911
Foreign governments	—			42,464			—			42,464
Corporates, by sector:
Financial	—			4,332,495			133,936			4,466,431
Utilities	—			1,723,832			111,315			1,835,147
Energy	—			1,346,212			11,100			1,357,312
Other corporate sectors	—			5,785,442			221,732			6,007,174
Total corporates	—			13,187,981			478,083			13,666,064
Collateralized debt obligations	—			—			50,364			50,364
Other asset-backed securities	—			79,064			—			79,064
Total fixed maturities	$	—		$	15,974,918		$	528,447		$	16,503,365
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):

	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, 2023	$	—		$	50,364		$	478,083		$	528,447
Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			(8,424)			(15,968)			(24,392)
Acquisitions	—			—			—			—
Sales	—			—			—			—
Amortization	—			3,429			5			3,434
Other(1)	—			(3,684)			(26,669)			(30,353)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2023	$	—		$	41,685		$	435,451		$	477,136
Percent of total fixed maturities	—		%	—		%	3		%	3		%

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

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

	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2022	$	—		$	63,505		$	641,688		$	705,193
Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			(13,163)			(114,525)			(127,688)
Acquisitions	—			—			—			—
Sales	—			—			—			—
Amortization	—			3,382			6			3,388
Other(1)	—			(3,129)			(42,604)			(45,733)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2022	$	—		$	50,595		$	484,565		$	535,160
Percent of total fixed maturities	—		%	—		%	3		%	3		%

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

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

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

	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
At September 30, 2023	$	—	$	(8,424)	$	(15,968)	$	(24,392)
At September 30, 2022	—		(13,163)		(114,525)		(127,688)

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

	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of September 30, 2023	713	1,640	2,353
As of December 31, 2022	1,819	157	1,976

Globe Life's entire fixed maturity portfolio consisted of 2,446 issues by 990 different issuers at September 30, 2023 and 2,328 issues by 979 different issuers at December 31, 2022. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of September 30, 2023 and December 31, 2022.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2023 and December 31, 2022.

Analysis of Gross Unrealized Investment Losses

	At September 30, 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	$	1,920	$	(192)	$	337,694	$	(55,546)	$	339,614	$	(55,738)
States, municipalities, and political subdivisions	941,815		(77,118)		1,408,695		(619,673)		2,350,510		(696,791)
Foreign governments	1,464		(24)		28,124		(12,473)		29,588		(12,497)
Corporates, by sector:
Financial	1,399,885		(90,121)		2,066,825		(533,152)		3,466,710		(623,273)
Utilities	693,321		(36,324)		649,894		(152,242)		1,343,215		(188,566)
Energy	370,280		(16,721)		522,381		(108,746)		892,661		(125,467)
Other corporate sectors	1,005,726		(67,518)		3,507,313		(890,230)		4,513,039		(957,748)
Total corporates	3,469,212		(210,684)		6,746,413		(1,684,370)		10,215,625		(1,895,054)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		69,047		(5,849)		69,047		(5,849)
Total investment grade securities	4,414,411		(288,018)		8,589,973		(2,377,911)		13,004,384		(2,665,929)
Below investment grade securities:
States, municipalities, and political subdivisions	—		—		—		—		—		—
Corporates, by sector:
Financial	25,065		(3,110)		144,381		(46,423)		169,446		(49,533)
Utilities	—		—		27,772		(2,335)		27,772		(2,335)
Energy	—		—		33,774		(10,896)		33,774		(10,896)
Other corporate sectors	45,943		(1,920)		56,687		(16,373)		102,630		(18,293)
Total corporates	71,008		(5,030)		262,614		(76,027)		333,622		(81,057)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		11,262		(583)		11,262		(583)
Total below investment grade securities	71,008		(5,030)		273,876		(76,610)		344,884		(81,640)
Total fixed maturities	$	4,485,419	$	(293,048)	$	8,863,849	$	(2,454,521)	$	13,349,268	$	(2,747,569)

Gross unrealized losses may fluctuate quarter over quarter due to adverse 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 management 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.

Analysis of Gross Unrealized Investment Losses

	At December 31, 2022
	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	$	349,887	$	(38,218)	$	3,424	$	(750)	$	353,311	$	(38,968)
States, municipalities, and political subdivisions	1,767,624		(453,149)		95,124		(52,298)		1,862,748		(505,447)
Foreign governments	6,297		(201)		25,134		(12,505)		31,431		(12,706)
Corporates, by sector:
Financial	2,837,918		(426,132)		109,784		(42,173)		2,947,702		(468,305)
Utilities	1,088,219		(116,272)		21,636		(6,268)		1,109,855		(122,540)
Energy	855,853		(91,755)		—		—		855,853		(91,755)
Other corporate sectors	4,155,986		(665,831)		94,299		(42,344)		4,250,285		(708,175)
Total corporates	8,937,976		(1,299,990)		225,719		(90,785)		9,163,695		(1,390,775)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	60,157		(5,223)		7,960		(2,435)		68,117		(7,658)
Total investment grade securities	11,121,941		(1,796,781)		357,361		(158,773)		11,479,302		(1,955,554)
Below investment grade securities:
States, municipalities, and political subdivisions	—		—		—		—		—		—
Corporates, by sector:
Financial	120,377		(18,901)		38,348		(17,283)		158,725		(36,184)
Utilities	27,722		(3,173)		—		—		27,722		(3,173)
Energy	14,480		(2,182)		20,075		(7,986)		34,555		(10,168)
Other corporate sectors	166,159		(25,962)		6,670		(4,635)		172,829		(30,597)
Total corporates	328,738		(50,218)		65,093		(29,904)		393,831		(80,122)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		10,874		(1,618)		10,874		(1,618)
Total below investment grade securities	328,738		(50,218)		75,967		(31,522)		404,705		(81,740)
Total fixed maturities	$	11,450,679	$	(1,846,999)	$	433,328	$	(190,295)	$	11,884,007	$	(2,037,294)

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Allowance for credit losses beginning balance	$	72,508	$	—	$	—	$	387
Additions to allowance for which credit losses were not previously recorded	—		—		72,508		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	(65,008)		—		(65,008)		—
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	—		—		—		(387)
Allowance for credit losses ending balance	$	7,500	$	—	$	7,500	$	—

As of September 30, 2023 and December 31, 2022, the Company did not have any fixed maturities in non-accrual status. During the three months ended September 30, 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 the year.

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

	September 30, 2023		December 31, 2022
Investment funds	$	782,210	$	768,689
Commercial mortgage loan participations	228,802		181,305
Other	39,094		26,022
Total	$	1,050,106	$	976,016

The following table presents additional information about the Company's investment funds as of September 30, 2023 and December 31, 2022 at fair value:

	Fair Value				Unfunded Commitments
Investment Category	September 30, 2023		December 31, 2022		September 30, 2023		Redemption Term/Notice
Commercial mortgage loans	$	419,120	$	431,405	$	575,445	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	162,202		158,524		135,000		Fully redeemable and non-redeemable with varying terms.
Infrastructure	166,603		159,534		16,279		Fully redeemable and non-redeemable with varying terms.
Other	34,285		19,226		60,000		Non-redeemable with varying terms
Total investment funds	$	782,210	$	768,689	$	786,724

The Company had $103 million of capital called during the year from existing investment funds.

Commercial Mortgage Loan Participations (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at September 30, 2023 and December 31, 2022 are as follows:

	September 30, 2023			December 31, 2022
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Multi-family	$	99,265	43	$	42,232	23
Mixed use	39,012		17	62,375		34
Industrial	37,778		17	27,248		15
Hospitality	25,159		11	27,796		15
Retail	23,842		10	15,342		9
Office	6,734		3	8,101		5
Total recorded investment	231,790		101	183,094		101
Less allowance for credit losses	(2,988)		(1)	(1,789)		(1)
Carrying value, net of allowance for credit losses	$	228,802	100	$	181,305	100

	September 30, 2023			December 31, 2022
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
California	$	51,371	22	$	64,477	36
Texas	45,775		20	22,905		13
Florida	33,367		15	33,182		18
New Jersey	25,090		11	—		—
New York	20,278		9	19,167		11
Washington	14,962		6	14,925		8
Other	40,947		18	28,438		15
Total recorded investment	231,790		101	183,094		101
Less allowance for credit losses	(2,988)		(1)	(1,789)		(1)
Carrying value, net of allowance for credit losses	$	228,802	100	$	181,305	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%. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss.

	September 30, 2023
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Total
Loan-to-value ratio(2):
Less than 70%	$	26,987	$	151,455	$	36,769	$	215,211	93
70% to 80%	—		—		—		—		—
81% to 90%	8,391		—		1,153		9,544		4
Greater than 90%	7,035		—		—		7,035		3
Total	$	42,413	$	151,455	$	37,922	231,790		100
Less allowance for credit losses							(2,988)
Total, net of allowance for credit losses							$	228,802

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

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

	December 31, 2022
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Total
Loan-to-value ratio(2):
Less than 70%	$	24,221	$	108,156	$	12,018	$	144,395	79
70% to 80%	—		22,120		1,238		23,358		13
81% to 90%	8,307		—		—		8,307		4
Greater than 90%	7,034		—		—		7,034		4
Total	$	39,562	$	130,276	$	13,256	183,094		100
Less allowance for credit losses							(1,789)
Total, net of allowance for credit losses							$	181,305

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

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

As of September 30, 2023, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 25 loans in the portfolio. For the nine months ended September 30, 2023, the allowance for credit losses increased $1.2 million. Additionally, there was one foreclosure that resulted in a $2.9 million after tax realized loss during the period. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Allowance for credit losses beginning balance	$	2,928	$	1,109	$	1,789	$	827
Provision (reversal) for credit losses	60		1,051		1,199		1,333
Allowance for credit losses ending balance	$	2,988	$	2,160	$	2,988	$	2,160

There were no delinquent commercial mortgage loans as of September 30, 2023 and December 31, 2022. As of September 30, 2023 and December 31, 2022, the Company had no commercial mortgage loan in non-accrual status. The Company's unfunded commitment balance to commercial loan borrowers was $23 million as of September 30, 2023.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 5—Commitments and ContingenciesGuarantees: The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. 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 subsidiaries. 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 September 30, 2021 and now expires in 2026. 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 outstanding at September 30, 2023 was $115 million.

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's financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

On September 30, 2022, putative class action litigation was filed against American Income Life Insurance Company (“American Income”), Giglione-Ackerman Agency, LLC, Eric Giglione and David Ackerman (collectively, “Defendants”) in New Jersey Superior Court (Atiya Bell, et al. v. American Income Life Insurance Company, et al., Case No. MID-L-004928-22). American Income subsequently removed the case to United States District Court for the District of New Jersey (Case No. 2:22-cv-06913-CCC-MAH). Plaintiffs Atiya Bell and Abel Flores (“Plaintiffs”) are former New Jersey independent sales agents who allege they should have been classified as employees, and assert claims under New Jersey state law on behalf of (i) a putative class of registered agents in New Jersey who have worked remotely for at least one week since March 9, 2020, and (ii) a putative class of registered agents in New Jersey who trained for at least one week to become sales agents for American Income in New Jersey during the six years prior to September 30, 2022. Plaintiffs make claims under the New Jersey Wage and Hour Law and the New Jersey Wage Payment Law for the alleged failure to pay minimum wages and overtime pay, including for time spent in training, liquidated damages and attorney’s fees and costs. On December 21, 2022, American Income filed a motion to compel arbitration of the claims pursuant to the provisions of the agent agreements. The Court denied American Income’s motion without prejudice “pending further factual development of the record.” The Court ordered the parties “to conduct limited discovery on the issue of arbitrability,” after which American Income intends to renew its motion to compel arbitration.

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Policy Liabilities

9 Months Ended

Sep. 30, 2023

Policyholder Account Balance [Abstract]

Policy Liabilities

Note 6—Policy Liabilities

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

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2023 and 2022:

	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	(76,338)		(180,498)		(15,119)		(7,237)		(279,192)
Adjusted balance at January 1, 2022	3,864,026		5,432,814		1,042,842		444,118		10,783,800
Issuances(1)	596,320		499,777		73,299		23,148		1,192,544
Interest accrual(2)	131,251		204,334		38,378		15,575		389,538
Net premiums collected(3)	(366,147)		(451,993)		(95,338)		(32,628)		(946,106)
Effect of changes in the foreign exchange rate	(21,643)		—		—		—		(21,643)
Ending balance at original discount rates	4,203,807		5,684,932		1,059,181		450,213		11,398,133
Effect of change from original to current discount rates	(26,258)		153,525		17,403		15,056		159,726
Balance at September 30, 2022	$	4,177,549	$	5,838,457	$	1,076,584	$	465,269	$	11,557,859
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	(103,922)		(219,723)		(26,533)		(13,882)		(364,060)
Adjusted balance at January 1, 2023	4,157,066		5,497,311		1,044,768		443,746		11,142,891
Issuances(1)	557,844		450,361		92,894		21,756		1,122,855
Interest accrual(2)	147,968		214,988		40,362		17,071		420,389
Net premiums collected(3)	(388,288)		(461,367)		(100,093)		(34,542)		(984,290)
Effect of changes in the foreign exchange rate	(631)		—		—		—		(631)
Ending balance at original discount rates	4,473,959		5,701,293		1,077,931		448,031		11,701,214
Effect of change from original to current discount rates	(155,254)		(31,118)		(18,702)		(1,499)		(206,573)
Balance at September 30, 2023	$	4,318,705	$	5,670,175	$	1,059,229	$	446,532	$	11,494,641

(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.

	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	4,379,496	$	6,164,946	$	1,123,072	$	461,964	$	12,129,478
Beginning balance at original discount rates	4,146,094		5,616,356		1,042,155		416,918		11,221,523
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	(58,998)		(89,037)		(5,994)		(3,741)		(157,770)
Adjusted balance at July 1, 2022	4,121,362		5,606,890		1,053,880		448,391		11,230,523
Issuances(1)	176,042		160,780		24,493		7,553		368,868
Interest accrual(2)	44,410		68,476		12,793		5,270		130,949
Net premiums collected(3)	(123,636)		(151,214)		(31,985)		(11,001)		(317,836)
Effect of changes in the foreign exchange rate	(14,371)		—		—		—		(14,371)
Ending balance at original discount rates	4,203,807		5,684,932		1,059,181		450,213		11,398,133
Effect of change from original to current discount rates	(26,258)		153,525		17,403		15,056		159,726
Balance at September 30, 2022	$	4,177,549	$	5,838,457	$	1,076,584	$	465,269	$	11,557,859
Balance at July 1, 2023	$	4,472,847	$	5,988,577	$	1,110,017	$	471,279	$	12,042,720
Beginning balance at original discount rates	4,399,053		5,700,354		1,071,561		445,475		11,616,443
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	(34,571)		(91,120)		(10,938)		(7,232)		(143,861)
Adjusted balance at July 1, 2023	4,378,747		5,645,404		1,065,801		446,662		11,536,614
Issuances(1)	181,823		136,611		32,045		7,143		357,622
Interest accrual(2)	51,119		72,515		13,707		5,741		143,082
Net premiums collected(3)	(131,329)		(153,237)		(33,622)		(11,515)		(329,703)
Effect of changes in the foreign exchange rate	(6,401)		—		—		—		(6,401)
Ending balance at original discount rates	4,473,959		5,701,293		1,077,931		448,031		11,701,214
Effect of change from original to current discount rates	(155,254)		(31,118)		(18,702)		(1,499)		(206,573)
Balance at September 30, 2023	$	4,318,705	$	5,670,175	$	1,059,229	$	446,532	$	11,494,641

(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.

	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	(81,429)		(174,141)		(14,582)		(8,325)		(278,477)
Adjusted balance at January 1, 2022	7,711,306		8,088,028		3,225,039		3,298,706		22,323,079
Issuances(1)	596,320		499,774		73,299		23,148		1,192,541
Interest accrual(2)	305,526		323,432		126,814		145,941		901,713
Benefit payments(3)	(287,253)		(476,182)		(168,502)		(92,033)		(1,023,970)
Effect of changes in the foreign exchange rate	(51,726)		—		—		—		(51,726)
Ending balance at original discount rates	8,274,173		8,435,052		3,256,650		3,375,762		23,341,637
Effect of change from original to current discount rates	569,356		609,256		108,603		503,107		1,790,322
Balance at September 30, 2022	$	8,843,529	$	9,044,308	$	3,365,253	$	3,878,869	$	25,131,959

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	(109,386)		(227,639)		(27,482)		(17,962)		(382,469)
Adjusted balance at January 1, 2023	8,313,719		8,284,660		3,251,654		3,397,403		23,247,436
Issuances(1)	557,844		450,362		92,894		21,756		1,122,856
Interest accrual(2)	335,349		342,208		130,712		152,378		960,647
Benefit payments(3)	(296,133)		(432,393)		(153,294)		(86,008)		(967,828)
Effect of changes in the foreign exchange rate	(819)		—		—		—		(819)
Ending balance at original discount rates	8,909,960		8,644,837		3,321,966		3,485,529		24,362,292
Effect of change from original to current discount rates	80,477		228,607		(46,234)		282,118		544,968
Balance at September 30, 2023	$	8,990,437	$	8,873,444	$	3,275,732	$	3,767,647	$	24,907,260

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	9,512,271	$	9,664,209	$	3,622,642	$	4,220,830	$	27,019,952
Beginning balance at original discount rates	8,134,706		8,294,768		3,215,311		3,312,104		22,956,889
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	(64,348)		(87,105)		(5,116)		(3,852)		(160,421)
Adjusted balance at July 1, 2022	8,118,892		8,312,573		3,243,652		3,347,977		23,023,094
Issuances(1)	176,044		160,779		24,493		7,550		368,866
Interest accrual(2)	103,380		108,681		42,392		49,097		303,550
Benefit payments(3)	(89,075)		(146,981)		(53,887)		(28,862)		(318,805)
Effect of changes in the foreign exchange rate	(35,068)		—		—		—		(35,068)
Ending balance at original discount rates	8,274,173		8,435,052		3,256,650		3,375,762		23,341,637
Effect of change from original to current discount rates	569,356		609,256		108,603		503,107		1,790,322
Balance at September 30, 2022	$	8,843,529	$	9,044,308	$	3,365,253	$	3,878,869	$	25,131,959

Balance at July 1, 2023	$	9,668,207	$	9,487,233	$	3,507,845	$	4,109,706	$	26,772,991
Beginning balance at original discount rates	8,753,526		8,592,897		3,297,781		3,448,491		24,092,695
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	(36,998)		(97,632)		(14,364)		(9,595)		(158,589)
Adjusted balance at July 1, 2023	8,729,872		8,529,672		3,289,573		3,450,557		23,999,674
Issuances(1)	181,822		136,612		32,046		7,145		357,625
Interest accrual(2)	114,683		115,547		43,991		51,249		325,470
Benefit payments(3)	(101,161)		(136,994)		(43,644)		(23,422)		(305,221)
Effect of changes in the foreign exchange rate	(15,256)		—		—		—		(15,256)
Ending balance at original discount rates	8,909,960		8,644,837		3,321,966		3,485,529		24,362,292
Effect of change from original to current discount rates	80,477		228,607		(46,234)		282,118		544,968
Balance at September 30, 2023	$	8,990,437	$	8,873,444	$	3,275,732	$	3,767,647	$	24,907,260

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Life
	Net liability for future policy benefits as of September 30, 2022
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,070,366	$	2,750,120	$	2,197,469	$	2,925,549	$	11,943,504
Effect of changes in discount rate assumptions	595,614		455,731		91,200		488,051		1,630,596
Net liability for future policy benefits at current discount rates	4,665,980		3,205,851		2,288,669		3,413,600		13,574,100
Other Adjustments(1)	851		5,271		(4,056)		(33,790)		(31,724)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	4,666,831	$	3,211,122	$	2,284,613	$	3,379,810	$	13,542,376

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

	Life
	Net liability for future policy benefits as of September 30, 2023
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,436,001	$	2,943,544	$	2,244,035	$	3,037,498	$	12,661,078
Effect of changes in discount rate assumptions	235,731		259,725		(27,532)		283,617		751,541
Net liability for future policy benefits at current discount rates	4,671,732		3,203,269		2,216,503		3,321,115		13,412,619
Other Adjustments(1)	367		3,982		(1,389)		(32,481)		(29,521)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	4,672,099	$	3,207,251	$	2,215,114	$	3,288,634	$	13,383,098

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2023 and 2022:

	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	(22,004)		(49,359)		(31,290)		11,506		(1,249)		(92,396)
Adjusted balance at January 1, 2022	2,732,287		1,618,300		402,965		172,396		86,492		5,012,440
Issuances(1)	246,877		175,456		35,831		29,970		3,582		491,716
Interest accrual(2)	91,999		45,147		14,312		5,537		3,487		160,482
Net premiums collected(3)	(192,809)		(129,001)		(38,588)		(15,822)		(7,780)		(384,000)
Effect of changes in the foreign exchange rate	—		—		—		(1,937)		—		(1,937)
Ending balance at original discount rates	2,878,354		1,709,902		414,520		190,144		85,781		5,278,701
Effect of change from original to current discount rates	(72,237)		(158,093)		3,658		(4,636)		1,672		(229,636)
Balance at September 30, 2022	$	2,806,117	$	1,551,809	$	418,178	$	185,508	$	87,453	$	5,049,065
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	2,941,261		1,729,219		415,442		192,631		87,751		5,366,304
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	(6,240)		(50,052)		(30,526)		(7,643)		(1,666)		(96,127)
Adjusted balance at January 1, 2023	3,401,904		1,648,912		327,952		178,927		102,638		5,660,333
Issuances(1)	226,363		202,561		43,373		30,667		6,532		509,496
Interest accrual(2)	99,390		50,091		14,047		6,304		3,278		173,110
Net premiums collected(3)	(202,669)		(134,009)		(38,322)		(16,611)		(8,028)		(399,639)
Effect of changes in the foreign exchange rate	—		—		—		(165)		—		(165)
Ending balance at original discount rates	3,524,988		1,767,555		347,050		199,122		104,420		5,943,135
Effect of change from original to current discount rates	(183,608)		(192,981)		(8,372)		(9,976)		(1,254)		(396,191)
Balance at September 30, 2023	$	3,341,380	$	1,574,574	$	338,678	$	189,146	$	103,166	$	5,546,944

(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.

	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	3,138,706	$	1,650,507	$	425,277	$	193,536	$	102,433	$	5,510,459
Beginning balance at original discount rates	3,022,654		1,706,794		396,741		186,298		94,752		5,407,239
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	13,731		(13,447)		(7,101)		16,766		294		10,243
Adjusted balance at July 1, 2022	2,840,825		1,672,416		409,486		185,153		86,011		5,193,891
Issuances(1)	71,806		65,523		13,220		9,545		1,260		161,354
Interest accrual(2)	30,794		15,133		4,719		1,858		1,134		53,638
Net premiums collected(3)	(65,071)		(43,170)		(12,905)		(5,282)		(2,624)		(129,052)
Effect of changes in the foreign exchange rate	—		—		—		(1,130)		—		(1,130)
Ending balance at original discount rates	2,878,354		1,709,902		414,520		190,144		85,781		5,278,701
Effect of change from original to current discount rates	(72,237)		(158,093)		3,658		(4,636)		1,672		(229,636)
Balance at September 30, 2022	$	2,806,117	$	1,551,809	$	418,178	$	185,508	$	87,453	$	5,049,065
Balance at July 1, 2023	$	2,984,554	$	1,661,020	$	409,551	$	201,844	$	89,674	$	5,346,643
Beginning balance at original discount rates	2,985,660		1,771,206		400,180		201,709		86,840		5,445,595
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	22,683		(15,658)		(2,692)		(2,394)		229		2,168
Adjusted balance at July 1, 2023	3,475,226		1,725,293		340,524		193,254		103,622		5,837,919
Issuances(1)	82,647		70,216		15,183		9,880		2,317		180,243
Interest accrual(2)	35,536		17,272		4,380		2,170		1,160		60,518
Net premiums collected(3)	(68,421)		(45,226)		(13,037)		(5,630)		(2,679)		(134,993)
Effect of changes in the foreign exchange rate	—		—		—		(552)		—		(552)
Ending balance at original discount rates	3,524,988		1,767,555		347,050		199,122		104,420		5,943,135
Effect of change from original to current discount rates	(183,608)		(192,981)		(8,372)		(9,976)		(1,254)		(396,191)
Balance at September 30, 2023	$	3,341,380	$	1,574,574	$	338,678	$	189,146	$	103,166	$	5,546,944

(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.

	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	(24,710)		(51,720)		(32,395)		14,231		(1,425)		(96,019)
Adjusted balance at January 1, 2022	2,871,255		3,114,411		907,278		278,276		85,933		7,257,153
Issuances(1)	246,559		175,456		36,171		29,970		3,567		491,723
Interest accrual(2)	97,837		89,968		35,871		10,348		3,487		237,511
Benefit payments(3)	(198,013)		(89,359)		(71,652)		(15,360)		(9,354)		(383,738)
Effect of changes in the foreign exchange rate	—		—		—		(3,927)		—		(3,927)
Ending balance at original discount rates	3,017,638		3,290,476		907,668		299,307		83,633		7,598,722
Effect of change from original to current discount rates	(75,810)		(389,326)		26,139		5,432		1,648		(431,917)
Balance at September 30, 2022	$	2,941,828	$	2,901,150	$	933,807	$	304,739	$	85,281	$	7,166,805

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	(5,530)		(53,292)		(29,581)		(8,680)		(1,925)		(99,008)
Adjusted balance at January 1, 2023	3,539,755		3,250,624		814,847		288,626		99,217		7,993,069
Issuances(1)	225,915		202,561		42,863		30,667		6,518		508,524
Interest accrual(2)	104,932		99,344		34,699		11,199		3,278		253,452
Benefit payments(3)	(221,753)		(92,973)		(73,614)		(18,633)		(9,502)		(416,475)
Effect of changes in the foreign exchange rate	—		—		—		(217)		—		(217)
Ending balance at original discount rates	3,648,849		3,459,556		818,795		311,642		99,511		8,338,353
Effect of change from original to current discount rates	(191,041)		(498,312)		(4,792)		(5,601)		(1,111)		(700,857)
Balance at September 30, 2023	$	3,457,808	$	2,961,244	$	814,003	$	306,041	$	98,400	$	7,637,496

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	3,285,696	$	3,129,877	$	985,214	$	321,968	$	99,484	$	7,822,239
Beginning balance at original discount rates	3,160,028		3,267,244		896,137		295,571		92,143		7,711,123
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	13,347		(14,614)		(8,476)		19,916		191		10,364
Adjusted balance at July 1, 2022	2,978,439		3,225,419		905,726		293,928		84,064		7,487,576
Issuances(1)	71,731		65,524		13,379		9,547		1,257		161,438
Interest accrual(2)	32,729		30,383		11,836		3,462		1,134		79,544
Benefit payments(3)	(65,261)		(30,850)		(23,273)		(5,168)		(2,822)		(127,374)
Effect of changes in the foreign exchange rate	—		—		—		(2,462)		—		(2,462)
Ending balance at original discount rates	3,017,638		3,290,476		907,668		299,307		83,633		7,598,722
Effect of change from original to current discount rates	(75,810)		(389,326)		26,139		5,432		1,648		(431,917)
Balance at September 30, 2022	$	2,941,828	$	2,901,150	$	933,807	$	304,739	$	85,281	$	7,166,805

Balance at July 1, 2023	$	3,116,389	$	3,167,461	$	923,148	$	328,579	$	85,856	$	7,621,433
Beginning balance at original discount rates	3,116,768		3,436,167		880,879		315,087		83,188		7,832,089
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	22,410		(17,000)		(2,563)		(2,662)		(95)		90
Adjusted balance at July 1, 2023	3,603,830		3,386,739		817,879		306,018		99,023		8,213,489
Issuances(1)	82,511		70,215		14,963		9,880		2,310		179,879
Interest accrual(2)	37,340		34,024		11,173		3,810		1,160		87,507
Benefit payments(3)	(74,832)		(31,422)		(25,220)		(6,973)		(2,982)		(141,429)
Effect of changes in the foreign exchange rate	—		—		—		(1,093)		—		(1,093)
Ending balance at original discount rates	3,648,849		3,459,556		818,795		311,642		99,511		8,338,353
Effect of change from original to current discount rates	(191,041)		(498,312)		(4,792)		(5,601)		(1,111)		(700,857)
Balance at September 30, 2023	$	3,457,808	$	2,961,244	$	814,003	$	306,041	$	98,400	$	7,637,496

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Health
	Net liability for future policy benefits as of September 30, 2022
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	139,284	$	1,580,574	$	493,148	$	109,163	$	(2,148)	$	2,320,021
Effect of changes in discount rate assumptions	(3,573)		(231,233)		22,481		10,068		(24)		(202,281)
Net liability for future policy benefits at current discount rates	135,711		1,349,341		515,629		119,231		(2,172)		2,117,740
Other Adjustments(1)	(169)		583		3,354		56		3,232		7,056
Net liability for future policy benefits, after other adjustments, at current discount rates	$	135,542	$	1,349,924	$	518,983	$	119,287	$	1,060	$	2,124,796

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

	Health
	Net liability for future policy benefits as of September 30, 2023
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	123,861		1,692,001		471,745		112,520		(4,909)		2,395,218
Effect of changes in discount rate assumptions	(7,433)		(305,331)		3,580		4,375		143		(304,666)
Net liability for future policy benefits at current discount rates	116,428		1,386,670		475,325		116,895		(4,766)		2,090,552
Other Adjustments(1)	4,374		(4,717)		7,043		993		5,530		13,223
Net liability for future policy benefits, after other adjustments, at current discount rates	$	120,802	$	1,381,953	$	482,368	$	117,888	$	764	$	2,103,775

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using 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 Condensed Consolidated Statements of Operations.

During the third quarter of the current and prior year, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity, resulting in a net reserve remeasurement gain, due to assumption changes only, of $3.2 million for the periods ended September 30, 2023, as compared to a net reserve remeasurement loss of $36.5 million for the periods ended September 30, 2022. For the life segment, the updates to our assumptions of lapses and mortality resulted in a reserve remeasurement loss of $2.0 million and $47.2 million for the three months ended September 30, 2023 and 2022, respectively. For the health segment, the updates to our assumptions of lapses and morbidity resulted in a reserve remeasurement gain of $5.2 million and $10.7 million for the three months ended September 30, 2023 and 2022, respectively.

Excluding the impact of assumption changes, during the three months ended September 30, 2023 and 2022, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $15.9 million and $1.0 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company's results for actual variances from expected experience produced net reserve remeasurement gains of $21.6 million and $1.0 million, respectively. The variance of actual experience from expected experience during the first nine months of 2023 was primarily due to favorable variances from our assumptions as compared to actual experience in our life insurance segment (a $18.5 million gain), and favorable variances from our assumptions as compared to actual experience in our health insurance segment (a $3.1 million gain). The variance of actual

experience from expected experience during the nine months ended 2022 was primarily due to unfavorable variances from our assumptions of life experience as compared to actual experience in our life insurance segment (a $2.1 million loss), and favorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $3.1 million gain).

The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of September 30, 2023:

	At Original Discount Rates				At Current Discount Rates
	As of September 30,				As of September 30,
	2023		2022		2023		2022
Life(1):
American Income	$	4,435,901	$	4,070,359	$	4,672,099	$	4,666,831
Direct to Consumer	2,943,544		2,750,122		3,207,251		3,211,122
Liberty National	2,236,374		2,186,063		2,215,114		2,284,613
Other	3,010,853		2,900,148		3,288,634		3,379,810
Net liability for future policy benefits—long duration life	12,626,672		11,906,692		13,383,098		13,542,376
Health(1):
United American	126,105		137,231		120,802		135,542
Family Heritage	1,681,391		1,571,083		1,381,953		1,349,924
Liberty National	478,078		495,628		482,368		518,983
American Income	113,340		109,217		117,888		119,287
Direct to Consumer	752		1,024		764		1,060
Net liability for future policy benefits—long duration health	2,399,666		2,314,183		2,103,775		2,124,796
Deferred profit liability	173,520		176,296		173,520		176,296
Deferred annuity	813,275		991,687		813,275		991,687
Interest sensitive life	735,025		740,513		735,025		740,513
Other	9,400		9,503		9,405		9,504
Total future policy benefits	$	16,757,558	$	16,138,874	$	17,218,098	$	17,585,172

(1)Balances are presented net of the reinsurance recoverable and the effects of flooring the liability.

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2023 and 2022:

	Life
	Weighted-average Discount Rates
	As of September 30, 2023								As of September 30, 2022
	American Income		DTC		Liberty National		Other		American Income		DTC		Liberty National		Other
Original discount rate	5.7	%	6.0	%	5.6	%	6.2	%	5.8	%	6.0	%	5.6	%	6.2	%
Current discount rate	5.6	%	5.6	%	5.7	%	5.7	%	5.2	%	5.3	%	5.3	%	5.3	%

	Health
	Weighted-average Discount Rates
	As of September 30, 2023										As of September 30, 2022
	United American		Family Heritage		Liberty National		American Income		DTC		United American		Family Heritage		Liberty National		American Income		DTC
Original discount rate	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%
Current discount rate	5.5	%	5.7	%	5.7	%	5.6	%	5.5	%	5.1	%	5.3	%	5.3	%	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 September 30, 2023 and 2022:

	As of September 30,
	2023		2022
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	23.08	23.29	22.91	23.37
Direct to Consumer	19.73	21.00	20.40	21.97
Liberty National	15.12	15.20	14.82	15.31
Other	16.34	17.42	16.65	18.22
Health
United American	11.40	10.34	11.39	10.65
Family Heritage	14.90	13.81	14.90	14.22
Liberty National	9.11	8.97	9.20	9.35
American Income	12.14	12.20	12.14	12.56
Direct to Consumer	11.40	10.34	11.39	10.65

The following tables summarize the amount of gross premiums and interest, net of reinsurance, related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations:

	Life
	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	1,181,247	$	187,381	$	1,122,987	$	174,275
Direct to Consumer	735,374		127,040		729,950		118,995
Liberty National	256,641		89,765		240,460		88,061
Other	154,836		133,991		156,509		129,118
Total	$	2,328,098	$	538,177	$	2,249,906	$	510,449

	Life
	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	399,794	$	63,565	$	377,859	$	58,970
Direct to Consumer	244,931		42,978		243,021		40,161
Liberty National	87,071		30,095		81,007		29,469
Other	51,493		45,065		51,959		43,405
Total	$	783,289	$	181,703	$	753,846	$	172,005

	Health
	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	298,964	$	5,345	$	283,059	$	5,665
Family Heritage	294,047		48,904		272,431		44,516
Liberty National	139,875		20,567		139,818		21,490
American Income	84,863		4,896		83,880		4,811
Direct to Consumer	10,680		—		10,710		—
Total	$	828,429	$	79,712	$	789,898	$	76,482

	Health
	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	100,285	$	1,741	$	95,178	$	1,874
Family Heritage	99,828		16,632		92,133		15,145
Liberty National	46,441		6,766		45,721		7,092
American Income	28,528		1,640		27,939		1,605
Direct to Consumer	3,583		—		3,580		—
Total	$	278,665	$	26,779	$	264,551	$	25,716

Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits

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:

	Life
	As of September 30, 2023						As of September 30, 2022
	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	$	23,974,963	$	13,530,015	$	13,147,003	$	22,410,479	$	12,703,160	$	12,721,890
PV of expected future net premiums	7,912,903		4,473,959		4,318,705		7,394,076		4,203,807		4,177,549
PV of expected future policy benefits	30,182,319		8,909,960		8,990,437		27,877,017		8,274,173		8,843,529
DTC
PV of expected future gross premiums	$	17,575,618	$	9,182,146	$	9,112,202	$	17,335,350	$	9,078,493	$	9,301,184
PV of expected future net premiums	10,850,664		5,701,293		5,670,175		10,780,312		5,684,932		5,838,457
PV of expected future policy benefits	25,711,499		8,644,837		8,873,444		25,253,094		8,435,052		9,044,308
Liberty National
PV of expected future gross premiums	$	4,601,176	$	2,681,034	$	2,577,877	$	4,343,332	$	2,525,305	$	2,505,580
PV of expected future net premiums	1,901,039		1,077,931		1,059,229		1,876,758		1,059,181		1,076,584
PV of expected future policy benefits	8,852,345		3,321,966		3,275,732		8,553,973		3,256,650		3,365,253
Other
PV of expected future gross premiums	$	3,753,093	$	1,901,531	$	1,953,533	$	3,832,082	$	1,932,064	$	2,055,807
PV of expected future net premiums	919,200		448,031		446,532		925,064		450,213		465,269
PV of expected future policy benefits	12,427,646		3,485,529		3,767,647		12,333,168		3,375,762		3,878,869
Total
PV of expected future gross premiums	$	49,904,850	$	27,294,726	$	26,790,615	$	47,921,243	$	26,239,022	$	26,584,461
PV of expected future net premiums	21,583,806		11,701,214		11,494,641		20,976,210		11,398,133		11,557,859
PV of expected future policy benefits	77,173,809		24,362,292		24,907,260		74,017,252		23,341,637		25,131,959

As of September 30, 2023 for the life segment using current discount rates, the Company anticipates $26.8 billion of expected future gross premiums and $11.5 billion of expected future net premiums. As of September 30, 2022 using current discount rates, the Company anticipated $26.6 billion of expected future gross premiums and $11.6 billion in expected future net premiums. 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.

	Health
	As of September 30, 2023						As of September 30, 2022
	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	$	8,442,713	$	5,141,771	$	4,871,878	$	6,659,804	$	4,191,787	$	4,082,931
PV of expected future net premiums	5,799,017		3,524,988		3,341,380		4,586,540		2,878,354		2,806,117
PV of expected future policy benefits	5,998,770		3,648,849		3,457,808		4,818,514		3,017,638		2,941,828
Family Heritage
PV of expected future gross premiums	$	6,637,472	$	3,932,327	$	3,523,258	$	6,221,234	$	3,732,771	$	3,413,372
PV of expected future net premiums	2,962,973		1,767,555		1,574,574		2,824,266		1,709,902		1,551,809
PV of expected future policy benefits	6,549,339		3,459,556		2,961,244		6,140,498		3,290,476		2,901,150
Liberty National
PV of expected future gross premiums	$	2,084,428	$	1,321,438	$	1,308,898	$	2,268,736	$	1,413,365	$	1,439,069
PV of expected future net premiums	515,612		347,050		338,678		654,018		414,520		418,178
PV of expected future policy benefits	1,414,512		818,795		814,003		1,606,868		907,668		933,807
American Income
PV of expected future gross premiums	$	1,755,682	$	984,122	$	969,090	$	1,738,642	$	971,620	$	987,597
PV of expected future net premiums	354,120		199,122		189,146		337,734		190,144		185,508
PV of expected future policy benefits	632,349		311,642		306,041		609,213		299,307		304,739
Direct to Consumer
PV of expected future gross premiums	$	224,522	$	141,374	$	139,748	$	173,045	$	113,484	$	115,727
PV of expected future net premiums	166,099		104,420		103,166		130,993		85,781		87,453
PV of expected future policy benefits	154,931		99,511		98,400		125,591		83,633		85,281
Total
PV of expected future gross premiums	$	19,144,817	$	11,521,032	$	10,812,872	$	17,061,461	$	10,423,027	$	10,038,696
PV of expected future net premiums	9,797,821		5,943,135		5,546,944		8,533,551		5,278,701		5,049,065
PV of expected future policy benefits	14,749,901		8,338,353		7,637,496		13,300,684		7,598,722		7,166,805

As of September 30, 2023 for the health segment using current discount rates, the Company anticipates $10.8 billion of expected future gross premiums and $5.5 billion of expected future net premiums. As of September 30, 2022 using current discount rates, the Company anticipated $10.0 billion of expected future gross premiums and $5.0 billion in expected future net premiums. 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.

The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2023 and 2022:

	Policyholders' Account Balances
	2023						2022
	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
Balance at January 1,	$	739,105	$	954,318	$	123,234	$	745,335	$	1,033,525	$	99,468
Issuances	—		602		—		—		1,031		—
Premiums received	17,062		10,543		100,113		18,133		18,898		8,689
Policy charges	(9,729)		—		—		(10,247)		—		—
Surrenders and withdrawals	(16,204)		(125,176)		(9,106)		(16,708)		(52,264)		(8,701)
Benefit payments	(22,753)		(48,459)		—		(25,913)		(34,684)		—
Interest credited	21,274		21,608		6,164		21,475		24,702		3,522
Other	6,270		(161)		(2,195)		8,438		479		72
Balance at September 30,	$	735,025	$	813,275	$	218,210	$	740,513	$	991,687	$	103,050

	Policyholders' Account Balances
	2023						2022
	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
Balance at July 1,	$	736,920	$	853,064	$	187,873	$	742,293	$	1,015,804	$	100,234
Issuances	—		231		—		—		338		—
Premiums received	5,398		2,439		31,704		5,746		4,824		4,797
Policy charges	(3,213)		—		—		(3,373)		—		—
Surrenders and withdrawals	(5,582)		(37,905)		(2,782)		(5,955)		(26,148)		(3,059)
Benefit payments	(7,258)		(11,047)		—		(7,552)		(11,232)		—
Interest credited	7,083		6,863		2,825		7,110		8,112		1,264
Other	1,677		(370)		(1,410)		2,244		(11)		(186)
Balance at September 30,	$	735,025	$	813,275	$	218,210	$	740,513	$	991,687	$	103,050

Weighted-average credit rate	3.91		%	3.34	%	5.68	%	3.89		%	3.27	%	5.07	%
Net amount at risk	$	1,793,787		N/A		N/A		$	1,899,046		N/A		N/A
Cash surrender value	673,814			813,276		218,210		690,020			991,600		103,049

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:

	At September 30, 2023
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,011	$	118,565
3.00%-3.99%	29,018		610,785		4,002
4.00%-4.99%	615,835		199,724		6,851
Greater than 5.00%	90,172		755		38,788
Total	735,025		813,275		168,206
51-150 basis points above
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		50,004
Greater than 5.00%	—		—		—
Total	—		—		50,004
Grand Total	$	735,025	$	813,275	$	218,210

	At September 30, 2022
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,104	$	3,007
3.00%-3.99%	28,776		778,673		2,941
4.00%-4.99%	622,316		210,910		58,888
Greater than 5.00%	89,421		—		38,214
Total	$	740,513	$	991,687	$	103,050
51-150 basis points above
Less than 3.00%	$	—	$	—	$	—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—
Grand Total	$	740,513	$	991,687	$	103,050

XML

Deferred Acquisition Costs

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Deferred Acquisition Costs

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 2023 and 2022:

	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	341,585		140,449		66,073		10,268		558,375
Amortization expense	(104,124)		(70,478)		(33,899)		(12,594)		(221,095)
Foreign exchange adjustment	(15,003)		—		—		—		(15,003)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2022	$	2,182,712	$	1,653,666	$	598,593	$	299,321	$	4,734,292
Balance at January 1, 2023	$	2,258,291	$	1,676,931	$	610,723	$	298,346	$	4,844,291
Capitalizations	351,933		123,774		78,599		9,970		564,276
Amortization expense	(118,207)		(74,496)		(38,192)		(12,390)		(243,285)
Foreign exchange adjustment	(1,297)		—		—		—		(1,297)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2023	$	2,490,720	$	1,726,209	$	651,130	$	295,926	$	5,163,985

	Life
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	2,116,771	$	1,630,734	$	586,898	$	300,272	$	4,634,675
Capitalizations	111,564		46,792		23,259		3,250		184,865
Amortization expense	(35,860)		(23,860)		(11,564)		(4,201)		(75,485)
Foreign exchange adjustment	(9,763)		—		—		—		(9,763)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2022	$	2,182,712	$	1,653,666	$	598,593	$	299,321	$	4,734,292
Balance at July 1, 2023	$	2,417,480	$	1,714,715	$	636,209	$	296,861	$	5,065,265
Capitalizations	117,761		36,385		27,950		3,203		185,299
Amortization expense	(40,465)		(24,891)		(13,029)		(4,138)		(82,523)
Foreign exchange adjustment	(4,056)		—		—		—		(4,056)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2023	$	2,490,720	$	1,726,209	$	651,130	$	295,926	$	5,163,985

	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	1,628		38,500		13,357		9,408		2		62,895
Amortization expense	(4,503)		(19,048)		(9,990)		(2,567)		(134)		(36,242)
Foreign exchange adjustment	—		—		—		(755)		—		(755)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2022	$	78,265	$	408,419	$	130,904	$	55,492	$	1,900	$	674,980
Balance at January 1, 2023	$	77,394	$	416,608	$	133,096	$	57,811	$	1,854	$	686,763
Capitalizations	1,491		46,977		14,854		9,579		—		72,901
Amortization expense	(4,504)		(20,071)		(9,977)		(2,919)		(137)		(37,608)
Foreign exchange adjustment	—		—		—		(125)		—		(125)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2023	$	74,381	$	443,514	$	137,973	$	64,346	$	1,717	$	721,931

	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	79,174	$	401,722	$	129,592	$	53,776	$	1,945	$	666,209
Capitalizations	560		13,070		4,621		3,063		—		21,314
Amortization expense	(1,469)		(6,373)		(3,309)		(880)		(45)		(12,076)
Foreign exchange adjustment	—		—		—		(467)		—		(467)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2022	$	78,265	$	408,419	$	130,904	$	55,492	$	1,900	$	674,980
Balance at July 1, 2023	$	75,349	$	433,999	$	136,276	$	62,285	$	1,760	$	709,669
Capitalizations	495		16,386		5,120		3,259		—		25,260
Amortization expense	(1,463)		(6,871)		(3,423)		(1,016)		(43)		(12,816)
Foreign exchange adjustment	—		—		—		(182)		—		(182)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2023	$	74,381	$	443,514	$	137,973	$	64,346	$	1,717	$	721,931

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets as of September 30, 2023:

	September 30,
	2023		2022
Life
American Income	$	2,490,720	$	2,182,712
Direct to Consumer	1,726,209		1,653,666
Liberty National	651,130		598,593
Other	295,926		299,321
Total DAC - Life	5,163,985		4,734,292
Health
United American	74,381		78,265
Family Heritage	443,514		408,419
Liberty National	137,973		130,904
American Income	64,346		55,492
Direct to Consumer	1,717		1,900
Total DAC - Health	721,931		674,980
Annuity	3,377		5,085
Total	$	5,889,293	$	5,414,357

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Liability for Unpaid Claims

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Liability for Unpaid Claims

Note 8—Liability for Unpaid ClaimsActivity in the liability for unpaid health claims is summarized as follows:

	September 30, 2023		December 31, 2022
Balance at beginning of period	$	182,202	$	171,109
Incurred related to:
Current year	523,152		676,190
Prior year	(2,383)		(15,631)
Total incurred	520,769		660,559
Paid related to:
Current year	375,687		517,856
Prior year	137,701		131,610
Total paid	513,388		649,466
Balance at end of period	$	189,583	$	182,202

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

	September 30, 2023		December 31, 2022
Policy claims and other benefits payable:
Life insurance	$	313,489	$	325,017
Health insurance	189,583		182,202
Total	$	503,072	$	507,219

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Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Postretirement Benefits

Note 9—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.

Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2023 and December 31, 2022.

Pension Assets by Component at September 30, 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
Corporate bonds:
Exchange traded fund(4)	$	7,424	$	—	$	—	$	7,424	1
Financial	—		—		—		—		—
Utilities	—		—		—		—		—
Energy	—		—		—		—		—
Other corporates	—		—		—		—		—
Total corporate bonds	7,424		—		—		7,424		1
Exchange traded fund(1)	290,116		—		—		290,116		57
U.S. Government and Agency	—		139,820		—		139,820		27
Other bonds	—		5		—		5		—
Guaranteed annuity contract(2)	—		43,294		—		43,294		9
Short-term investments	16,615		—		—		16,615		3
Other	511		—		—		511		—
	$	314,666	$	183,119	$	—	497,785		97
Other long-term investments(3)							13,407		3
Total pension assets							$	511,192	100

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

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

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of September 30, 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.

Pension Assets by Component at December 31, 2022

	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
Corporate bonds:
Financial	$	—	$	35,649	$	—	$	35,649	7
Utilities	—		23,436		—		23,436		5
Energy	—		12,776		—		12,776		3
Other corporates	—		56,786		—		56,786		11
Total corporate bonds	—		128,647		—		128,647		26
Exchange traded fund(1)	258,297		—		—		258,297		52
U.S. Government and Agency	—		44,213		—		44,213		9
Other bonds	—		200		—		200		—
Guaranteed annuity contract(2)	—		43,116		—		43,116		8
Short-term investments	4,467		—		—		4,467		1
Other	6,547		—		—		6,547		1
	$	269,311	$	216,176	$	—	485,487		97
Other long-term investments(3)							14,288		3
Total pension assets							$	499,775	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)Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1% of the investment fund. As of December 31, 2022, the expected term of the investment fund was approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable.

SERP: The following table includes information regarding the SERP.

	Nine Months Ended September 30,
	2023		2022
Premiums paid for insurance coverage	$	443	$	443
	September 30, 2023		December 31, 2022
Total investments:
Company owned life insurance	$	54,761	$	54,681
Exchange traded funds	78,310		71,258
	$	133,071	$	125,939

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2023 and December 31, 2022.

	September 30, 2023		December 31, 2022
Pension Plans	$	490,547	$	492,103
SERP	71,285		70,464
Pension benefit obligation	$	561,832	$	562,567

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and nine month periods ended September 30, 2023 and 2022.

Components of Net Periodic Benefit Cost

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service cost	$	5,392	$	8,657	$	16,174	$	25,968
Interest cost	7,834		6,124		23,502		18,368
Expected return on assets	(9,656)		(8,885)		(28,968)		(26,655)
Amortization:
Prior service cost	269		158		807		474
Actuarial (gain) loss	(48)		3,208		(152)		9,625
Net periodic benefit cost	$	3,791	$	9,262	$	11,363	$	27,780

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Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 10—Earnings Per Share

Earnings per Share: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Basic weighted average shares outstanding	94,636,867	97,258,349	95,445,416	98,244,271
Weighted average dilutive options outstanding	1,180,770	889,175	1,211,974	857,964
Diluted weighted average shares outstanding	95,817,637	98,147,524	96,657,390	99,102,235
Antidilutive shares	492,970	2,602,609	399,071	2,351,522

Antidilutive shares are excluded from the calculation of diluted earnings per share.

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Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

Note 11—Debt On May 11, 2023, Globe Life issued a $170 million term loan with an 18-month term and a variable interest rate. The proceeds from the term loan were used to retire the $166 million 7.875% Senior Notes, which matured on May 15, 2023, as well as for other corporate purposes.The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues

				As of
				September 30, 2023								December 31, 2022
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value
Senior notes	05/27/1993	05/15/2023	7.875%	$	—	$	—	$	—	$	—	$	165,500
Senior notes	09/27/2018	09/15/2028	4.550%	550,000		(3,887)		546,113		521,290		545,601
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(3,442)		396,558		309,828		396,219
Senior notes(1)	05/19/2022	06/15/2032	4.800%	250,000		(4,222)		245,778		228,709		245,493
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,578)		123,422		114,972		123,410
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,713)		317,287		242,450		317,229
Term loan(2)	05/11/2023	11/11/2024	6.200%	170,000		(575)		169,425		169,425		—
				1,820,000		(21,417)		1,798,583		1,586,674		1,793,452
Less current maturity of long-term debt				—		—		—		—		165,500
Total long-term debt				1,820,000		(21,417)		1,798,583		1,586,674		1,627,952
Current maturity of long-term debt				—		—		—		—		165,500
FHLB borrowings				198,000		—		198,000		198,000		—
Commercial paper				251,000		(1,463)		249,537		249,537		283,603
Total short-term debt				449,000		(1,463)		447,537		447,537		449,103
Total debt				$	2,269,000	$	(22,880)	$	2,246,120	$	2,034,211	$	2,077,055

(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 is payable quarterly while all other long-term debt is payable semi-annually.

Federal Home Loan Bank (FHLB): FHLB membership provides 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 owns $23.9 million in FHLB common stock as of September 30, 2023 and $14.3 million as of December 31, 2022. 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 Globe Life. As of September 30, 2023, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $566 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.1 billion. As of September 30, 2023, $118 million in funding agreements were outstanding with the FHLB, compared to $23 million as of December 31, 2022. This amount is included in "Other policyholders' funds" on the Consolidated Balance Sheets. In addition, the Company had $198 million in short-term borrowings from the FHLB as of September 30, 2023, compared to $0 as of December 31, 2022, this amount is recorded in "Short-term debt" on the Consolidated Balance Sheets.

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Business Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Business Segments

Note 12—Business Segments

Globe Life is organized into four segments: life insurance, supplemental health insurance, annuities, and investments. In addition, other expenses not included in these segments are reported in "Corporate & Other."

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and the similarity in regulatory environment and management techniques. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments and the corporate function, which has been retrospectively adjusted to exclude the interest on deferred acquisition costs due to the adoption of ASU 2018-12 and the interest on debt. The Company's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. An immaterial amount of annuities sold as companion products are included in the life segment. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products. Annuities include fixed-benefit contracts.

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

Premium Income by Distribution Channel

	Three Months Ended September 30, 2023
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	400,214	51	$	30,535	9	$	—	—	$	430,749	39
Direct to Consumer	247,858		32	17,153		5	—		—	265,011		24
Liberty National	88,199		11	46,643		14	—		—	134,842		12
United American	1,802		—	137,077		42	—		—	138,879		12
Family Heritage	1,561		—	99,828		30	—		—	101,389		9
Other	48,465		6	—		—	—		—	48,465		4
	$	788,099	100	$	331,236	100	$	—	—	$	1,119,335	100

Premium Income by Distribution Channel

	Three Months Ended September 30, 2022
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	378,258	50	$	29,753	9	$	—	—	$	408,011	38
Direct to Consumer	246,021		32	17,733		6	—		—	263,754		24
Liberty National	82,273		11	45,957		14	—		—	128,230		12
United American	1,970		—	134,832		42	1		100	136,803		13
Family Heritage	1,411		—	92,131		29	—		—	93,542		9
Other	48,942		7	—		—	—		—	48,942		4
	$	758,875	100	$	320,406	100	$	1	100	$	1,079,282	100

	Nine Months Ended September 30, 2023
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	1,182,346	50	$	89,656	9	$	—	—	$	1,272,002	38
Direct to Consumer	744,132		32	51,576		5	—		—	795,708		24
Liberty National	260,036		11	140,518		14	—		—	400,554		12
United American	5,533		—	407,137		42	—		—	412,670		13
Family Heritage	4,554		—	294,029		30	—		—	298,583		9
Other	145,828		7	—		—	—		—	145,828		4
	$	2,342,429	100	$	982,916	100	$	—	—	$	3,325,345	100

	Nine Months Ended September 30, 2022
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	1,124,112	50	$	87,930	9	$	—	—	$	1,212,042	38
Direct to Consumer	739,017		33	53,509		6	—		—	792,526		25
Liberty National	244,149		11	140,563		15	—		—	384,712		12
United American	6,047		—	401,966		42	1		100	408,014		13
Family Heritage	4,143		—	272,429		28	—		—	276,572		8
Other	147,427		6	—		—	—		—	147,427		4
	$	2,264,895	100	$	956,397	100	$	1	100	$	3,221,293	100

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

The measure of profitability established by the chief operating decision makers for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather

than as a component of underwriting margin in the insurance and annuity segments) 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. During the implementation of ASU 2018-12, the Company reviewed its segment disclosures and modified the measure of profitability of our Investment Segment due to the adoption impact of the standard and to align more appropriately with how we view and measure this segment. As of January 1, 2023, this measure was retrospectively adjusted to exclude the interest on deferred acquisition costs due to the adoption of ASU 2018-12 and the interest expense on debt. Other than the above-mentioned interest allocations, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.

Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which is 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 removes items that are related to prior periods when evaluating the operating results of current periods. Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. With the exception of administrative settlements, all of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.

	Three Months Ended September 30, 2023
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	788,099	$	331,236	$	—	$	—	$	—	$	—		$	1,119,335
Net investment income	—		—		—		266,926		—		—			266,926
Other income	—		—		—		—		50		—			50
Total revenue	788,099		331,236		—		266,926		50		—			1,386,311
Expenses:
Policy benefits	515,676		193,790		6,854		2,724		—		—			719,044
Required interest on reserves	(194,199)		(26,732)		(9,353)		230,284		—		—			—
Amortization of acquisition costs	82,523		12,816		418		—		—		—			95,757
Commissions, premium taxes, and non-deferred acquisition costs	84,011		54,662		4		—		—		—			138,677
Insurance administrative expense(1)	—		—		—		—		74,585					74,585
Parent expense	—		—		—		—		2,581		1,137		(2)	3,718
Stock-based compensation expense	—		—		—		—		7,567		—			7,567
Interest expense	—		—		—		—		25,955		—			25,955
Total expenses	488,011		234,536		(2,077)		233,008		110,688		1,137			1,065,303
Subtotal	300,088		96,700		2,077		33,918		(110,638)		(1,137)			321,008
Non-operating items	—		—		—		—		—		1,137		(2)	1,137
Measure of segment profitability (pretax)	$	300,088	$	96,700	$	2,077	$	33,918	$	(110,638)	$	—		322,145
Realized gain (loss)—investments														(2,193)
Non-operating expenses														(1,137)
Income before income taxes per Condensed Consolidated Statements of Operations														$	318,815

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

	Three Months Ended September 30, 2022
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	758,875	$	320,406	$	1	$	—	$	—	$	—		$	1,079,282
Net investment income	—		—		—		246,711		—		—			246,711
Other income	—		—		—		—		399		—			399
Total revenue	758,875		320,406		1		246,711		399		—			1,326,392
Expenses:
Policy obligations	545,933		182,409		8,136		1,098		—		—			737,576
Required interest on reserves	(184,712)		(25,690)		(11,228)		221,630		—		—			—
Amortization of acquisition costs	75,486		12,076		450		—		—		—			88,012
Commissions, premium taxes, and non-deferred acquisition costs	74,284		50,479		5		—		—		—			124,768
Insurance administrative expense(1)	—		—		—		—		75,048		1,416		(2)	76,464
Parent expense	—		—		—		—		2,556					2,556
Stock-based compensation expense	—		—		—		—		9,120		—			9,120
Interest expense	—		—		—		—		23,965		—			23,965
Total expenses	510,991		219,274		(2,637)		222,728		110,689		1,416			1,062,461
Subtotal	247,884		101,132		2,638		23,983		(110,290)		(1,416)			263,931
Non-operating items	—		—		—		—		—		1,416		(2)	1,416
Measure of segment profitability (pretax)	$	247,884	$	101,132	$	2,638	$	23,983	$	(110,290)	$	—		265,347
Realized gain (loss)—investments														(29,155)
Legal proceedings														(1,416)
Income before income taxes per Condensed Consolidated Statements of Operations														$	234,776

(1)Administrative expense is not allocated to insurance segments.

(2)Legal proceedings.

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.

	Nine Months Ended September 30, 2023
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	2,342,429	$	982,916	$	—	$	—	$	—	$	—		$	3,325,345
Net investment income	—		—		—		785,275		—		—			785,275
Other income	—		—		—		—		185		—			185
Total revenue	2,342,429		982,916		—		785,275		185		—			4,110,805
Expenses:
Policy obligations	1,536,317		580,676		21,502		5,986		—		—			2,144,481
Required interest on reserves	(575,801)		(79,603)		(29,327)		684,731		—		—			—
Amortization of acquisition costs	243,285		37,608		1,266		—		—		—			282,159
Commissions, premium taxes, and non-deferred acquisition costs	251,136		163,784		13		—		—		—			414,933
Insurance administrative expense(1)	—		—		—		—		223,951		—			223,951
Parent expense	—		—		—		—		8,254		1,137		(2)	9,391
Stock-based compensation expense	—		—		—		—		22,732		—			22,732
Interest expense	—		—		—		—		76,640		—			76,640
Total expenses	1,454,937		702,465		(6,546)		690,717		331,577		1,137			3,174,287
Subtotal	887,492		280,451		6,546		94,558		(331,392)		(1,137)			936,518
Non-operating items	—		—		—		—		—		1,137		(2)	1,137
Measure of segment profitability (pretax)	$	887,492	$	280,451	$	6,546	$	94,558	$	(331,392)	$	—		937,655
Realized gain (loss)—investments														(78,963)
Non-operating expenses														(1,137)
Income before income taxes per Consolidated Statements of Operations														$	857,555

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

	Nine Months Ended September 30, 2022
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	2,264,895	$	956,397	$	1	$	—	$	—	$	—		$	3,221,293
Net investment income	—		—		—		736,317		—		—			736,317
Other income	—		—		—		—		862		—			862
Total revenue	2,264,895		956,397		1		736,317		862		—			3,958,472
Expenses:
Policy obligations	1,533,726		561,502		24,700		3,228		—		—			2,123,156
Required interest on reserves	(548,840)		(76,420)		(33,956)		659,216		—		—			—
Amortization of acquisition costs	221,096		36,242		1,355		—		—		—			258,693
Commissions, premium taxes, and non-deferred acquisition costs	222,310		154,160		20		—		—		—			376,490
Insurance administrative expense(1)	—		—		—		—		221,313		6,513		(2,3)	227,826
Parent expense	—		—		—		—		8,089		(368)		(3)	7,721
Stock-based compensation expense	—		—		—		—		26,603		—			26,603
Interest expense	—		—		—		—		65,737		—			65,737
Total expenses	1,428,292		675,484		(7,881)		662,444		321,742		6,145			3,086,226
Subtotal	836,603		280,913		7,882		73,873		(320,880)		(6,145)			872,246
Non-operating items	—		—		—		—		—		6,145		(2,3)	6,145
Measure of segment profitability (pretax)	$	836,603	$	280,913	$	7,882	$	73,873	$	(320,880)	$	—		878,391
Realized gain (loss)—investments														(66,845)
Legal proceedings														(1,416)
Non-operating expenses														(4,729)
Income before income taxes per Consolidated Statements of Operations														$	805,401

(1)Administrative expense is not allocated to insurance segments.

(2)Legal proceedings.

(3)Non-operating expenses.

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Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 13—Subsequent Events

Subsequent to the balance sheet date, the Company signed an agreement to acquire Evry Healthcare, Inc. ("Evry") for an immaterial amount in October 2023. Evry provides low-cost group and individual health insurance products through its wholly-owned subsidiary to employers and individuals by utilizing technology and data analysis to provide an improved customer service experience.

In accordance with the applicable guidance, the Company is finalizing the estimation of the fair value of the acquired assets and may do so up to one year. The impact to the Company's financial statements as a result of the transaction is expected to be immaterial.

XML

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 257,083	$ 190,586	$ 695,953	$ 652,043

XML

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

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, 2023, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 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

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

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

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.

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 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 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, 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 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.

Deferred Acquisition Costs

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 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 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.

Accounting Pronouncements Adopted and Accounting Pronouncements Yet to be Adopted

Accounting Pronouncements Adopted in the Current Year: On January 1, 2023, the Company adopted ASU 2018-12 (also referred to as Long Duration Targeted Improvements or LDTI) 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.

Accounting Pronouncements Yet to be Adopted: ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, adds disclosure requirements 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 on January 1, 2024, 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.

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New Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Liability for Future Policy Benefit, Activity

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 Income		DTC		Liberty National		Other		Total
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 assumptions	3,334,600		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 American		Family Heritage		Liberty National		American Income		DTC		Total
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 assumptions	75,652		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.

The following table presents total policy liabilities, both before and after the Transition Date:

	January 1,		December 31,
	2021		2020
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 health	2,998,631		2,115,002
Additional insurance liabilities(1),(2)	2,008,399		2,218,116
Total future policy benefits	24,994,257		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 tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2023 and 2022:

	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	(76,338)		(180,498)		(15,119)		(7,237)		(279,192)
Adjusted balance at January 1, 2022	3,864,026		5,432,814		1,042,842		444,118		10,783,800
Issuances(1)	596,320		499,777		73,299		23,148		1,192,544
Interest accrual(2)	131,251		204,334		38,378		15,575		389,538
Net premiums collected(3)	(366,147)		(451,993)		(95,338)		(32,628)		(946,106)
Effect of changes in the foreign exchange rate	(21,643)		—		—		—		(21,643)
Ending balance at original discount rates	4,203,807		5,684,932		1,059,181		450,213		11,398,133
Effect of change from original to current discount rates	(26,258)		153,525		17,403		15,056		159,726
Balance at September 30, 2022	$	4,177,549	$	5,838,457	$	1,076,584	$	465,269	$	11,557,859
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	(103,922)		(219,723)		(26,533)		(13,882)		(364,060)
Adjusted balance at January 1, 2023	4,157,066		5,497,311		1,044,768		443,746		11,142,891
Issuances(1)	557,844		450,361		92,894		21,756		1,122,855
Interest accrual(2)	147,968		214,988		40,362		17,071		420,389
Net premiums collected(3)	(388,288)		(461,367)		(100,093)		(34,542)		(984,290)
Effect of changes in the foreign exchange rate	(631)		—		—		—		(631)
Ending balance at original discount rates	4,473,959		5,701,293		1,077,931		448,031		11,701,214
Effect of change from original to current discount rates	(155,254)		(31,118)		(18,702)		(1,499)		(206,573)
Balance at September 30, 2023	$	4,318,705	$	5,670,175	$	1,059,229	$	446,532	$	11,494,641

(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.

	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	4,379,496	$	6,164,946	$	1,123,072	$	461,964	$	12,129,478
Beginning balance at original discount rates	4,146,094		5,616,356		1,042,155		416,918		11,221,523
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	(58,998)		(89,037)		(5,994)		(3,741)		(157,770)
Adjusted balance at July 1, 2022	4,121,362		5,606,890		1,053,880		448,391		11,230,523
Issuances(1)	176,042		160,780		24,493		7,553		368,868
Interest accrual(2)	44,410		68,476		12,793		5,270		130,949
Net premiums collected(3)	(123,636)		(151,214)		(31,985)		(11,001)		(317,836)
Effect of changes in the foreign exchange rate	(14,371)		—		—		—		(14,371)
Ending balance at original discount rates	4,203,807		5,684,932		1,059,181		450,213		11,398,133
Effect of change from original to current discount rates	(26,258)		153,525		17,403		15,056		159,726
Balance at September 30, 2022	$	4,177,549	$	5,838,457	$	1,076,584	$	465,269	$	11,557,859
Balance at July 1, 2023	$	4,472,847	$	5,988,577	$	1,110,017	$	471,279	$	12,042,720
Beginning balance at original discount rates	4,399,053		5,700,354		1,071,561		445,475		11,616,443
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	(34,571)		(91,120)		(10,938)		(7,232)		(143,861)
Adjusted balance at July 1, 2023	4,378,747		5,645,404		1,065,801		446,662		11,536,614
Issuances(1)	181,823		136,611		32,045		7,143		357,622
Interest accrual(2)	51,119		72,515		13,707		5,741		143,082
Net premiums collected(3)	(131,329)		(153,237)		(33,622)		(11,515)		(329,703)
Effect of changes in the foreign exchange rate	(6,401)		—		—		—		(6,401)
Ending balance at original discount rates	4,473,959		5,701,293		1,077,931		448,031		11,701,214
Effect of change from original to current discount rates	(155,254)		(31,118)		(18,702)		(1,499)		(206,573)
Balance at September 30, 2023	$	4,318,705	$	5,670,175	$	1,059,229	$	446,532	$	11,494,641

(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.

	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	(81,429)		(174,141)		(14,582)		(8,325)		(278,477)
Adjusted balance at January 1, 2022	7,711,306		8,088,028		3,225,039		3,298,706		22,323,079
Issuances(1)	596,320		499,774		73,299		23,148		1,192,541
Interest accrual(2)	305,526		323,432		126,814		145,941		901,713
Benefit payments(3)	(287,253)		(476,182)		(168,502)		(92,033)		(1,023,970)
Effect of changes in the foreign exchange rate	(51,726)		—		—		—		(51,726)
Ending balance at original discount rates	8,274,173		8,435,052		3,256,650		3,375,762		23,341,637
Effect of change from original to current discount rates	569,356		609,256		108,603		503,107		1,790,322
Balance at September 30, 2022	$	8,843,529	$	9,044,308	$	3,365,253	$	3,878,869	$	25,131,959

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	(109,386)		(227,639)		(27,482)		(17,962)		(382,469)
Adjusted balance at January 1, 2023	8,313,719		8,284,660		3,251,654		3,397,403		23,247,436
Issuances(1)	557,844		450,362		92,894		21,756		1,122,856
Interest accrual(2)	335,349		342,208		130,712		152,378		960,647
Benefit payments(3)	(296,133)		(432,393)		(153,294)		(86,008)		(967,828)
Effect of changes in the foreign exchange rate	(819)		—		—		—		(819)
Ending balance at original discount rates	8,909,960		8,644,837		3,321,966		3,485,529		24,362,292
Effect of change from original to current discount rates	80,477		228,607		(46,234)		282,118		544,968
Balance at September 30, 2023	$	8,990,437	$	8,873,444	$	3,275,732	$	3,767,647	$	24,907,260

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	9,512,271	$	9,664,209	$	3,622,642	$	4,220,830	$	27,019,952
Beginning balance at original discount rates	8,134,706		8,294,768		3,215,311		3,312,104		22,956,889
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	(64,348)		(87,105)		(5,116)		(3,852)		(160,421)
Adjusted balance at July 1, 2022	8,118,892		8,312,573		3,243,652		3,347,977		23,023,094
Issuances(1)	176,044		160,779		24,493		7,550		368,866
Interest accrual(2)	103,380		108,681		42,392		49,097		303,550
Benefit payments(3)	(89,075)		(146,981)		(53,887)		(28,862)		(318,805)
Effect of changes in the foreign exchange rate	(35,068)		—		—		—		(35,068)
Ending balance at original discount rates	8,274,173		8,435,052		3,256,650		3,375,762		23,341,637
Effect of change from original to current discount rates	569,356		609,256		108,603		503,107		1,790,322
Balance at September 30, 2022	$	8,843,529	$	9,044,308	$	3,365,253	$	3,878,869	$	25,131,959

Balance at July 1, 2023	$	9,668,207	$	9,487,233	$	3,507,845	$	4,109,706	$	26,772,991
Beginning balance at original discount rates	8,753,526		8,592,897		3,297,781		3,448,491		24,092,695
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	(36,998)		(97,632)		(14,364)		(9,595)		(158,589)
Adjusted balance at July 1, 2023	8,729,872		8,529,672		3,289,573		3,450,557		23,999,674
Issuances(1)	181,822		136,612		32,046		7,145		357,625
Interest accrual(2)	114,683		115,547		43,991		51,249		325,470
Benefit payments(3)	(101,161)		(136,994)		(43,644)		(23,422)		(305,221)
Effect of changes in the foreign exchange rate	(15,256)		—		—		—		(15,256)
Ending balance at original discount rates	8,909,960		8,644,837		3,321,966		3,485,529		24,362,292
Effect of change from original to current discount rates	80,477		228,607		(46,234)		282,118		544,968
Balance at September 30, 2023	$	8,990,437	$	8,873,444	$	3,275,732	$	3,767,647	$	24,907,260

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Life
	Net liability for future policy benefits as of September 30, 2022
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,070,366	$	2,750,120	$	2,197,469	$	2,925,549	$	11,943,504
Effect of changes in discount rate assumptions	595,614		455,731		91,200		488,051		1,630,596
Net liability for future policy benefits at current discount rates	4,665,980		3,205,851		2,288,669		3,413,600		13,574,100
Other Adjustments(1)	851		5,271		(4,056)		(33,790)		(31,724)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	4,666,831	$	3,211,122	$	2,284,613	$	3,379,810	$	13,542,376

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

	Life
	Net liability for future policy benefits as of September 30, 2023
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,436,001	$	2,943,544	$	2,244,035	$	3,037,498	$	12,661,078
Effect of changes in discount rate assumptions	235,731		259,725		(27,532)		283,617		751,541
Net liability for future policy benefits at current discount rates	4,671,732		3,203,269		2,216,503		3,321,115		13,412,619
Other Adjustments(1)	367		3,982		(1,389)		(32,481)		(29,521)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	4,672,099	$	3,207,251	$	2,215,114	$	3,288,634	$	13,383,098

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2023 and 2022:

	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	(22,004)		(49,359)		(31,290)		11,506		(1,249)		(92,396)
Adjusted balance at January 1, 2022	2,732,287		1,618,300		402,965		172,396		86,492		5,012,440
Issuances(1)	246,877		175,456		35,831		29,970		3,582		491,716
Interest accrual(2)	91,999		45,147		14,312		5,537		3,487		160,482
Net premiums collected(3)	(192,809)		(129,001)		(38,588)		(15,822)		(7,780)		(384,000)
Effect of changes in the foreign exchange rate	—		—		—		(1,937)		—		(1,937)
Ending balance at original discount rates	2,878,354		1,709,902		414,520		190,144		85,781		5,278,701
Effect of change from original to current discount rates	(72,237)		(158,093)		3,658		(4,636)		1,672		(229,636)
Balance at September 30, 2022	$	2,806,117	$	1,551,809	$	418,178	$	185,508	$	87,453	$	5,049,065
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	2,941,261		1,729,219		415,442		192,631		87,751		5,366,304
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	(6,240)		(50,052)		(30,526)		(7,643)		(1,666)		(96,127)
Adjusted balance at January 1, 2023	3,401,904		1,648,912		327,952		178,927		102,638		5,660,333
Issuances(1)	226,363		202,561		43,373		30,667		6,532		509,496
Interest accrual(2)	99,390		50,091		14,047		6,304		3,278		173,110
Net premiums collected(3)	(202,669)		(134,009)		(38,322)		(16,611)		(8,028)		(399,639)
Effect of changes in the foreign exchange rate	—		—		—		(165)		—		(165)
Ending balance at original discount rates	3,524,988		1,767,555		347,050		199,122		104,420		5,943,135
Effect of change from original to current discount rates	(183,608)		(192,981)		(8,372)		(9,976)		(1,254)		(396,191)
Balance at September 30, 2023	$	3,341,380	$	1,574,574	$	338,678	$	189,146	$	103,166	$	5,546,944

(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.

	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	3,138,706	$	1,650,507	$	425,277	$	193,536	$	102,433	$	5,510,459
Beginning balance at original discount rates	3,022,654		1,706,794		396,741		186,298		94,752		5,407,239
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	13,731		(13,447)		(7,101)		16,766		294		10,243
Adjusted balance at July 1, 2022	2,840,825		1,672,416		409,486		185,153		86,011		5,193,891
Issuances(1)	71,806		65,523		13,220		9,545		1,260		161,354
Interest accrual(2)	30,794		15,133		4,719		1,858		1,134		53,638
Net premiums collected(3)	(65,071)		(43,170)		(12,905)		(5,282)		(2,624)		(129,052)
Effect of changes in the foreign exchange rate	—		—		—		(1,130)		—		(1,130)
Ending balance at original discount rates	2,878,354		1,709,902		414,520		190,144		85,781		5,278,701
Effect of change from original to current discount rates	(72,237)		(158,093)		3,658		(4,636)		1,672		(229,636)
Balance at September 30, 2022	$	2,806,117	$	1,551,809	$	418,178	$	185,508	$	87,453	$	5,049,065
Balance at July 1, 2023	$	2,984,554	$	1,661,020	$	409,551	$	201,844	$	89,674	$	5,346,643
Beginning balance at original discount rates	2,985,660		1,771,206		400,180		201,709		86,840		5,445,595
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	22,683		(15,658)		(2,692)		(2,394)		229		2,168
Adjusted balance at July 1, 2023	3,475,226		1,725,293		340,524		193,254		103,622		5,837,919
Issuances(1)	82,647		70,216		15,183		9,880		2,317		180,243
Interest accrual(2)	35,536		17,272		4,380		2,170		1,160		60,518
Net premiums collected(3)	(68,421)		(45,226)		(13,037)		(5,630)		(2,679)		(134,993)
Effect of changes in the foreign exchange rate	—		—		—		(552)		—		(552)
Ending balance at original discount rates	3,524,988		1,767,555		347,050		199,122		104,420		5,943,135
Effect of change from original to current discount rates	(183,608)		(192,981)		(8,372)		(9,976)		(1,254)		(396,191)
Balance at September 30, 2023	$	3,341,380	$	1,574,574	$	338,678	$	189,146	$	103,166	$	5,546,944

(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.

	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	(24,710)		(51,720)		(32,395)		14,231		(1,425)		(96,019)
Adjusted balance at January 1, 2022	2,871,255		3,114,411		907,278		278,276		85,933		7,257,153
Issuances(1)	246,559		175,456		36,171		29,970		3,567		491,723
Interest accrual(2)	97,837		89,968		35,871		10,348		3,487		237,511
Benefit payments(3)	(198,013)		(89,359)		(71,652)		(15,360)		(9,354)		(383,738)
Effect of changes in the foreign exchange rate	—		—		—		(3,927)		—		(3,927)
Ending balance at original discount rates	3,017,638		3,290,476		907,668		299,307		83,633		7,598,722
Effect of change from original to current discount rates	(75,810)		(389,326)		26,139		5,432		1,648		(431,917)
Balance at September 30, 2022	$	2,941,828	$	2,901,150	$	933,807	$	304,739	$	85,281	$	7,166,805

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	(5,530)		(53,292)		(29,581)		(8,680)		(1,925)		(99,008)
Adjusted balance at January 1, 2023	3,539,755		3,250,624		814,847		288,626		99,217		7,993,069
Issuances(1)	225,915		202,561		42,863		30,667		6,518		508,524
Interest accrual(2)	104,932		99,344		34,699		11,199		3,278		253,452
Benefit payments(3)	(221,753)		(92,973)		(73,614)		(18,633)		(9,502)		(416,475)
Effect of changes in the foreign exchange rate	—		—		—		(217)		—		(217)
Ending balance at original discount rates	3,648,849		3,459,556		818,795		311,642		99,511		8,338,353
Effect of change from original to current discount rates	(191,041)		(498,312)		(4,792)		(5,601)		(1,111)		(700,857)
Balance at September 30, 2023	$	3,457,808	$	2,961,244	$	814,003	$	306,041	$	98,400	$	7,637,496

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	3,285,696	$	3,129,877	$	985,214	$	321,968	$	99,484	$	7,822,239
Beginning balance at original discount rates	3,160,028		3,267,244		896,137		295,571		92,143		7,711,123
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	13,347		(14,614)		(8,476)		19,916		191		10,364
Adjusted balance at July 1, 2022	2,978,439		3,225,419		905,726		293,928		84,064		7,487,576
Issuances(1)	71,731		65,524		13,379		9,547		1,257		161,438
Interest accrual(2)	32,729		30,383		11,836		3,462		1,134		79,544
Benefit payments(3)	(65,261)		(30,850)		(23,273)		(5,168)		(2,822)		(127,374)
Effect of changes in the foreign exchange rate	—		—		—		(2,462)		—		(2,462)
Ending balance at original discount rates	3,017,638		3,290,476		907,668		299,307		83,633		7,598,722
Effect of change from original to current discount rates	(75,810)		(389,326)		26,139		5,432		1,648		(431,917)
Balance at September 30, 2022	$	2,941,828	$	2,901,150	$	933,807	$	304,739	$	85,281	$	7,166,805

Balance at July 1, 2023	$	3,116,389	$	3,167,461	$	923,148	$	328,579	$	85,856	$	7,621,433
Beginning balance at original discount rates	3,116,768		3,436,167		880,879		315,087		83,188		7,832,089
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	22,410		(17,000)		(2,563)		(2,662)		(95)		90
Adjusted balance at July 1, 2023	3,603,830		3,386,739		817,879		306,018		99,023		8,213,489
Issuances(1)	82,511		70,215		14,963		9,880		2,310		179,879
Interest accrual(2)	37,340		34,024		11,173		3,810		1,160		87,507
Benefit payments(3)	(74,832)		(31,422)		(25,220)		(6,973)		(2,982)		(141,429)
Effect of changes in the foreign exchange rate	—		—		—		(1,093)		—		(1,093)
Ending balance at original discount rates	3,648,849		3,459,556		818,795		311,642		99,511		8,338,353
Effect of change from original to current discount rates	(191,041)		(498,312)		(4,792)		(5,601)		(1,111)		(700,857)
Balance at September 30, 2023	$	3,457,808	$	2,961,244	$	814,003	$	306,041	$	98,400	$	7,637,496

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Health
	Net liability for future policy benefits as of September 30, 2022
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	139,284	$	1,580,574	$	493,148	$	109,163	$	(2,148)	$	2,320,021
Effect of changes in discount rate assumptions	(3,573)		(231,233)		22,481		10,068		(24)		(202,281)
Net liability for future policy benefits at current discount rates	135,711		1,349,341		515,629		119,231		(2,172)		2,117,740
Other Adjustments(1)	(169)		583		3,354		56		3,232		7,056
Net liability for future policy benefits, after other adjustments, at current discount rates	$	135,542	$	1,349,924	$	518,983	$	119,287	$	1,060	$	2,124,796

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

	Health
	Net liability for future policy benefits as of September 30, 2023
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	123,861		1,692,001		471,745		112,520		(4,909)		2,395,218
Effect of changes in discount rate assumptions	(7,433)		(305,331)		3,580		4,375		143		(304,666)
Net liability for future policy benefits at current discount rates	116,428		1,386,670		475,325		116,895		(4,766)		2,090,552
Other Adjustments(1)	4,374		(4,717)		7,043		993		5,530		13,223
Net liability for future policy benefits, after other adjustments, at current discount rates	$	120,802	$	1,381,953	$	482,368	$	117,888	$	764	$	2,103,775

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of September 30, 2023:

	At Original Discount Rates				At Current Discount Rates
	As of September 30,				As of September 30,
	2023		2022		2023		2022
Life(1):
American Income	$	4,435,901	$	4,070,359	$	4,672,099	$	4,666,831
Direct to Consumer	2,943,544		2,750,122		3,207,251		3,211,122
Liberty National	2,236,374		2,186,063		2,215,114		2,284,613
Other	3,010,853		2,900,148		3,288,634		3,379,810
Net liability for future policy benefits—long duration life	12,626,672		11,906,692		13,383,098		13,542,376
Health(1):
United American	126,105		137,231		120,802		135,542
Family Heritage	1,681,391		1,571,083		1,381,953		1,349,924
Liberty National	478,078		495,628		482,368		518,983
American Income	113,340		109,217		117,888		119,287
Direct to Consumer	752		1,024		764		1,060
Net liability for future policy benefits—long duration health	2,399,666		2,314,183		2,103,775		2,124,796
Deferred profit liability	173,520		176,296		173,520		176,296
Deferred annuity	813,275		991,687		813,275		991,687
Interest sensitive life	735,025		740,513		735,025		740,513
Other	9,400		9,503		9,405		9,504
Total future policy benefits	$	16,757,558	$	16,138,874	$	17,218,098	$	17,585,172

(1)Balances are presented net of the reinsurance recoverable and the effects of flooring the liability.

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2023 and 2022:

	Life
	Weighted-average Discount Rates
	As of September 30, 2023								As of September 30, 2022
	American Income		DTC		Liberty National		Other		American Income		DTC		Liberty National		Other
Original discount rate	5.7	%	6.0	%	5.6	%	6.2	%	5.8	%	6.0	%	5.6	%	6.2	%
Current discount rate	5.6	%	5.6	%	5.7	%	5.7	%	5.2	%	5.3	%	5.3	%	5.3	%

	Health
	Weighted-average Discount Rates
	As of September 30, 2023										As of September 30, 2022
	United American		Family Heritage		Liberty National		American Income		DTC		United American		Family Heritage		Liberty National		American Income		DTC
Original discount rate	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%
Current discount rate	5.5	%	5.7	%	5.7	%	5.6	%	5.5	%	5.1	%	5.3	%	5.3	%	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 September 30, 2023 and 2022:

	As of September 30,
	2023		2022
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	23.08	23.29	22.91	23.37
Direct to Consumer	19.73	21.00	20.40	21.97
Liberty National	15.12	15.20	14.82	15.31
Other	16.34	17.42	16.65	18.22
Health
United American	11.40	10.34	11.39	10.65
Family Heritage	14.90	13.81	14.90	14.22
Liberty National	9.11	8.97	9.20	9.35
American Income	12.14	12.20	12.14	12.56
Direct to Consumer	11.40	10.34	11.39	10.65

The following tables summarize the amount of gross premiums and interest, net of reinsurance, related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations:

	Life
	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	1,181,247	$	187,381	$	1,122,987	$	174,275
Direct to Consumer	735,374		127,040		729,950		118,995
Liberty National	256,641		89,765		240,460		88,061
Other	154,836		133,991		156,509		129,118
Total	$	2,328,098	$	538,177	$	2,249,906	$	510,449

	Life
	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	399,794	$	63,565	$	377,859	$	58,970
Direct to Consumer	244,931		42,978		243,021		40,161
Liberty National	87,071		30,095		81,007		29,469
Other	51,493		45,065		51,959		43,405
Total	$	783,289	$	181,703	$	753,846	$	172,005

	Health
	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	298,964	$	5,345	$	283,059	$	5,665
Family Heritage	294,047		48,904		272,431		44,516
Liberty National	139,875		20,567		139,818		21,490
American Income	84,863		4,896		83,880		4,811
Direct to Consumer	10,680		—		10,710		—
Total	$	828,429	$	79,712	$	789,898	$	76,482

	Health
	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	100,285	$	1,741	$	95,178	$	1,874
Family Heritage	99,828		16,632		92,133		15,145
Liberty National	46,441		6,766		45,721		7,092
American Income	28,528		1,640		27,939		1,605
Direct to Consumer	3,583		—		3,580		—
Total	$	278,665	$	26,779	$	264,551	$	25,716

Schedule of Analysis of Deferred Acquisition Costs

The following table presents the Company's deferred policy acquisition costs, both before and after the Transition Date:

	January 1,		December 31,
	2021		2020
Life:
American Income	$	1,647,761	$	1,647,761
Direct to Consumer	1,498,970		1,498,435
Liberty National	531,504		531,504
Other	304,786		304,459
Total life	3,983,021		3,982,159
Health:
United American	65,020		74,353
Family Heritage	364,751		364,751
Liberty National	124,754		124,888
American Income	39,477		39,477
Direct to Consumer	2,215		6,600
Total health	596,217		610,069
Annuity	8,309		3,216
Total DAC	$	4,587,547	$	4,595,444

The following table presents the effect of transition adjustments due to the adoption of ASU 2018-12 on Shareholders' Equity:

	Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Other(1)		Total
Shareholders’ Equity, as of December 31, 2020	$	5,874,109	$	3,029,244	$	(132,261)	$	8,771,092
Effect of changes in discount rate assumptions	—		(7,829,753)		—		(7,829,753)
Effect of capping and flooring	(38,992)		—		—		(38,992)
Effect of removal of unrealized gain (loss) on DAC	—		4,704		—		4,704
Other adjustments	26,470		—		—		26,470
Shareholders’ Equity, as of January 1, 2021	$	5,861,587	$	(4,795,805)	$	(132,261)	$	933,521

(1)Other represents common stock, additional paid-in capital, and treasury stock, combining balances that were unaffected by the new standard.

The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 2023 and 2022:

	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	341,585		140,449		66,073		10,268		558,375
Amortization expense	(104,124)		(70,478)		(33,899)		(12,594)		(221,095)
Foreign exchange adjustment	(15,003)		—		—		—		(15,003)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2022	$	2,182,712	$	1,653,666	$	598,593	$	299,321	$	4,734,292
Balance at January 1, 2023	$	2,258,291	$	1,676,931	$	610,723	$	298,346	$	4,844,291
Capitalizations	351,933		123,774		78,599		9,970		564,276
Amortization expense	(118,207)		(74,496)		(38,192)		(12,390)		(243,285)
Foreign exchange adjustment	(1,297)		—		—		—		(1,297)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2023	$	2,490,720	$	1,726,209	$	651,130	$	295,926	$	5,163,985

	Life
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	2,116,771	$	1,630,734	$	586,898	$	300,272	$	4,634,675
Capitalizations	111,564		46,792		23,259		3,250		184,865
Amortization expense	(35,860)		(23,860)		(11,564)		(4,201)		(75,485)
Foreign exchange adjustment	(9,763)		—		—		—		(9,763)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2022	$	2,182,712	$	1,653,666	$	598,593	$	299,321	$	4,734,292
Balance at July 1, 2023	$	2,417,480	$	1,714,715	$	636,209	$	296,861	$	5,065,265
Capitalizations	117,761		36,385		27,950		3,203		185,299
Amortization expense	(40,465)		(24,891)		(13,029)		(4,138)		(82,523)
Foreign exchange adjustment	(4,056)		—		—		—		(4,056)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2023	$	2,490,720	$	1,726,209	$	651,130	$	295,926	$	5,163,985

	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	1,628		38,500		13,357		9,408		2		62,895
Amortization expense	(4,503)		(19,048)		(9,990)		(2,567)		(134)		(36,242)
Foreign exchange adjustment	—		—		—		(755)		—		(755)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2022	$	78,265	$	408,419	$	130,904	$	55,492	$	1,900	$	674,980
Balance at January 1, 2023	$	77,394	$	416,608	$	133,096	$	57,811	$	1,854	$	686,763
Capitalizations	1,491		46,977		14,854		9,579		—		72,901
Amortization expense	(4,504)		(20,071)		(9,977)		(2,919)		(137)		(37,608)
Foreign exchange adjustment	—		—		—		(125)		—		(125)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2023	$	74,381	$	443,514	$	137,973	$	64,346	$	1,717	$	721,931

	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	79,174	$	401,722	$	129,592	$	53,776	$	1,945	$	666,209
Capitalizations	560		13,070		4,621		3,063		—		21,314
Amortization expense	(1,469)		(6,373)		(3,309)		(880)		(45)		(12,076)
Foreign exchange adjustment	—		—		—		(467)		—		(467)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2022	$	78,265	$	408,419	$	130,904	$	55,492	$	1,900	$	674,980
Balance at July 1, 2023	$	75,349	$	433,999	$	136,276	$	62,285	$	1,760	$	709,669
Capitalizations	495		16,386		5,120		3,259		—		25,260
Amortization expense	(1,463)		(6,871)		(3,423)		(1,016)		(43)		(12,816)
Foreign exchange adjustment	—		—		—		(182)		—		(182)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2023	$	74,381	$	443,514	$	137,973	$	64,346	$	1,717	$	721,931

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets as of September 30, 2023:

	September 30,
	2023		2022
Life
American Income	$	2,490,720	$	2,182,712
Direct to Consumer	1,726,209		1,653,666
Liberty National	651,130		598,593
Other	295,926		299,321
Total DAC - Life	5,163,985		4,734,292
Health
United American	74,381		78,265
Family Heritage	443,514		408,419
Liberty National	137,973		130,904
American Income	64,346		55,492
Direct to Consumer	1,717		1,900
Total DAC - Health	721,931		674,980
Annuity	3,377		5,085
Total	$	5,889,293	$	5,414,357

Schedule Of New Accounting Standards on Previously Reported Results

Effect of New Accounting Standards on Previously Reported Results: The impacts from the adoption of ASU 2018-12 on the Company's previously reported results included in these financial statements are as follows:

Condensed Consolidated Balance Sheets

	December 31, 2022
	As Previously Reported		Adoption Impact		As Adjusted
Assets:
Other receivables	$	484,887	$	104,192	$	589,079
Deferred acquisition costs	5,249,907		285,790		5,535,697
Liabilities:
Future policy benefits	16,721,846		1,318,196		18,040,042
Unearned and advance premium	60,742		192,398		253,140
Policy claims and other benefits payable	430,027		77,192		507,219
Current and deferred income taxes	686,172		(251,523)		434,649
Shareholders' equity:
Accumulated other comprehensive income (loss)	(1,415,714)		(1,374,599)		(2,790,313)
Retained earnings	6,466,220		428,315		6,894,535

Condensed Consolidated Statements of Operations

	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	As Previously Reported		Adoption Impact		As Adjusted		As Previously Reported		Adoption Impact		As Adjusted
Revenue:
Life premium	$	755,115	$	3,760	$	758,875	$	2,269,641	$	(4,746)	$	2,264,895
Health premium	319,289		1,117		320,406		955,478		919		956,397
Net investment income	245,625		1,086		246,711		733,101		3,216		736,317
Benefits and expenses:
Life policyholder benefits	494,627		51,306		545,933		1,555,004		(21,278)		1,533,726
Health policyholder benefits	198,415		(16,006)		182,409		592,488		(30,986)		561,502
Other policyholder benefits	6,986		2,248		9,234		21,110		6,818		27,928
Amortization of deferred acquisition costs	156,129		(68,117)		88,012		469,718		(211,025)		258,693
Commissions, premium taxes, and non-deferred acquisition costs	93,028		31,740		124,768		277,436		99,054		376,490
Income before income taxes	229,983		4,793		234,776		648,594		156,807		805,401
Income tax benefit (expense)	(43,204)		(986)		(44,190)		(120,450)		(32,908)		(153,358)
Net income	$	186,779	$	3,807	$	190,586	$	528,144	$	123,899	$	652,043
Basic net income per common share	$	1.92	$	0.04	$	1.96	$	5.38	$	1.26	$	6.64
Diluted net income per common share	$	1.90	$	0.04	$	1.94	$	5.33	$	1.25	$	6.58

See Note 1—Significant Accounting Policies, Note 6—Policy Liabilities, and Note 7—DAC for additional information on the adoption.

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Supplemental Information About Changes to Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Change in Balance by Component of Accumulated Other Comprehensive Income

An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2023 and 2022:

	Three Months Ended September 30, 2023
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2023	$	(1,249,399)	$	(1,696,801)	$	1,353	$	950	$	(2,943,897)
Other comprehensive income (loss) before reclassifications, net of tax	(842,527)		1,332,976		(6,226)		—		484,223
Reclassifications, net of tax	672		—		—		28		700
Other comprehensive income (loss)	(841,855)		1,332,976		(6,226)		28		484,923
Balance at September 30, 2023	$	(2,091,254)	$	(363,825)	$	(4,873)	$	978	$	(2,458,974)

	Three Months Ended September 30, 2022
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2022	$	(643,385)	$	(2,494,442)	$	8,045	$	(98,243)	$	(3,228,025)
Other comprehensive income (loss) before reclassifications, net of tax	(1,079,185)		1,351,869		(17,678)		—		255,006
Reclassifications, net of tax	9,592		—		—		2,717		12,309
Other comprehensive income (loss)	(1,069,593)		1,351,869		(17,678)		2,717		267,315
Balance at September 30, 2022	$	(1,712,978)	$	(1,142,573)	$	(9,633)	$	(95,526)	$	(2,960,710)

	Nine Months Ended September 30, 2023
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2023	$	(1,420,672)	$	(1,369,204)	$	(1,681)	$	1,244	$	(2,790,313)
Other comprehensive income (loss) before reclassifications, net of tax	(736,046)		1,005,379		(3,192)		—		266,141
Reclassifications, net of tax	65,464		—		—		(266)		65,198
Other comprehensive income (loss)	(670,582)		1,005,379		(3,192)		(266)		331,339
Balance at September 30, 2023	$	(2,091,254)	$	(363,825)	$	(4,873)	$	978	$	(2,458,974)

	Nine Months Ended September 30, 2022
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
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	(4,502,261)		5,773,337		(28,881)		—		1,242,195
Reclassifications, net of tax	23,993		—		—		8,150		32,143
Other comprehensive income (loss)	(4,478,268)		5,773,337		(28,881)		8,150		1,274,338
Balance at September 30, 2022	$	(1,712,978)	$	(1,142,573)	$	(9,633)	$	(95,526)	$	(2,960,710)

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income

Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and nine month periods ended September 30, 2023 and 2022.

	Three Months Ended September 30,				Nine Months Ended September 30,				Affected line items in the Statements of Operations
Component Line Item	2023		2022		2023		2022
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$	1,759	$	12,256	$	85,230	$	29,741	Realized (gains) losses
Amortization of (discount) premium	(908)		(114)		(2,364)		630		Net investment income
Total before tax	851		12,142		82,866		30,371
Tax	(179)		(2,550)		(17,402)		(6,378)		Income taxes
Total after-tax	672		9,592		65,464		23,993
Pension adjustments:
Amortization of prior service cost	269		158		807		474		Other operating expense
Amortization of actuarial (gain) loss	(234)		3,280		(1,143)		9,842		Other operating expense
Total before tax	35		3,438		(336)		10,316
Tax	(7)		(721)		70		(2,166)		Income taxes
Total after-tax	28		2,717		(266)		8,150
Total reclassification (after-tax)	$	700	$	12,309	$	65,198	$	32,143

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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Fixed Maturities and Equity Securities Available for Sale by Component

Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2023 and December 31, 2022, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."

	At September 30, 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	$	395,382	$	—	$	—	$	(55,738)	$	339,644	2
States, municipalities, and political subdivisions	3,319,521		—		14,159		(696,791)		2,636,889		16
Foreign governments	42,085		—		—		(12,497)		29,588		—
Corporates, by sector:
Financial	4,938,112		—		22,380		(672,806)		4,287,686		27
Utilities	1,998,424		—		13,550		(190,901)		1,821,073		11
Energy	1,426,415		—		13,284		(136,363)		1,303,336		8
Other corporate sectors	6,671,115		(7,500)		32,193		(976,041)		5,719,767		35
Total corporates	15,034,066		(7,500)		81,407		(1,976,111)		13,131,862		81
Collateralized debt obligations	36,843		—		4,842		—		41,685		—
Other asset-backed securities	86,796		—		2		(6,432)		80,366		1
Total fixed maturities	$	18,914,693	$	(7,500)	$	100,410	$	(2,747,569)	$	16,260,034	100

(1)Amount reported in the balance sheet.

(2)At fair value.

	At December 31, 2022
	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	$	394,439	$	—	$	27	$	(38,968)	$	355,498	2
States, municipalities, and political subdivisions	2,791,030		—		24,328		(505,447)		2,309,911		14
Foreign governments	55,164		—		6		(12,706)		42,464		—
Corporates, by sector:
Financial	4,907,794		—		63,126		(504,489)		4,466,431		27
Utilities	1,924,190		—		36,670		(125,713)		1,835,147		11
Energy	1,436,598		—		22,637		(101,923)		1,357,312		8
Other corporate sectors	6,667,043		—		78,903		(738,772)		6,007,174		37
Total corporates	14,935,625		—		201,336		(1,470,897)		13,666,064		83
Collateralized debt obligations	37,098		—		13,266		—		50,364		—
Other asset-backed securities	88,336		—		4		(9,276)		79,064		1
Total fixed maturities	$	18,301,692	$	—	$	238,967	$	(2,037,294)	$	16,503,365	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 September 30, 2023, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.

	At September 30, 2023
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	155,607	$	154,933
Due after one year through five years	1,149,496		1,142,206
Due after five years through ten years	1,818,217		1,732,283
Due after ten years through twenty years	8,160,666		7,271,668
Due after twenty years	7,499,521		5,836,847
Mortgage-backed and asset-backed securities	123,686		122,097
	$	18,907,193	$	16,260,034

Schedule of Analysis of Investment Operations

"Net investment income" for the three and nine month periods ended September 30, 2023 and 2022 is summarized as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022		% Change	2023		2022		% Change
Fixed maturities available for sale	$	237,609	$	227,673	4	$	704,095	$	679,710	4
Policy loans	12,446		11,716		6	36,435		34,724		5
Other long-term investments(1)	19,993		10,933		83	52,672		34,349		53
Short-term investments	1,396		969			4,811		1,093
	271,444		251,291		8	798,013		749,876		6
Less investment expense	(4,518)		(4,580)		(1)	(12,738)		(13,559)		(6)
Net investment income	$	266,926	$	246,711	8	$	785,275	$	736,317	7

(1)For the three months ended September 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $14.0 million and $8.4 million, respectively, in net investment income. For the nine months ended September 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $37.2 million and $27.7 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Schedule of Realized Gains (Losses) on Investments

Selected information about sales of fixed maturities available for sale is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities available for sale:
Proceeds from sales(1)	$	46,210	$	127,695	$	192,034	$	346,722
Gross realized gains	261		165		308		938
Gross realized losses	(67,018)		(11,537)		(77,879)		(56,384)

(1)As of September 30, 2023 and 2022, the Company had $27 thousand and $0 of unsettled trades, respectively.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(66,767)	$	(12,256)	$	(77,730)	$	(30,128)
Provision for credit losses	65,008		—		(7,500)		387
Fair value option—change in fair value	868		(11,551)		7,954		(15,942)
Other investments	(1,302)		(5,348)		(1,687)		(21,162)
Realized gains (losses) from investments	(2,193)		(29,155)		(78,963)		(66,845)
Applicable tax	461		6,122		16,583		14,037
Realized gains (losses), net of tax	$	(1,732)	$	(23,033)	$	(62,380)	$	(52,808)

(1)During the three months ended September 30, 2023 and 2022, the Company recorded $21.1 million and $22.1 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the nine months ended September 30, 2023 and 2022, the Company recorded $39.0 million and $24.0 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the three months ended September 30, 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 the year.

Schedule of Fair Value of Fixed Maturities Measured on a Recurring Basis

The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2023 and December 31, 2022:

	Fair Value Measurement at September 30, 2023 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	$	—		$	339,644		$	—		$	339,644
States, municipalities, and political subdivisions	—			2,636,889			—			2,636,889
Foreign governments	—			29,588			—			29,588
Corporates, by sector:
Financial	—			4,164,257			123,429			4,287,686
Utilities	—			1,715,887			105,186			1,821,073
Energy	—			1,293,028			10,308			1,303,336
Other corporate sectors	—			5,523,239			196,528			5,719,767
Total corporates	—			12,696,411			435,451			13,131,862
Collateralized debt obligations	—			—			41,685			41,685
Other asset-backed securities	—			80,366			—			80,366
Total fixed maturities	$	—		$	15,782,898		$	477,136		$	16,260,034
Percentage of total	—		%	97		%	3		%	100		%

	Fair Value Measurement at December 31, 2022 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	$	—		$	355,498		$	—		$	355,498
States, municipalities, and political subdivisions	—			2,309,911			—			2,309,911
Foreign governments	—			42,464			—			42,464
Corporates, by sector:
Financial	—			4,332,495			133,936			4,466,431
Utilities	—			1,723,832			111,315			1,835,147
Energy	—			1,346,212			11,100			1,357,312
Other corporate sectors	—			5,785,442			221,732			6,007,174
Total corporates	—			13,187,981			478,083			13,666,064
Collateralized debt obligations	—			—			50,364			50,364
Other asset-backed securities	—			79,064			—			79,064
Total fixed maturities	$	—		$	15,974,918		$	528,447		$	16,503,365
Percentage of total	—		%	97		%	3		%	100		%

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2023 and December 31, 2022.

Analysis of Gross Unrealized Investment Losses

	At September 30, 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	$	1,920	$	(192)	$	337,694	$	(55,546)	$	339,614	$	(55,738)
States, municipalities, and political subdivisions	941,815		(77,118)		1,408,695		(619,673)		2,350,510		(696,791)
Foreign governments	1,464		(24)		28,124		(12,473)		29,588		(12,497)
Corporates, by sector:
Financial	1,399,885		(90,121)		2,066,825		(533,152)		3,466,710		(623,273)
Utilities	693,321		(36,324)		649,894		(152,242)		1,343,215		(188,566)
Energy	370,280		(16,721)		522,381		(108,746)		892,661		(125,467)
Other corporate sectors	1,005,726		(67,518)		3,507,313		(890,230)		4,513,039		(957,748)
Total corporates	3,469,212		(210,684)		6,746,413		(1,684,370)		10,215,625		(1,895,054)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		69,047		(5,849)		69,047		(5,849)
Total investment grade securities	4,414,411		(288,018)		8,589,973		(2,377,911)		13,004,384		(2,665,929)
Below investment grade securities:
States, municipalities, and political subdivisions	—		—		—		—		—		—
Corporates, by sector:
Financial	25,065		(3,110)		144,381		(46,423)		169,446		(49,533)
Utilities	—		—		27,772		(2,335)		27,772		(2,335)
Energy	—		—		33,774		(10,896)		33,774		(10,896)
Other corporate sectors	45,943		(1,920)		56,687		(16,373)		102,630		(18,293)
Total corporates	71,008		(5,030)		262,614		(76,027)		333,622		(81,057)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		11,262		(583)		11,262		(583)
Total below investment grade securities	71,008		(5,030)		273,876		(76,610)		344,884		(81,640)
Total fixed maturities	$	4,485,419	$	(293,048)	$	8,863,849	$	(2,454,521)	$	13,349,268	$	(2,747,569)

Analysis of Gross Unrealized Investment Losses

	At December 31, 2022
	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	$	349,887	$	(38,218)	$	3,424	$	(750)	$	353,311	$	(38,968)
States, municipalities, and political subdivisions	1,767,624		(453,149)		95,124		(52,298)		1,862,748		(505,447)
Foreign governments	6,297		(201)		25,134		(12,505)		31,431		(12,706)
Corporates, by sector:
Financial	2,837,918		(426,132)		109,784		(42,173)		2,947,702		(468,305)
Utilities	1,088,219		(116,272)		21,636		(6,268)		1,109,855		(122,540)
Energy	855,853		(91,755)		—		—		855,853		(91,755)
Other corporate sectors	4,155,986		(665,831)		94,299		(42,344)		4,250,285		(708,175)
Total corporates	8,937,976		(1,299,990)		225,719		(90,785)		9,163,695		(1,390,775)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	60,157		(5,223)		7,960		(2,435)		68,117		(7,658)
Total investment grade securities	11,121,941		(1,796,781)		357,361		(158,773)		11,479,302		(1,955,554)
Below investment grade securities:
States, municipalities, and political subdivisions	—		—		—		—		—		—
Corporates, by sector:
Financial	120,377		(18,901)		38,348		(17,283)		158,725		(36,184)
Utilities	27,722		(3,173)		—		—		27,722		(3,173)
Energy	14,480		(2,182)		20,075		(7,986)		34,555		(10,168)
Other corporate sectors	166,159		(25,962)		6,670		(4,635)		172,829		(30,597)
Total corporates	328,738		(50,218)		65,093		(29,904)		393,831		(80,122)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		10,874		(1,618)		10,874		(1,618)
Total below investment grade securities	328,738		(50,218)		75,967		(31,522)		404,705		(81,740)
Total fixed maturities	$	11,450,679	$	(1,846,999)	$	433,328	$	(190,295)	$	11,884,007	$	(2,037,294)

Schedule of Fair Value, Assets Measured on 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			Total
Balance at January 1, 2023	$	—		$	50,364		$	478,083		$	528,447
Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			(8,424)			(15,968)			(24,392)
Acquisitions	—			—			—			—
Sales	—			—			—			—
Amortization	—			3,429			5			3,434
Other(1)	—			(3,684)			(26,669)			(30,353)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2023	$	—		$	41,685		$	435,451		$	477,136
Percent of total fixed maturities	—		%	—		%	3		%	3		%

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

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

	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2022	$	—		$	63,505		$	641,688		$	705,193
Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			(13,163)			(114,525)			(127,688)
Acquisitions	—			—			—			—
Sales	—			—			—			—
Amortization	—			3,382			6			3,388
Other(1)	—			(3,129)			(42,604)			(45,733)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2022	$	—		$	50,595		$	484,565		$	535,160
Percent of total fixed maturities	—		%	—		%	3		%	3		%

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

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

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

	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
At September 30, 2023	$	—	$	(8,424)	$	(15,968)	$	(24,392)
At September 30, 2022	—		(13,163)		(114,525)		(127,688)

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 (CUSIPs) held:
As of September 30, 2023	713	1,640	2,353
As of December 31, 2022	1,819	157	1,976

Schedule of Fixed Maturities, Allowance for Credit Loss

A summary of the activity in the allowance for credit losses is as follows.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Allowance for credit losses beginning balance	$	72,508	$	—	$	—	$	387
Additions to allowance for which credit losses were not previously recorded	—		—		72,508		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	(65,008)		—		(65,008)		—
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	—		—		—		(387)
Allowance for credit losses ending balance	$	7,500	$	—	$	7,500	$	—

Schedule of Other Long-Term Investments

Other long-term investments consist of the following assets:

	September 30, 2023		December 31, 2022
Investment funds	$	782,210	$	768,689
Commercial mortgage loan participations	228,802		181,305
Other	39,094		26,022
Total	$	1,050,106	$	976,016

Schedule of Investment Funds

The following table presents additional information about the Company's investment funds as of September 30, 2023 and December 31, 2022 at fair value:

	Fair Value				Unfunded Commitments
Investment Category	September 30, 2023		December 31, 2022		September 30, 2023		Redemption Term/Notice
Commercial mortgage loans	$	419,120	$	431,405	$	575,445	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	162,202		158,524		135,000		Fully redeemable and non-redeemable with varying terms.
Infrastructure	166,603		159,534		16,279		Fully redeemable and non-redeemable with varying terms.
Other	34,285		19,226		60,000		Non-redeemable with varying terms
Total investment funds	$	782,210	$	768,689	$	786,724

Schedule of Commercial Mortgage Loan Participations

Summaries of commercial mortgage loans by property type and geographical location at September 30, 2023 and December 31, 2022 are as follows:

	September 30, 2023			December 31, 2022
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Multi-family	$	99,265	43	$	42,232	23
Mixed use	39,012		17	62,375		34
Industrial	37,778		17	27,248		15
Hospitality	25,159		11	27,796		15
Retail	23,842		10	15,342		9
Office	6,734		3	8,101		5
Total recorded investment	231,790		101	183,094		101
Less allowance for credit losses	(2,988)		(1)	(1,789)		(1)
Carrying value, net of allowance for credit losses	$	228,802	100	$	181,305	100

	September 30, 2023			December 31, 2022
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
California	$	51,371	22	$	64,477	36
Texas	45,775		20	22,905		13
Florida	33,367		15	33,182		18
New Jersey	25,090		11	—		—
New York	20,278		9	19,167		11
Washington	14,962		6	14,925		8
Other	40,947		18	28,438		15
Total recorded investment	231,790		101	183,094		101
Less allowance for credit losses	(2,988)		(1)	(1,789)		(1)
Carrying value, net of allowance for credit losses	$	228,802	100	$	181,305	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%. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss.

	September 30, 2023
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Total
Loan-to-value ratio(2):
Less than 70%	$	26,987	$	151,455	$	36,769	$	215,211	93
70% to 80%	—		—		—		—		—
81% to 90%	8,391		—		1,153		9,544		4
Greater than 90%	7,035		—		—		7,035		3
Total	$	42,413	$	151,455	$	37,922	231,790		100
Less allowance for credit losses							(2,988)
Total, net of allowance for credit losses							$	228,802

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

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

	December 31, 2022
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Total
Loan-to-value ratio(2):
Less than 70%	$	24,221	$	108,156	$	12,018	$	144,395	79
70% to 80%	—		22,120		1,238		23,358		13
81% to 90%	8,307		—		—		8,307		4
Greater than 90%	7,034		—		—		7,034		4
Total	$	39,562	$	130,276	$	13,256	183,094		100
Less allowance for credit losses							(1,789)
Total, net of allowance for credit losses							$	181,305

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

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

Schedule of Commercial Loan Participations, Allowance for Credit Loss

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Allowance for credit losses beginning balance	$	2,928	$	1,109	$	1,789	$	827
Provision (reversal) for credit losses	60		1,051		1,199		1,333
Allowance for credit losses ending balance	$	2,988	$	2,160	$	2,988	$	2,160

XML

Policy Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Policyholder Account Balance [Abstract]

Schedule of Liability for Future Policy Benefit, Activity

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 Income		DTC		Liberty National		Other		Total
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 assumptions	3,334,600		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 American		Family Heritage		Liberty National		American Income		DTC		Total
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 assumptions	75,652		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.

The following table presents total policy liabilities, both before and after the Transition Date:

	January 1,		December 31,
	2021		2020
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 health	2,998,631		2,115,002
Additional insurance liabilities(1),(2)	2,008,399		2,218,116
Total future policy benefits	24,994,257		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 tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2023 and 2022:

	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	(76,338)		(180,498)		(15,119)		(7,237)		(279,192)
Adjusted balance at January 1, 2022	3,864,026		5,432,814		1,042,842		444,118		10,783,800
Issuances(1)	596,320		499,777		73,299		23,148		1,192,544
Interest accrual(2)	131,251		204,334		38,378		15,575		389,538
Net premiums collected(3)	(366,147)		(451,993)		(95,338)		(32,628)		(946,106)
Effect of changes in the foreign exchange rate	(21,643)		—		—		—		(21,643)
Ending balance at original discount rates	4,203,807		5,684,932		1,059,181		450,213		11,398,133
Effect of change from original to current discount rates	(26,258)		153,525		17,403		15,056		159,726
Balance at September 30, 2022	$	4,177,549	$	5,838,457	$	1,076,584	$	465,269	$	11,557,859
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	(103,922)		(219,723)		(26,533)		(13,882)		(364,060)
Adjusted balance at January 1, 2023	4,157,066		5,497,311		1,044,768		443,746		11,142,891
Issuances(1)	557,844		450,361		92,894		21,756		1,122,855
Interest accrual(2)	147,968		214,988		40,362		17,071		420,389
Net premiums collected(3)	(388,288)		(461,367)		(100,093)		(34,542)		(984,290)
Effect of changes in the foreign exchange rate	(631)		—		—		—		(631)
Ending balance at original discount rates	4,473,959		5,701,293		1,077,931		448,031		11,701,214
Effect of change from original to current discount rates	(155,254)		(31,118)		(18,702)		(1,499)		(206,573)
Balance at September 30, 2023	$	4,318,705	$	5,670,175	$	1,059,229	$	446,532	$	11,494,641

(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.

	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	4,379,496	$	6,164,946	$	1,123,072	$	461,964	$	12,129,478
Beginning balance at original discount rates	4,146,094		5,616,356		1,042,155		416,918		11,221,523
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	(58,998)		(89,037)		(5,994)		(3,741)		(157,770)
Adjusted balance at July 1, 2022	4,121,362		5,606,890		1,053,880		448,391		11,230,523
Issuances(1)	176,042		160,780		24,493		7,553		368,868
Interest accrual(2)	44,410		68,476		12,793		5,270		130,949
Net premiums collected(3)	(123,636)		(151,214)		(31,985)		(11,001)		(317,836)
Effect of changes in the foreign exchange rate	(14,371)		—		—		—		(14,371)
Ending balance at original discount rates	4,203,807		5,684,932		1,059,181		450,213		11,398,133
Effect of change from original to current discount rates	(26,258)		153,525		17,403		15,056		159,726
Balance at September 30, 2022	$	4,177,549	$	5,838,457	$	1,076,584	$	465,269	$	11,557,859
Balance at July 1, 2023	$	4,472,847	$	5,988,577	$	1,110,017	$	471,279	$	12,042,720
Beginning balance at original discount rates	4,399,053		5,700,354		1,071,561		445,475		11,616,443
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	(34,571)		(91,120)		(10,938)		(7,232)		(143,861)
Adjusted balance at July 1, 2023	4,378,747		5,645,404		1,065,801		446,662		11,536,614
Issuances(1)	181,823		136,611		32,045		7,143		357,622
Interest accrual(2)	51,119		72,515		13,707		5,741		143,082
Net premiums collected(3)	(131,329)		(153,237)		(33,622)		(11,515)		(329,703)
Effect of changes in the foreign exchange rate	(6,401)		—		—		—		(6,401)
Ending balance at original discount rates	4,473,959		5,701,293		1,077,931		448,031		11,701,214
Effect of change from original to current discount rates	(155,254)		(31,118)		(18,702)		(1,499)		(206,573)
Balance at September 30, 2023	$	4,318,705	$	5,670,175	$	1,059,229	$	446,532	$	11,494,641

(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.

	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	(81,429)		(174,141)		(14,582)		(8,325)		(278,477)
Adjusted balance at January 1, 2022	7,711,306		8,088,028		3,225,039		3,298,706		22,323,079
Issuances(1)	596,320		499,774		73,299		23,148		1,192,541
Interest accrual(2)	305,526		323,432		126,814		145,941		901,713
Benefit payments(3)	(287,253)		(476,182)		(168,502)		(92,033)		(1,023,970)
Effect of changes in the foreign exchange rate	(51,726)		—		—		—		(51,726)
Ending balance at original discount rates	8,274,173		8,435,052		3,256,650		3,375,762		23,341,637
Effect of change from original to current discount rates	569,356		609,256		108,603		503,107		1,790,322
Balance at September 30, 2022	$	8,843,529	$	9,044,308	$	3,365,253	$	3,878,869	$	25,131,959

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	(109,386)		(227,639)		(27,482)		(17,962)		(382,469)
Adjusted balance at January 1, 2023	8,313,719		8,284,660		3,251,654		3,397,403		23,247,436
Issuances(1)	557,844		450,362		92,894		21,756		1,122,856
Interest accrual(2)	335,349		342,208		130,712		152,378		960,647
Benefit payments(3)	(296,133)		(432,393)		(153,294)		(86,008)		(967,828)
Effect of changes in the foreign exchange rate	(819)		—		—		—		(819)
Ending balance at original discount rates	8,909,960		8,644,837		3,321,966		3,485,529		24,362,292
Effect of change from original to current discount rates	80,477		228,607		(46,234)		282,118		544,968
Balance at September 30, 2023	$	8,990,437	$	8,873,444	$	3,275,732	$	3,767,647	$	24,907,260

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	9,512,271	$	9,664,209	$	3,622,642	$	4,220,830	$	27,019,952
Beginning balance at original discount rates	8,134,706		8,294,768		3,215,311		3,312,104		22,956,889
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	(64,348)		(87,105)		(5,116)		(3,852)		(160,421)
Adjusted balance at July 1, 2022	8,118,892		8,312,573		3,243,652		3,347,977		23,023,094
Issuances(1)	176,044		160,779		24,493		7,550		368,866
Interest accrual(2)	103,380		108,681		42,392		49,097		303,550
Benefit payments(3)	(89,075)		(146,981)		(53,887)		(28,862)		(318,805)
Effect of changes in the foreign exchange rate	(35,068)		—		—		—		(35,068)
Ending balance at original discount rates	8,274,173		8,435,052		3,256,650		3,375,762		23,341,637
Effect of change from original to current discount rates	569,356		609,256		108,603		503,107		1,790,322
Balance at September 30, 2022	$	8,843,529	$	9,044,308	$	3,365,253	$	3,878,869	$	25,131,959

Balance at July 1, 2023	$	9,668,207	$	9,487,233	$	3,507,845	$	4,109,706	$	26,772,991
Beginning balance at original discount rates	8,753,526		8,592,897		3,297,781		3,448,491		24,092,695
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	(36,998)		(97,632)		(14,364)		(9,595)		(158,589)
Adjusted balance at July 1, 2023	8,729,872		8,529,672		3,289,573		3,450,557		23,999,674
Issuances(1)	181,822		136,612		32,046		7,145		357,625
Interest accrual(2)	114,683		115,547		43,991		51,249		325,470
Benefit payments(3)	(101,161)		(136,994)		(43,644)		(23,422)		(305,221)
Effect of changes in the foreign exchange rate	(15,256)		—		—		—		(15,256)
Ending balance at original discount rates	8,909,960		8,644,837		3,321,966		3,485,529		24,362,292
Effect of change from original to current discount rates	80,477		228,607		(46,234)		282,118		544,968
Balance at September 30, 2023	$	8,990,437	$	8,873,444	$	3,275,732	$	3,767,647	$	24,907,260

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Life
	Net liability for future policy benefits as of September 30, 2022
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,070,366	$	2,750,120	$	2,197,469	$	2,925,549	$	11,943,504
Effect of changes in discount rate assumptions	595,614		455,731		91,200		488,051		1,630,596
Net liability for future policy benefits at current discount rates	4,665,980		3,205,851		2,288,669		3,413,600		13,574,100
Other Adjustments(1)	851		5,271		(4,056)		(33,790)		(31,724)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	4,666,831	$	3,211,122	$	2,284,613	$	3,379,810	$	13,542,376

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

	Life
	Net liability for future policy benefits as of September 30, 2023
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,436,001	$	2,943,544	$	2,244,035	$	3,037,498	$	12,661,078
Effect of changes in discount rate assumptions	235,731		259,725		(27,532)		283,617		751,541
Net liability for future policy benefits at current discount rates	4,671,732		3,203,269		2,216,503		3,321,115		13,412,619
Other Adjustments(1)	367		3,982		(1,389)		(32,481)		(29,521)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	4,672,099	$	3,207,251	$	2,215,114	$	3,288,634	$	13,383,098

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2023 and 2022:

	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	(22,004)		(49,359)		(31,290)		11,506		(1,249)		(92,396)
Adjusted balance at January 1, 2022	2,732,287		1,618,300		402,965		172,396		86,492		5,012,440
Issuances(1)	246,877		175,456		35,831		29,970		3,582		491,716
Interest accrual(2)	91,999		45,147		14,312		5,537		3,487		160,482
Net premiums collected(3)	(192,809)		(129,001)		(38,588)		(15,822)		(7,780)		(384,000)
Effect of changes in the foreign exchange rate	—		—		—		(1,937)		—		(1,937)
Ending balance at original discount rates	2,878,354		1,709,902		414,520		190,144		85,781		5,278,701
Effect of change from original to current discount rates	(72,237)		(158,093)		3,658		(4,636)		1,672		(229,636)
Balance at September 30, 2022	$	2,806,117	$	1,551,809	$	418,178	$	185,508	$	87,453	$	5,049,065
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	2,941,261		1,729,219		415,442		192,631		87,751		5,366,304
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	(6,240)		(50,052)		(30,526)		(7,643)		(1,666)		(96,127)
Adjusted balance at January 1, 2023	3,401,904		1,648,912		327,952		178,927		102,638		5,660,333
Issuances(1)	226,363		202,561		43,373		30,667		6,532		509,496
Interest accrual(2)	99,390		50,091		14,047		6,304		3,278		173,110
Net premiums collected(3)	(202,669)		(134,009)		(38,322)		(16,611)		(8,028)		(399,639)
Effect of changes in the foreign exchange rate	—		—		—		(165)		—		(165)
Ending balance at original discount rates	3,524,988		1,767,555		347,050		199,122		104,420		5,943,135
Effect of change from original to current discount rates	(183,608)		(192,981)		(8,372)		(9,976)		(1,254)		(396,191)
Balance at September 30, 2023	$	3,341,380	$	1,574,574	$	338,678	$	189,146	$	103,166	$	5,546,944

(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.

	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	3,138,706	$	1,650,507	$	425,277	$	193,536	$	102,433	$	5,510,459
Beginning balance at original discount rates	3,022,654		1,706,794		396,741		186,298		94,752		5,407,239
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	13,731		(13,447)		(7,101)		16,766		294		10,243
Adjusted balance at July 1, 2022	2,840,825		1,672,416		409,486		185,153		86,011		5,193,891
Issuances(1)	71,806		65,523		13,220		9,545		1,260		161,354
Interest accrual(2)	30,794		15,133		4,719		1,858		1,134		53,638
Net premiums collected(3)	(65,071)		(43,170)		(12,905)		(5,282)		(2,624)		(129,052)
Effect of changes in the foreign exchange rate	—		—		—		(1,130)		—		(1,130)
Ending balance at original discount rates	2,878,354		1,709,902		414,520		190,144		85,781		5,278,701
Effect of change from original to current discount rates	(72,237)		(158,093)		3,658		(4,636)		1,672		(229,636)
Balance at September 30, 2022	$	2,806,117	$	1,551,809	$	418,178	$	185,508	$	87,453	$	5,049,065
Balance at July 1, 2023	$	2,984,554	$	1,661,020	$	409,551	$	201,844	$	89,674	$	5,346,643
Beginning balance at original discount rates	2,985,660		1,771,206		400,180		201,709		86,840		5,445,595
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	22,683		(15,658)		(2,692)		(2,394)		229		2,168
Adjusted balance at July 1, 2023	3,475,226		1,725,293		340,524		193,254		103,622		5,837,919
Issuances(1)	82,647		70,216		15,183		9,880		2,317		180,243
Interest accrual(2)	35,536		17,272		4,380		2,170		1,160		60,518
Net premiums collected(3)	(68,421)		(45,226)		(13,037)		(5,630)		(2,679)		(134,993)
Effect of changes in the foreign exchange rate	—		—		—		(552)		—		(552)
Ending balance at original discount rates	3,524,988		1,767,555		347,050		199,122		104,420		5,943,135
Effect of change from original to current discount rates	(183,608)		(192,981)		(8,372)		(9,976)		(1,254)		(396,191)
Balance at September 30, 2023	$	3,341,380	$	1,574,574	$	338,678	$	189,146	$	103,166	$	5,546,944

(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.

	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	(24,710)		(51,720)		(32,395)		14,231		(1,425)		(96,019)
Adjusted balance at January 1, 2022	2,871,255		3,114,411		907,278		278,276		85,933		7,257,153
Issuances(1)	246,559		175,456		36,171		29,970		3,567		491,723
Interest accrual(2)	97,837		89,968		35,871		10,348		3,487		237,511
Benefit payments(3)	(198,013)		(89,359)		(71,652)		(15,360)		(9,354)		(383,738)
Effect of changes in the foreign exchange rate	—		—		—		(3,927)		—		(3,927)
Ending balance at original discount rates	3,017,638		3,290,476		907,668		299,307		83,633		7,598,722
Effect of change from original to current discount rates	(75,810)		(389,326)		26,139		5,432		1,648		(431,917)
Balance at September 30, 2022	$	2,941,828	$	2,901,150	$	933,807	$	304,739	$	85,281	$	7,166,805

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	(5,530)		(53,292)		(29,581)		(8,680)		(1,925)		(99,008)
Adjusted balance at January 1, 2023	3,539,755		3,250,624		814,847		288,626		99,217		7,993,069
Issuances(1)	225,915		202,561		42,863		30,667		6,518		508,524
Interest accrual(2)	104,932		99,344		34,699		11,199		3,278		253,452
Benefit payments(3)	(221,753)		(92,973)		(73,614)		(18,633)		(9,502)		(416,475)
Effect of changes in the foreign exchange rate	—		—		—		(217)		—		(217)
Ending balance at original discount rates	3,648,849		3,459,556		818,795		311,642		99,511		8,338,353
Effect of change from original to current discount rates	(191,041)		(498,312)		(4,792)		(5,601)		(1,111)		(700,857)
Balance at September 30, 2023	$	3,457,808	$	2,961,244	$	814,003	$	306,041	$	98,400	$	7,637,496

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	3,285,696	$	3,129,877	$	985,214	$	321,968	$	99,484	$	7,822,239
Beginning balance at original discount rates	3,160,028		3,267,244		896,137		295,571		92,143		7,711,123
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	13,347		(14,614)		(8,476)		19,916		191		10,364
Adjusted balance at July 1, 2022	2,978,439		3,225,419		905,726		293,928		84,064		7,487,576
Issuances(1)	71,731		65,524		13,379		9,547		1,257		161,438
Interest accrual(2)	32,729		30,383		11,836		3,462		1,134		79,544
Benefit payments(3)	(65,261)		(30,850)		(23,273)		(5,168)		(2,822)		(127,374)
Effect of changes in the foreign exchange rate	—		—		—		(2,462)		—		(2,462)
Ending balance at original discount rates	3,017,638		3,290,476		907,668		299,307		83,633		7,598,722
Effect of change from original to current discount rates	(75,810)		(389,326)		26,139		5,432		1,648		(431,917)
Balance at September 30, 2022	$	2,941,828	$	2,901,150	$	933,807	$	304,739	$	85,281	$	7,166,805

Balance at July 1, 2023	$	3,116,389	$	3,167,461	$	923,148	$	328,579	$	85,856	$	7,621,433
Beginning balance at original discount rates	3,116,768		3,436,167		880,879		315,087		83,188		7,832,089
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	22,410		(17,000)		(2,563)		(2,662)		(95)		90
Adjusted balance at July 1, 2023	3,603,830		3,386,739		817,879		306,018		99,023		8,213,489
Issuances(1)	82,511		70,215		14,963		9,880		2,310		179,879
Interest accrual(2)	37,340		34,024		11,173		3,810		1,160		87,507
Benefit payments(3)	(74,832)		(31,422)		(25,220)		(6,973)		(2,982)		(141,429)
Effect of changes in the foreign exchange rate	—		—		—		(1,093)		—		(1,093)
Ending balance at original discount rates	3,648,849		3,459,556		818,795		311,642		99,511		8,338,353
Effect of change from original to current discount rates	(191,041)		(498,312)		(4,792)		(5,601)		(1,111)		(700,857)
Balance at September 30, 2023	$	3,457,808	$	2,961,244	$	814,003	$	306,041	$	98,400	$	7,637,496

(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, lapse, and maturity benefit payments based on the revised expected assumptions.

	Health
	Net liability for future policy benefits as of September 30, 2022
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	139,284	$	1,580,574	$	493,148	$	109,163	$	(2,148)	$	2,320,021
Effect of changes in discount rate assumptions	(3,573)		(231,233)		22,481		10,068		(24)		(202,281)
Net liability for future policy benefits at current discount rates	135,711		1,349,341		515,629		119,231		(2,172)		2,117,740
Other Adjustments(1)	(169)		583		3,354		56		3,232		7,056
Net liability for future policy benefits, after other adjustments, at current discount rates	$	135,542	$	1,349,924	$	518,983	$	119,287	$	1,060	$	2,124,796

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

	Health
	Net liability for future policy benefits as of September 30, 2023
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	123,861		1,692,001		471,745		112,520		(4,909)		2,395,218
Effect of changes in discount rate assumptions	(7,433)		(305,331)		3,580		4,375		143		(304,666)
Net liability for future policy benefits at current discount rates	116,428		1,386,670		475,325		116,895		(4,766)		2,090,552
Other Adjustments(1)	4,374		(4,717)		7,043		993		5,530		13,223
Net liability for future policy benefits, after other adjustments, at current discount rates	$	120,802	$	1,381,953	$	482,368	$	117,888	$	764	$	2,103,775

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of September 30, 2023:

	At Original Discount Rates				At Current Discount Rates
	As of September 30,				As of September 30,
	2023		2022		2023		2022
Life(1):
American Income	$	4,435,901	$	4,070,359	$	4,672,099	$	4,666,831
Direct to Consumer	2,943,544		2,750,122		3,207,251		3,211,122
Liberty National	2,236,374		2,186,063		2,215,114		2,284,613
Other	3,010,853		2,900,148		3,288,634		3,379,810
Net liability for future policy benefits—long duration life	12,626,672		11,906,692		13,383,098		13,542,376
Health(1):
United American	126,105		137,231		120,802		135,542
Family Heritage	1,681,391		1,571,083		1,381,953		1,349,924
Liberty National	478,078		495,628		482,368		518,983
American Income	113,340		109,217		117,888		119,287
Direct to Consumer	752		1,024		764		1,060
Net liability for future policy benefits—long duration health	2,399,666		2,314,183		2,103,775		2,124,796
Deferred profit liability	173,520		176,296		173,520		176,296
Deferred annuity	813,275		991,687		813,275		991,687
Interest sensitive life	735,025		740,513		735,025		740,513
Other	9,400		9,503		9,405		9,504
Total future policy benefits	$	16,757,558	$	16,138,874	$	17,218,098	$	17,585,172

(1)Balances are presented net of the reinsurance recoverable and the effects of flooring the liability.

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2023 and 2022:

	Life
	Weighted-average Discount Rates
	As of September 30, 2023								As of September 30, 2022
	American Income		DTC		Liberty National		Other		American Income		DTC		Liberty National		Other
Original discount rate	5.7	%	6.0	%	5.6	%	6.2	%	5.8	%	6.0	%	5.6	%	6.2	%
Current discount rate	5.6	%	5.6	%	5.7	%	5.7	%	5.2	%	5.3	%	5.3	%	5.3	%

	Health
	Weighted-average Discount Rates
	As of September 30, 2023										As of September 30, 2022
	United American		Family Heritage		Liberty National		American Income		DTC		United American		Family Heritage		Liberty National		American Income		DTC
Original discount rate	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%
Current discount rate	5.5	%	5.7	%	5.7	%	5.6	%	5.5	%	5.1	%	5.3	%	5.3	%	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 September 30, 2023 and 2022:

	As of September 30,
	2023		2022
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	23.08	23.29	22.91	23.37
Direct to Consumer	19.73	21.00	20.40	21.97
Liberty National	15.12	15.20	14.82	15.31
Other	16.34	17.42	16.65	18.22
Health
United American	11.40	10.34	11.39	10.65
Family Heritage	14.90	13.81	14.90	14.22
Liberty National	9.11	8.97	9.20	9.35
American Income	12.14	12.20	12.14	12.56
Direct to Consumer	11.40	10.34	11.39	10.65

The following tables summarize the amount of gross premiums and interest, net of reinsurance, related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations:

	Life
	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	1,181,247	$	187,381	$	1,122,987	$	174,275
Direct to Consumer	735,374		127,040		729,950		118,995
Liberty National	256,641		89,765		240,460		88,061
Other	154,836		133,991		156,509		129,118
Total	$	2,328,098	$	538,177	$	2,249,906	$	510,449

	Life
	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	399,794	$	63,565	$	377,859	$	58,970
Direct to Consumer	244,931		42,978		243,021		40,161
Liberty National	87,071		30,095		81,007		29,469
Other	51,493		45,065		51,959		43,405
Total	$	783,289	$	181,703	$	753,846	$	172,005

	Health
	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	298,964	$	5,345	$	283,059	$	5,665
Family Heritage	294,047		48,904		272,431		44,516
Liberty National	139,875		20,567		139,818		21,490
American Income	84,863		4,896		83,880		4,811
Direct to Consumer	10,680		—		10,710		—
Total	$	828,429	$	79,712	$	789,898	$	76,482

	Health
	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	100,285	$	1,741	$	95,178	$	1,874
Family Heritage	99,828		16,632		92,133		15,145
Liberty National	46,441		6,766		45,721		7,092
American Income	28,528		1,640		27,939		1,605
Direct to Consumer	3,583		—		3,580		—
Total	$	278,665	$	26,779	$	264,551	$	25,716

Schedule of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefits And Expenses

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:

	Life
	As of September 30, 2023						As of September 30, 2022
	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	$	23,974,963	$	13,530,015	$	13,147,003	$	22,410,479	$	12,703,160	$	12,721,890
PV of expected future net premiums	7,912,903		4,473,959		4,318,705		7,394,076		4,203,807		4,177,549
PV of expected future policy benefits	30,182,319		8,909,960		8,990,437		27,877,017		8,274,173		8,843,529
DTC
PV of expected future gross premiums	$	17,575,618	$	9,182,146	$	9,112,202	$	17,335,350	$	9,078,493	$	9,301,184
PV of expected future net premiums	10,850,664		5,701,293		5,670,175		10,780,312		5,684,932		5,838,457
PV of expected future policy benefits	25,711,499		8,644,837		8,873,444		25,253,094		8,435,052		9,044,308
Liberty National
PV of expected future gross premiums	$	4,601,176	$	2,681,034	$	2,577,877	$	4,343,332	$	2,525,305	$	2,505,580
PV of expected future net premiums	1,901,039		1,077,931		1,059,229		1,876,758		1,059,181		1,076,584
PV of expected future policy benefits	8,852,345		3,321,966		3,275,732		8,553,973		3,256,650		3,365,253
Other
PV of expected future gross premiums	$	3,753,093	$	1,901,531	$	1,953,533	$	3,832,082	$	1,932,064	$	2,055,807
PV of expected future net premiums	919,200		448,031		446,532		925,064		450,213		465,269
PV of expected future policy benefits	12,427,646		3,485,529		3,767,647		12,333,168		3,375,762		3,878,869
Total
PV of expected future gross premiums	$	49,904,850	$	27,294,726	$	26,790,615	$	47,921,243	$	26,239,022	$	26,584,461
PV of expected future net premiums	21,583,806		11,701,214		11,494,641		20,976,210		11,398,133		11,557,859
PV of expected future policy benefits	77,173,809		24,362,292		24,907,260		74,017,252		23,341,637		25,131,959

	Health
	As of September 30, 2023						As of September 30, 2022
	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	$	8,442,713	$	5,141,771	$	4,871,878	$	6,659,804	$	4,191,787	$	4,082,931
PV of expected future net premiums	5,799,017		3,524,988		3,341,380		4,586,540		2,878,354		2,806,117
PV of expected future policy benefits	5,998,770		3,648,849		3,457,808		4,818,514		3,017,638		2,941,828
Family Heritage
PV of expected future gross premiums	$	6,637,472	$	3,932,327	$	3,523,258	$	6,221,234	$	3,732,771	$	3,413,372
PV of expected future net premiums	2,962,973		1,767,555		1,574,574		2,824,266		1,709,902		1,551,809
PV of expected future policy benefits	6,549,339		3,459,556		2,961,244		6,140,498		3,290,476		2,901,150
Liberty National
PV of expected future gross premiums	$	2,084,428	$	1,321,438	$	1,308,898	$	2,268,736	$	1,413,365	$	1,439,069
PV of expected future net premiums	515,612		347,050		338,678		654,018		414,520		418,178
PV of expected future policy benefits	1,414,512		818,795		814,003		1,606,868		907,668		933,807
American Income
PV of expected future gross premiums	$	1,755,682	$	984,122	$	969,090	$	1,738,642	$	971,620	$	987,597
PV of expected future net premiums	354,120		199,122		189,146		337,734		190,144		185,508
PV of expected future policy benefits	632,349		311,642		306,041		609,213		299,307		304,739
Direct to Consumer
PV of expected future gross premiums	$	224,522	$	141,374	$	139,748	$	173,045	$	113,484	$	115,727
PV of expected future net premiums	166,099		104,420		103,166		130,993		85,781		87,453
PV of expected future policy benefits	154,931		99,511		98,400		125,591		83,633		85,281
Total
PV of expected future gross premiums	$	19,144,817	$	11,521,032	$	10,812,872	$	17,061,461	$	10,423,027	$	10,038,696
PV of expected future net premiums	9,797,821		5,943,135		5,546,944		8,533,551		5,278,701		5,049,065
PV of expected future policy benefits	14,749,901		8,338,353		7,637,496		13,300,684		7,598,722		7,166,805

Schedule of Policyholder Account Balance

The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2023 and 2022:

	Policyholders' Account Balances
	2023						2022
	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
Balance at January 1,	$	739,105	$	954,318	$	123,234	$	745,335	$	1,033,525	$	99,468
Issuances	—		602		—		—		1,031		—
Premiums received	17,062		10,543		100,113		18,133		18,898		8,689
Policy charges	(9,729)		—		—		(10,247)		—		—
Surrenders and withdrawals	(16,204)		(125,176)		(9,106)		(16,708)		(52,264)		(8,701)
Benefit payments	(22,753)		(48,459)		—		(25,913)		(34,684)		—
Interest credited	21,274		21,608		6,164		21,475		24,702		3,522
Other	6,270		(161)		(2,195)		8,438		479		72
Balance at September 30,	$	735,025	$	813,275	$	218,210	$	740,513	$	991,687	$	103,050

	Policyholders' Account Balances
	2023						2022
	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
Balance at July 1,	$	736,920	$	853,064	$	187,873	$	742,293	$	1,015,804	$	100,234
Issuances	—		231		—		—		338		—
Premiums received	5,398		2,439		31,704		5,746		4,824		4,797
Policy charges	(3,213)		—		—		(3,373)		—		—
Surrenders and withdrawals	(5,582)		(37,905)		(2,782)		(5,955)		(26,148)		(3,059)
Benefit payments	(7,258)		(11,047)		—		(7,552)		(11,232)		—
Interest credited	7,083		6,863		2,825		7,110		8,112		1,264
Other	1,677		(370)		(1,410)		2,244		(11)		(186)
Balance at September 30,	$	735,025	$	813,275	$	218,210	$	740,513	$	991,687	$	103,050

Weighted-average credit rate	3.91		%	3.34	%	5.68	%	3.89		%	3.27	%	5.07	%
Net amount at risk	$	1,793,787		N/A		N/A		$	1,899,046		N/A		N/A
Cash surrender value	673,814			813,276		218,210		690,020			991,600		103,049

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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:

	At September 30, 2023
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,011	$	118,565
3.00%-3.99%	29,018		610,785		4,002
4.00%-4.99%	615,835		199,724		6,851
Greater than 5.00%	90,172		755		38,788
Total	735,025		813,275		168,206
51-150 basis points above
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		50,004
Greater than 5.00%	—		—		—
Total	—		—		50,004
Grand Total	$	735,025	$	813,275	$	218,210

	At September 30, 2022
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,104	$	3,007
3.00%-3.99%	28,776		778,673		2,941
4.00%-4.99%	622,316		210,910		58,888
Greater than 5.00%	89,421		—		38,214
Total	$	740,513	$	991,687	$	103,050
51-150 basis points above
Less than 3.00%	$	—	$	—	$	—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—
Grand Total	$	740,513	$	991,687	$	103,050

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Deferred Acquisition Costs (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Schedule of Analysis of Deferred Acquisition Costs

The following table presents the Company's deferred policy acquisition costs, both before and after the Transition Date:

	January 1,		December 31,
	2021		2020
Life:
American Income	$	1,647,761	$	1,647,761
Direct to Consumer	1,498,970		1,498,435
Liberty National	531,504		531,504
Other	304,786		304,459
Total life	3,983,021		3,982,159
Health:
United American	65,020		74,353
Family Heritage	364,751		364,751
Liberty National	124,754		124,888
American Income	39,477		39,477
Direct to Consumer	2,215		6,600
Total health	596,217		610,069
Annuity	8,309		3,216
Total DAC	$	4,587,547	$	4,595,444

The following table presents the effect of transition adjustments due to the adoption of ASU 2018-12 on Shareholders' Equity:

	Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Other(1)		Total
Shareholders’ Equity, as of December 31, 2020	$	5,874,109	$	3,029,244	$	(132,261)	$	8,771,092
Effect of changes in discount rate assumptions	—		(7,829,753)		—		(7,829,753)
Effect of capping and flooring	(38,992)		—		—		(38,992)
Effect of removal of unrealized gain (loss) on DAC	—		4,704		—		4,704
Other adjustments	26,470		—		—		26,470
Shareholders’ Equity, as of January 1, 2021	$	5,861,587	$	(4,795,805)	$	(132,261)	$	933,521

(1)Other represents common stock, additional paid-in capital, and treasury stock, combining balances that were unaffected by the new standard.

The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 2023 and 2022:

	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	341,585		140,449		66,073		10,268		558,375
Amortization expense	(104,124)		(70,478)		(33,899)		(12,594)		(221,095)
Foreign exchange adjustment	(15,003)		—		—		—		(15,003)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2022	$	2,182,712	$	1,653,666	$	598,593	$	299,321	$	4,734,292
Balance at January 1, 2023	$	2,258,291	$	1,676,931	$	610,723	$	298,346	$	4,844,291
Capitalizations	351,933		123,774		78,599		9,970		564,276
Amortization expense	(118,207)		(74,496)		(38,192)		(12,390)		(243,285)
Foreign exchange adjustment	(1,297)		—		—		—		(1,297)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2023	$	2,490,720	$	1,726,209	$	651,130	$	295,926	$	5,163,985

	Life
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2022	$	2,116,771	$	1,630,734	$	586,898	$	300,272	$	4,634,675
Capitalizations	111,564		46,792		23,259		3,250		184,865
Amortization expense	(35,860)		(23,860)		(11,564)		(4,201)		(75,485)
Foreign exchange adjustment	(9,763)		—		—		—		(9,763)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2022	$	2,182,712	$	1,653,666	$	598,593	$	299,321	$	4,734,292
Balance at July 1, 2023	$	2,417,480	$	1,714,715	$	636,209	$	296,861	$	5,065,265
Capitalizations	117,761		36,385		27,950		3,203		185,299
Amortization expense	(40,465)		(24,891)		(13,029)		(4,138)		(82,523)
Foreign exchange adjustment	(4,056)		—		—		—		(4,056)
Experience adjustment	—		—		—		—		—
Balance at September 30, 2023	$	2,490,720	$	1,726,209	$	651,130	$	295,926	$	5,163,985

	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	1,628		38,500		13,357		9,408		2		62,895
Amortization expense	(4,503)		(19,048)		(9,990)		(2,567)		(134)		(36,242)
Foreign exchange adjustment	—		—		—		(755)		—		(755)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2022	$	78,265	$	408,419	$	130,904	$	55,492	$	1,900	$	674,980
Balance at January 1, 2023	$	77,394	$	416,608	$	133,096	$	57,811	$	1,854	$	686,763
Capitalizations	1,491		46,977		14,854		9,579		—		72,901
Amortization expense	(4,504)		(20,071)		(9,977)		(2,919)		(137)		(37,608)
Foreign exchange adjustment	—		—		—		(125)		—		(125)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2023	$	74,381	$	443,514	$	137,973	$	64,346	$	1,717	$	721,931

	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2022	$	79,174	$	401,722	$	129,592	$	53,776	$	1,945	$	666,209
Capitalizations	560		13,070		4,621		3,063		—		21,314
Amortization expense	(1,469)		(6,373)		(3,309)		(880)		(45)		(12,076)
Foreign exchange adjustment	—		—		—		(467)		—		(467)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2022	$	78,265	$	408,419	$	130,904	$	55,492	$	1,900	$	674,980
Balance at July 1, 2023	$	75,349	$	433,999	$	136,276	$	62,285	$	1,760	$	709,669
Capitalizations	495		16,386		5,120		3,259		—		25,260
Amortization expense	(1,463)		(6,871)		(3,423)		(1,016)		(43)		(12,816)
Foreign exchange adjustment	—		—		—		(182)		—		(182)
Experience adjustment	—		—		—		—		—		—
Balance at September 30, 2023	$	74,381	$	443,514	$	137,973	$	64,346	$	1,717	$	721,931

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets as of September 30, 2023:

	September 30,
	2023		2022
Life
American Income	$	2,490,720	$	2,182,712
Direct to Consumer	1,726,209		1,653,666
Liberty National	651,130		598,593
Other	295,926		299,321
Total DAC - Life	5,163,985		4,734,292
Health
United American	74,381		78,265
Family Heritage	443,514		408,419
Liberty National	137,973		130,904
American Income	64,346		55,492
Direct to Consumer	1,717		1,900
Total DAC - Health	721,931		674,980
Annuity	3,377		5,085
Total	$	5,889,293	$	5,414,357

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Liability for Unpaid Claims (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Schedule of Liability for Unpaid Health Claims

Activity in the liability for unpaid health claims is summarized as follows:

	September 30, 2023		December 31, 2022
Balance at beginning of period	$	182,202	$	171,109
Incurred related to:
Current year	523,152		676,190
Prior year	(2,383)		(15,631)
Total incurred	520,769		660,559
Paid related to:
Current year	375,687		517,856
Prior year	137,701		131,610
Total paid	513,388		649,466
Balance at end of period	$	189,583	$	182,202

Schedule of Reconciliation of Policy Claims and Other Benefits Payable

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

	September 30, 2023		December 31, 2022
Policy claims and other benefits payable:
Life insurance	$	313,489	$	325,017
Health insurance	189,583		182,202
Total	$	503,072	$	507,219

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Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Pension Assets by Component at Fair Value

Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2023 and December 31, 2022.

Pension Assets by Component at September 30, 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
Corporate bonds:
Exchange traded fund(4)	$	7,424	$	—	$	—	$	7,424	1
Financial	—		—		—		—		—
Utilities	—		—		—		—		—
Energy	—		—		—		—		—
Other corporates	—		—		—		—		—
Total corporate bonds	7,424		—		—		7,424		1
Exchange traded fund(1)	290,116		—		—		290,116		57
U.S. Government and Agency	—		139,820		—		139,820		27
Other bonds	—		5		—		5		—
Guaranteed annuity contract(2)	—		43,294		—		43,294		9
Short-term investments	16,615		—		—		16,615		3
Other	511		—		—		511		—
	$	314,666	$	183,119	$	—	497,785		97
Other long-term investments(3)							13,407		3
Total pension assets							$	511,192	100

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

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

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of September 30, 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.

Pension Assets by Component at December 31, 2022

	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
Corporate bonds:
Financial	$	—	$	35,649	$	—	$	35,649	7
Utilities	—		23,436		—		23,436		5
Energy	—		12,776		—		12,776		3
Other corporates	—		56,786		—		56,786		11
Total corporate bonds	—		128,647		—		128,647		26
Exchange traded fund(1)	258,297		—		—		258,297		52
U.S. Government and Agency	—		44,213		—		44,213		9
Other bonds	—		200		—		200		—
Guaranteed annuity contract(2)	—		43,116		—		43,116		8
Short-term investments	4,467		—		—		4,467		1
Other	6,547		—		—		6,547		1
	$	269,311	$	216,176	$	—	485,487		97
Other long-term investments(3)							14,288		3
Total pension assets							$	499,775	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)Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1% of the investment fund. As of December 31, 2022, the expected term of the investment fund was approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable.

Schedule of Information Regarding the SERP

The following table includes information regarding the SERP.

	Nine Months Ended September 30,
	2023		2022
Premiums paid for insurance coverage	$	443	$	443
	September 30, 2023		December 31, 2022
Total investments:
Company owned life insurance	$	54,761	$	54,681
Exchange traded funds	78,310		71,258
	$	133,071	$	125,939

Schedule of Pension Liability

The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2023 and December 31, 2022.

	September 30, 2023		December 31, 2022
Pension Plans	$	490,547	$	492,103
SERP	71,285		70,464
Pension benefit obligation	$	561,832	$	562,567

Schedule of Net Periodic Benefit Cost

The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and nine month periods ended September 30, 2023 and 2022. Components of Net Periodic Benefit Cost

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service cost	$	5,392	$	8,657	$	16,174	$	25,968
Interest cost	7,834		6,124		23,502		18,368
Expected return on assets	(9,656)		(8,885)		(28,968)		(26,655)
Amortization:
Prior service cost	269		158		807		474
Actuarial (gain) loss	(48)		3,208		(152)		9,625
Net periodic benefit cost	$	3,791	$	9,262	$	11,363	$	27,780

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted Weighted-Average Shares Outstanding

A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Basic weighted average shares outstanding	94,636,867	97,258,349	95,445,416	98,244,271
Weighted average dilutive options outstanding	1,180,770	889,175	1,211,974	857,964
Diluted weighted average shares outstanding	95,817,637	98,147,524	96,657,390	99,102,235
Antidilutive shares	492,970	2,602,609	399,071	2,351,522

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Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Selected Information about Debt Issues

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

Selected Information about Debt Issues

				As of
				September 30, 2023								December 31, 2022
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value
Senior notes	05/27/1993	05/15/2023	7.875%	$	—	$	—	$	—	$	—	$	165,500
Senior notes	09/27/2018	09/15/2028	4.550%	550,000		(3,887)		546,113		521,290		545,601
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(3,442)		396,558		309,828		396,219
Senior notes(1)	05/19/2022	06/15/2032	4.800%	250,000		(4,222)		245,778		228,709		245,493
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,578)		123,422		114,972		123,410
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,713)		317,287		242,450		317,229
Term loan(2)	05/11/2023	11/11/2024	6.200%	170,000		(575)		169,425		169,425		—
				1,820,000		(21,417)		1,798,583		1,586,674		1,793,452
Less current maturity of long-term debt				—		—		—		—		165,500
Total long-term debt				1,820,000		(21,417)		1,798,583		1,586,674		1,627,952
Current maturity of long-term debt				—		—		—		—		165,500
FHLB borrowings				198,000		—		198,000		198,000		—
Commercial paper				251,000		(1,463)		249,537		249,537		283,603
Total short-term debt				449,000		(1,463)		447,537		447,537		449,103
Total debt				$	2,269,000	$	(22,880)	$	2,246,120	$	2,034,211	$	2,077,055

(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.

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Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Premium Income by Distribution Channel

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

Premium Income by Distribution Channel

	Three Months Ended September 30, 2023
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	400,214	51	$	30,535	9	$	—	—	$	430,749	39
Direct to Consumer	247,858		32	17,153		5	—		—	265,011		24
Liberty National	88,199		11	46,643		14	—		—	134,842		12
United American	1,802		—	137,077		42	—		—	138,879		12
Family Heritage	1,561		—	99,828		30	—		—	101,389		9
Other	48,465		6	—		—	—		—	48,465		4
	$	788,099	100	$	331,236	100	$	—	—	$	1,119,335	100

Premium Income by Distribution Channel

	Three Months Ended September 30, 2022
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	378,258	50	$	29,753	9	$	—	—	$	408,011	38
Direct to Consumer	246,021		32	17,733		6	—		—	263,754		24
Liberty National	82,273		11	45,957		14	—		—	128,230		12
United American	1,970		—	134,832		42	1		100	136,803		13
Family Heritage	1,411		—	92,131		29	—		—	93,542		9
Other	48,942		7	—		—	—		—	48,942		4
	$	758,875	100	$	320,406	100	$	1	100	$	1,079,282	100

	Nine Months Ended September 30, 2023
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	1,182,346	50	$	89,656	9	$	—	—	$	1,272,002	38
Direct to Consumer	744,132		32	51,576		5	—		—	795,708		24
Liberty National	260,036		11	140,518		14	—		—	400,554		12
United American	5,533		—	407,137		42	—		—	412,670		13
Family Heritage	4,554		—	294,029		30	—		—	298,583		9
Other	145,828		7	—		—	—		—	145,828		4
	$	2,342,429	100	$	982,916	100	$	—	—	$	3,325,345	100

	Nine Months Ended September 30, 2022
	Life			Health			Annuity			Total
Distribution Channel	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
American Income	$	1,124,112	50	$	87,930	9	$	—	—	$	1,212,042	38
Direct to Consumer	739,017		33	53,509		6	—		—	792,526		25
Liberty National	244,149		11	140,563		15	—		—	384,712		12
United American	6,047		—	401,966		42	1		100	408,014		13
Family Heritage	4,143		—	272,429		28	—		—	276,572		8
Other	147,427		6	—		—	—		—	147,427		4
	$	2,264,895	100	$	956,397	100	$	1	100	$	3,221,293	100

Schedule of Reconciliation of Segment Operating Information to Consolidated Statement of Operations

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.

	Three Months Ended September 30, 2023
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	788,099	$	331,236	$	—	$	—	$	—	$	—		$	1,119,335
Net investment income	—		—		—		266,926		—		—			266,926
Other income	—		—		—		—		50		—			50
Total revenue	788,099		331,236		—		266,926		50		—			1,386,311
Expenses:
Policy benefits	515,676		193,790		6,854		2,724		—		—			719,044
Required interest on reserves	(194,199)		(26,732)		(9,353)		230,284		—		—			—
Amortization of acquisition costs	82,523		12,816		418		—		—		—			95,757
Commissions, premium taxes, and non-deferred acquisition costs	84,011		54,662		4		—		—		—			138,677
Insurance administrative expense(1)	—		—		—		—		74,585					74,585
Parent expense	—		—		—		—		2,581		1,137		(2)	3,718
Stock-based compensation expense	—		—		—		—		7,567		—			7,567
Interest expense	—		—		—		—		25,955		—			25,955
Total expenses	488,011		234,536		(2,077)		233,008		110,688		1,137			1,065,303
Subtotal	300,088		96,700		2,077		33,918		(110,638)		(1,137)			321,008
Non-operating items	—		—		—		—		—		1,137		(2)	1,137
Measure of segment profitability (pretax)	$	300,088	$	96,700	$	2,077	$	33,918	$	(110,638)	$	—		322,145
Realized gain (loss)—investments														(2,193)
Non-operating expenses														(1,137)
Income before income taxes per Condensed Consolidated Statements of Operations														$	318,815

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

	Three Months Ended September 30, 2022
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	758,875	$	320,406	$	1	$	—	$	—	$	—		$	1,079,282
Net investment income	—		—		—		246,711		—		—			246,711
Other income	—		—		—		—		399		—			399
Total revenue	758,875		320,406		1		246,711		399		—			1,326,392
Expenses:
Policy obligations	545,933		182,409		8,136		1,098		—		—			737,576
Required interest on reserves	(184,712)		(25,690)		(11,228)		221,630		—		—			—
Amortization of acquisition costs	75,486		12,076		450		—		—		—			88,012
Commissions, premium taxes, and non-deferred acquisition costs	74,284		50,479		5		—		—		—			124,768
Insurance administrative expense(1)	—		—		—		—		75,048		1,416		(2)	76,464
Parent expense	—		—		—		—		2,556					2,556
Stock-based compensation expense	—		—		—		—		9,120		—			9,120
Interest expense	—		—		—		—		23,965		—			23,965
Total expenses	510,991		219,274		(2,637)		222,728		110,689		1,416			1,062,461
Subtotal	247,884		101,132		2,638		23,983		(110,290)		(1,416)			263,931
Non-operating items	—		—		—		—		—		1,416		(2)	1,416
Measure of segment profitability (pretax)	$	247,884	$	101,132	$	2,638	$	23,983	$	(110,290)	$	—		265,347
Realized gain (loss)—investments														(29,155)
Legal proceedings														(1,416)
Income before income taxes per Condensed Consolidated Statements of Operations														$	234,776

(1)Administrative expense is not allocated to insurance segments.

(2)Legal proceedings.

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.

	Nine Months Ended September 30, 2023
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	2,342,429	$	982,916	$	—	$	—	$	—	$	—		$	3,325,345
Net investment income	—		—		—		785,275		—		—			785,275
Other income	—		—		—		—		185		—			185
Total revenue	2,342,429		982,916		—		785,275		185		—			4,110,805
Expenses:
Policy obligations	1,536,317		580,676		21,502		5,986		—		—			2,144,481
Required interest on reserves	(575,801)		(79,603)		(29,327)		684,731		—		—			—
Amortization of acquisition costs	243,285		37,608		1,266		—		—		—			282,159
Commissions, premium taxes, and non-deferred acquisition costs	251,136		163,784		13		—		—		—			414,933
Insurance administrative expense(1)	—		—		—		—		223,951		—			223,951
Parent expense	—		—		—		—		8,254		1,137		(2)	9,391
Stock-based compensation expense	—		—		—		—		22,732		—			22,732
Interest expense	—		—		—		—		76,640		—			76,640
Total expenses	1,454,937		702,465		(6,546)		690,717		331,577		1,137			3,174,287
Subtotal	887,492		280,451		6,546		94,558		(331,392)		(1,137)			936,518
Non-operating items	—		—		—		—		—		1,137		(2)	1,137
Measure of segment profitability (pretax)	$	887,492	$	280,451	$	6,546	$	94,558	$	(331,392)	$	—		937,655
Realized gain (loss)—investments														(78,963)
Non-operating expenses														(1,137)
Income before income taxes per Consolidated Statements of Operations														$	857,555

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

	Nine Months Ended September 30, 2022
	Life		Health		Annuity		Investment		Corporate & Other		Adjustments			Consolidated
Revenue:
Premium	$	2,264,895	$	956,397	$	1	$	—	$	—	$	—		$	3,221,293
Net investment income	—		—		—		736,317		—		—			736,317
Other income	—		—		—		—		862		—			862
Total revenue	2,264,895		956,397		1		736,317		862		—			3,958,472
Expenses:
Policy obligations	1,533,726		561,502		24,700		3,228		—		—			2,123,156
Required interest on reserves	(548,840)		(76,420)		(33,956)		659,216		—		—			—
Amortization of acquisition costs	221,096		36,242		1,355		—		—		—			258,693
Commissions, premium taxes, and non-deferred acquisition costs	222,310		154,160		20		—		—		—			376,490
Insurance administrative expense(1)	—		—		—		—		221,313		6,513		(2,3)	227,826
Parent expense	—		—		—		—		8,089		(368)		(3)	7,721
Stock-based compensation expense	—		—		—		—		26,603		—			26,603
Interest expense	—		—		—		—		65,737		—			65,737
Total expenses	1,428,292		675,484		(7,881)		662,444		321,742		6,145			3,086,226
Subtotal	836,603		280,913		7,882		73,873		(320,880)		(6,145)			872,246
Non-operating items	—		—		—		—		—		6,145		(2,3)	6,145
Measure of segment profitability (pretax)	$	836,603	$	280,913	$	7,882	$	73,873	$	(320,880)	$	—		878,391
Realized gain (loss)—investments														(66,845)
Legal proceedings														(1,416)
Non-operating expenses														(4,729)
Income before income taxes per Consolidated Statements of Operations														$	805,401

(1)Administrative expense is not allocated to insurance segments.

(2)Legal proceedings.

(3)Non-operating expenses.

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Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 segment
Significant of Account Policies [Line Items]
Number of reportable segments	4
Life insurance
Significant of Account Policies [Line Items]
Proportion of future policy reserves which are not universal life type	91.00%

XML

New Accounting Standards - Schedule of Liability for Future Policy Benefits, Nonparticipating Traditional Life (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at current discount rates as of January 1, 2021	$ 17,218,098	$ 18,040,042	$ 17,585,172
As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at current discount rates as of January 1, 2021		$ 16,721,846
Life
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	544,968		1,790,322		$ 9,057,475
Effect of capping and flooring					19,334
Balance, net of reinsurance, at current discount rates as of January 1, 2021	13,383,098		13,542,376	$ 19,987,227
Life | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					10,910,418
Health
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	(700,857)		(431,917)		853,606
Effect of capping and flooring					30,023
Balance, net of reinsurance, at current discount rates as of January 1, 2021	2,103,775		2,124,796	2,998,631
Health | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					2,115,002
American Income | Life
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	80,477		569,356		3,334,600
Effect of capping and flooring					0
Balance, net of reinsurance, at current discount rates as of January 1, 2021	4,672,099		4,666,831	6,875,917
American Income | Life | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					3,541,317
American Income | Health
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	(5,601)		5,432		60,366
Effect of capping and flooring					0
Balance, net of reinsurance, at current discount rates as of January 1, 2021	117,888		119,287	162,364
American Income | Health | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					101,998
DTC | Life
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	228,607		609,256		2,195,430
Effect of capping and flooring					16,899
Balance, net of reinsurance, at current discount rates as of January 1, 2021	3,207,251		3,211,122	4,704,555
DTC | Life | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					2,492,226
DTC | Health
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	(1,111)		1,648		346
Effect of capping and flooring					4,193
Balance, net of reinsurance, at current discount rates as of January 1, 2021	764		1,060	1,598
DTC | Health | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					(2,941)
Liberty National | Life
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	(46,234)		108,603		1,229,610
Effect of capping and flooring					2,433
Balance, net of reinsurance, at current discount rates as of January 1, 2021	2,215,114		2,284,613	3,372,114
Liberty National | Life | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					2,140,071
Liberty National | Health
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	(4,792)		26,139		219,992
Effect of capping and flooring					19,324
Balance, net of reinsurance, at current discount rates as of January 1, 2021	482,368		518,983	740,628
Liberty National | Health | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					501,312
Other | Life
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions					2,297,835
Effect of capping and flooring					2
Balance, net of reinsurance, at current discount rates as of January 1, 2021				5,034,641
Other | Life | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					2,736,804
United American | Health
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	(191,041)		(75,810)		75,652
Effect of capping and flooring					6,506
Balance, net of reinsurance, at current discount rates as of January 1, 2021	120,802		135,542	213,663
United American | Health | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					131,505
Family Heritage | Health
Liability for Future Policy Benefit, Activity [Line Items]
Effect of changes in discount rate assumptions	(498,312)		(389,326)		497,250
Effect of capping and flooring					0
Balance, net of reinsurance, at current discount rates as of January 1, 2021	$ 1,381,953		$ 1,349,924	$ 1,880,378
Family Heritage | Health | As Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Balance, net of reinsurance, at original discount rates as of December 31, 2020					$ 1,383,128

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New Accounting Standards - Schedule of Liability For Future Policy Benefits To Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Total future policy benefits				$ 24,994,257	$ 15,243,536
Additional insurance liabilities				2,008,399	2,218,116
Unearned and advance premium	$ 260,843	$ 253,140		243,369	61,728
Policy claims and other benefits payable	503,072	507,219		473,524	399,507
Other policyholders' funds	218,210	123,236		98,459	97,968
Total policy liabilities	18,200,223	$ 18,923,637		25,809,609	15,802,739
Life
Liability for Future Policy Benefit, Activity [Line Items]
Total future policy benefits	13,412,619		$ 13,574,100	19,987,227	10,910,418
Health
Liability for Future Policy Benefit, Activity [Line Items]
Total future policy benefits	$ 2,090,552		$ 2,117,740	$ 2,998,631	$ 2,115,002

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New Accounting Standards - Schedule of Deferred Policy Acquisition Costs to Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	$ 5,889,293		$ 5,535,697	$ 5,414,357			$ 4,587,547	$ 4,595,444
Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	5,163,985	$ 5,065,265	4,844,291	4,734,292	$ 4,634,675	$ 4,412,015	3,983,021	3,982,159
Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	721,931	709,669	686,763	674,980	666,209	649,082	596,217	610,069
Annuity
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	3,377			5,085			8,309	3,216
American Income | Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	2,490,720	2,417,480	2,258,291	2,182,712	2,116,771	1,960,254	1,647,761	1,647,761
American Income | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	64,346	62,285	57,811	55,492	53,776	49,406	39,477	39,477
Direct to Consumer | Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	1,726,209	1,714,715	1,676,931	1,653,666	1,630,734	1,583,695	1,498,970	1,498,435
Direct to Consumer | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	1,717	1,760	1,854	1,900	1,945	2,032	2,215	6,600
Liberty National | Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	651,130	636,209	610,723	598,593	586,898	566,419	531,504	531,504
Liberty National | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	137,973	136,276	133,096	130,904	129,592	127,537	124,754	124,888
Other | Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	295,926	296,861	298,346	299,321	300,272	301,647	304,786	304,459
United American | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	74,381	75,349	77,394	78,265	79,174	81,140	65,020	74,353
Family Heritage | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	$ 443,514	$ 433,999	$ 416,608	$ 408,419	$ 401,722	$ 388,967	$ 364,751	$ 364,751

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New Accounting Standards - Schedule of Liability For Future Policy Benefits To Consolidated Statements of Shareholders' Equity: (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Shareholders’ Equity, as of December 31, 2020	$ 4,623,131	$ 3,980,306	$ 3,846,291	$ 3,949,577	$ 3,609,969	$ 3,220,303	$ 2,544,275	$ 2,003,808	$ 933,521	$ 8,771,092
Shareholders’ Equity, as of January 1, 2021	4,623,131	3,980,306	3,846,291	3,949,577	3,609,969	3,220,303	2,544,275	2,003,808	933,521	8,771,092
Cumulative Effect, Period of Adoption, Adjustment
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Effect of changes in discount rate assumptions										(7,829,753)
Effect of capping and flooring										(38,992)
Effect of removal of unrealized gain (loss) on DAC										4,704
Other adjustments										26,470
Retained Earnings
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Shareholders’ Equity, as of December 31, 2020	7,519,893	7,285,809	7,092,544	6,894,535	7,030,901	6,863,681	6,662,365	6,455,733	5,861,587	5,874,109
Shareholders’ Equity, as of January 1, 2021	7,519,893	7,285,809	7,092,544	6,894,535	7,030,901	6,863,681	6,662,365	6,455,733	5,861,587	5,874,109
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Effect of changes in discount rate assumptions										0
Effect of capping and flooring										(38,992)
Effect of removal of unrealized gain (loss) on DAC										0
Other adjustments										26,470
Accumulated Other Comprehensive Income (Loss)
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Shareholders’ Equity, as of December 31, 2020	(2,458,974)	(2,943,897)	(2,961,093)	(2,790,313)	(2,960,710)	(3,228,025)	(3,827,006)	(4,235,048)	(4,795,805)	3,029,244
Shareholders’ Equity, as of January 1, 2021	$ (2,458,974)	$ (2,943,897)	$ (2,961,093)	$ (2,790,313)	$ (2,960,710)	$ (3,228,025)	$ (3,827,006)	$ (4,235,048)	(4,795,805)	3,029,244
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Effect of changes in discount rate assumptions										(7,829,753)
Effect of capping and flooring										0
Effect of removal of unrealized gain (loss) on DAC										4,704
Other adjustments										0
Other
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Shareholders’ Equity, as of December 31, 2020									(132,261)	(132,261)
Shareholders’ Equity, as of January 1, 2021									$ (132,261)	(132,261)
Other | Cumulative Effect, Period of Adoption, Adjustment
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Effect of changes in discount rate assumptions										0
Effect of capping and flooring										0
Effect of removal of unrealized gain (loss) on DAC										0
Other adjustments										$ 0

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New Accounting Standards - Schedule of Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jan. 01, 2021	Dec. 31, 2020
Assets:
Other receivables	$ 616,881	$ 589,079
Deferred acquisition costs	5,889,293	5,535,697	$ 5,414,357	$ 4,587,547	$ 4,595,444
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2023—$16,757,558; 2022—$16,306,870)	17,218,098	18,040,042	$ 17,585,172
Unearned and advance premium	260,843	253,140		243,369	61,728
Policy claims and other benefits payable	503,072	507,219		$ 473,524	$ 399,507
Accrued Income Taxes	554,853	434,649
Shareholders' equity:
Accumulated other comprehensive income	(2,458,974)	(2,790,313)
Retained earnings	$ 7,519,893	6,894,535
As Previously Reported
Assets:
Other receivables		484,887
Deferred acquisition costs		5,249,907
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2023—$16,757,558; 2022—$16,306,870)		16,721,846
Unearned and advance premium		60,742
Policy claims and other benefits payable		430,027
Accrued Income Taxes		686,172
Shareholders' equity:
Accumulated other comprehensive income		(1,415,714)
Retained earnings		6,466,220
Adoption Impact
Assets:
Other receivables		104,192
Deferred acquisition costs		285,790
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2023—$16,757,558; 2022—$16,306,870)		1,318,196
Unearned and advance premium		192,398
Policy claims and other benefits payable		77,192
Accrued Income Taxes		(251,523)
Shareholders' equity:
Accumulated other comprehensive income		(1,374,599)
Retained earnings		$ 428,315

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New Accounting Standards - Schedule of Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Premium		$ 1,119,335	$ 1,079,282	$ 3,325,345	$ 3,221,293
Net investment income		266,926	246,711	785,275	736,317
Benefits and expenses:
Life policyholder benefits	[1]	515,676	545,933	1,536,317	1,533,726
Health policyholder benefits	[2]	193,790	182,409	580,676	561,502
Other policyholder benefits		9,578	9,234	27,488	27,928
Amortization of deferred acquisition costs		95,757	88,012	282,159	258,693
Commissions, premium taxes, and non-deferred acquisition costs		138,677	124,768	414,933	376,490
Income before income taxes		318,815	234,776	857,555	805,401
Income tax benefit (expense)		(61,732)	(44,190)	(161,602)	(153,358)
Net income		$ 257,083	$ 190,586	$ 695,953	$ 652,043
Basic net income per common share (in dollars per share)		$ 2.72	$ 1.96	$ 7.29	$ 6.64
Diluted net income per common share (in dollars per share)		$ 2.68	$ 1.94	$ 7.20	$ 6.58
As Previously Reported
Revenue:
Net investment income			$ 245,625		$ 733,101
Benefits and expenses:
Life policyholder benefits			494,627		1,555,004
Health policyholder benefits			198,415		592,488
Other policyholder benefits			6,986		21,110
Amortization of deferred acquisition costs			156,129		469,718
Commissions, premium taxes, and non-deferred acquisition costs			93,028		277,436
Income before income taxes			229,983		648,594
Income tax benefit (expense)			(43,204)		(120,450)
Net income			$ 186,779		$ 528,144
Basic net income per common share (in dollars per share)			$ 1.92		$ 5.38
Diluted net income per common share (in dollars per share)			$ 1.90		$ 5.33
Adoption Impact
Revenue:
Net investment income			$ 1,086		$ 3,216
Benefits and expenses:
Life policyholder benefits			51,306		(21,278)
Health policyholder benefits			(16,006)		(30,986)
Other policyholder benefits			2,248		6,818
Amortization of deferred acquisition costs			(68,117)		(211,025)
Commissions, premium taxes, and non-deferred acquisition costs			31,740		99,054
Income before income taxes			4,793		156,807
Income tax benefit (expense)			(986)		(32,908)
Net income			$ 3,807		$ 123,899
Basic net income per common share (in dollars per share)			$ 0.04		$ 1.26
Diluted net income per common share (in dollars per share)			$ 0.04		$ 1.25
Life insurance
Revenue:
Premium		$ 788,099	$ 758,875	$ 2,342,429	$ 2,264,895
Life insurance | As Previously Reported
Revenue:
Premium			755,115		2,269,641
Life insurance | Adoption Impact
Revenue:
Premium			3,760		(4,746)
Health premium
Revenue:
Premium		$ 331,236	320,406	$ 982,916	956,397
Health premium | As Previously Reported
Revenue:
Premium			319,289		955,478
Health premium | Adoption Impact
Revenue:
Premium			$ 1,117		$ 919

[1] et of the total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a $11.3 million gain and a $45.2 million loss for the three months ended September 30, 2023 and 2022, respectively. Net of the total remeasurement gain of $16.5 million for the nine months ended September 30, 2023 and the total remeasurement loss of $49.3 million for the same period in 2022.

[2] $7.8 million gain and $9.7 million gain for the three months ended September 30, 2023 and 2022, respectively. Net of the total remeasurement gain of $8.3 million and $13.8 million for the nine months ended September 30, 2023 and 2022, respectively.

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Supplemental Information about Changes to Accumulated Other Comprehensive Income - Schedule of Change in Balance by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in AOCI, Net of Tax
Beginning balance	$ 3,980,306	$ 3,220,303	$ 3,949,577	$ 2,003,808
Other comprehensive income (loss) before reclassifications, net of tax	484,223	255,006	266,141	1,242,195
Reclassifications, net of tax	700	12,309	65,198	32,143
Other comprehensive income (loss)	484,923	267,315	331,339	1,274,338
Ending balance	4,623,131	3,609,969	4,623,131	3,609,969
Total
Increase (Decrease) in AOCI, Net of Tax
Beginning balance	(2,943,897)	(3,228,025)	(2,790,313)	(4,235,048)
Ending balance	(2,458,974)	(2,960,710)	(2,458,974)	(2,960,710)
Available for Sale Assets
Increase (Decrease) in AOCI, Net of Tax
Beginning balance	(1,249,399)	(643,385)	(1,420,672)	2,765,290
Other comprehensive income (loss) before reclassifications, net of tax	(842,527)	(1,079,185)	(736,046)	(4,502,261)
Reclassifications, net of tax	672	9,592	65,464	23,993
Other comprehensive income (loss)	(841,855)	(1,069,593)	(670,582)	(4,478,268)
Ending balance	(2,091,254)	(1,712,978)	(2,091,254)	(1,712,978)
Future Policy Benefits
Increase (Decrease) in AOCI, Net of Tax
Beginning balance	(1,696,801)	(2,494,442)	(1,369,204)	(6,915,910)
Other comprehensive income (loss) before reclassifications, net of tax	1,332,976	1,351,869	1,005,379	5,773,337
Reclassifications, net of tax	0	0	0	0
Other comprehensive income (loss)	1,332,976	1,351,869	1,005,379	5,773,337
Ending balance	(363,825)	(1,142,573)	(363,825)	(1,142,573)
Foreign Exchange
Increase (Decrease) in AOCI, Net of Tax
Beginning balance	1,353	8,045	(1,681)	19,248
Other comprehensive income (loss) before reclassifications, net of tax	(6,226)	(17,678)	(3,192)	(28,881)
Reclassifications, net of tax	0	0	0	0
Other comprehensive income (loss)	(6,226)	(17,678)	(3,192)	(28,881)
Ending balance	(4,873)	(9,633)	(4,873)	(9,633)
Pension Adjustments
Increase (Decrease) in AOCI, Net of Tax
Beginning balance	950	(98,243)	1,244	(103,676)
Other comprehensive income (loss) before reclassifications, net of tax	0	0	0	0
Reclassifications, net of tax	28	2,717	(266)	8,150
Other comprehensive income (loss)	28	2,717	(266)	8,150
Ending balance	$ 978	$ (95,526)	$ 978	$ (95,526)

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Supplemental Information about Changes to Accumulated Other Comprehensive Income - Schedule of Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$ 2,193	$ 29,155	$ 78,963	$ 66,845
Net investment income	(266,926)	(246,711)	(785,275)	(736,317)
Other operating expense	85,870	88,140	256,074	262,150
Total before tax	(318,815)	(234,776)	(857,555)	(805,401)
Tax	61,732	44,190	161,602	153,358
Total after-tax	(257,083)	(190,586)	(695,953)	(652,043)
Reclassification out of Accumulated Other Comprehensive Income
Unrealized investment (gains) losses on available for sale assets:
Total after-tax	700	12,309	65,198	32,143
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Available for Sale Assets
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	1,759	12,256	85,230	29,741
Net investment income	(908)	(114)	(2,364)	630
Total before tax	851	12,142	82,866	30,371
Tax	(179)	(2,550)	(17,402)	(6,378)
Total after-tax	672	9,592	65,464	23,993
Reclassification out of Accumulated Other Comprehensive Income | Pension adjustments:
Unrealized investment (gains) losses on available for sale assets:
Total before tax	35	3,438	(336)	10,316
Tax	(7)	(721)	70	(2,166)
Total after-tax	28	2,717	(266)	8,150
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost
Unrealized investment (gains) losses on available for sale assets:
Other operating expense	269	158	807	474
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial (gain) loss
Unrealized investment (gains) losses on available for sale assets:
Other operating expense	$ (234)	$ 3,280	$ (1,143)	$ 9,842

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Investments - Schedule of Fixed Maturities Available for Sale by Component (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 18,914,693		$ 18,301,692
Allowance for Credit Losses	(7,500)		0
Gross Unrealized Gains	100,410		238,967
Gross Unrealized Losses	(2,747,569)		(2,037,294)
Fair value	$ 16,260,034		$ 16,503,365
Percentage of Fixed Maturities at Fair Value	100.00%		100.00%
U.S. Government direct, guaranteed, and government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 395,382		$ 394,439
Allowance for Credit Losses	0		0
Gross Unrealized Gains	0		27
Gross Unrealized Losses	(55,738)		(38,968)
Fair value	$ 339,644		$ 355,498
Percentage of Fixed Maturities at Fair Value	2.00%		2.00%
States, municipalities, and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,319,521		$ 2,791,030
Allowance for Credit Losses	0		0
Gross Unrealized Gains	14,159		24,328
Gross Unrealized Losses	(696,791)		(505,447)
Fair value	$ 2,636,889		$ 2,309,911
Percentage of Fixed Maturities at Fair Value	16.00%		14.00%
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 42,085		$ 55,164
Allowance for Credit Losses	0		0
Gross Unrealized Gains	0		6
Gross Unrealized Losses	(12,497)		(12,706)
Fair value	$ 29,588		$ 42,464
Percentage of Fixed Maturities at Fair Value	0.00%		0.00%
Corporates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 15,034,066		$ 14,935,625
Allowance for Credit Losses	(7,500)	$ (72,508)	0	$ 0	$ 0	$ (387)
Gross Unrealized Gains	81,407		201,336
Gross Unrealized Losses	(1,976,111)		(1,470,897)
Fair value	$ 13,131,862		$ 13,666,064
Percentage of Fixed Maturities at Fair Value	81.00%		83.00%
Corporates | Financial
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 4,938,112		$ 4,907,794
Allowance for Credit Losses	0		0
Gross Unrealized Gains	22,380		63,126
Gross Unrealized Losses	(672,806)		(504,489)
Fair value	$ 4,287,686		$ 4,466,431
Percentage of Fixed Maturities at Fair Value	27.00%		27.00%
Corporates | Utilities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,998,424		$ 1,924,190
Allowance for Credit Losses	0		0
Gross Unrealized Gains	13,550		36,670
Gross Unrealized Losses	(190,901)		(125,713)
Fair value	$ 1,821,073		$ 1,835,147
Percentage of Fixed Maturities at Fair Value	11.00%		11.00%
Corporates | Energy
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,426,415		$ 1,436,598
Allowance for Credit Losses	0		0
Gross Unrealized Gains	13,284		22,637
Gross Unrealized Losses	(136,363)		(101,923)
Fair value	$ 1,303,336		$ 1,357,312
Percentage of Fixed Maturities at Fair Value	8.00%		8.00%
Corporates | Other corporate sectors
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 6,671,115		$ 6,667,043
Allowance for Credit Losses	(7,500)		0
Gross Unrealized Gains	32,193		78,903
Gross Unrealized Losses	(976,041)		(738,772)
Fair value	$ 5,719,767		$ 6,007,174
Percentage of Fixed Maturities at Fair Value	35.00%		37.00%
Collateralized debt obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 36,843		$ 37,098
Allowance for Credit Losses	0		0
Gross Unrealized Gains	4,842		13,266
Gross Unrealized Losses	0		0
Fair value	$ 41,685		$ 50,364
Percentage of Fixed Maturities at Fair Value	0.00%		0.00%
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 86,796		$ 88,336
Allowance for Credit Losses	0		0
Gross Unrealized Gains	2		4
Gross Unrealized Losses	(6,432)		(9,276)
Fair value	$ 80,366		$ 79,064
Percentage of Fixed Maturities at Fair Value	1.00%		1.00%

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Investments - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) commercial_mortgage_loan loan issuer Issue	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) commercial_mortgage_loan loan issuer Issue	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Issue commercial_mortgage_loan issuer
Debt Securities, Available-for-sale [Line Items]
Fair value	$ 16,260,034		$ 16,260,034		$ 16,503,365
Percentage of fixed maturities at fair value	100.00%		100.00%		100.00%
Fixed maturity, portfolio issues | Issue	2,446		2,446		2,328
Fixed portfolio, number of issuers | issuer	990		990		979
Securities sold with a provision for credit losses	$ 66,000
Number of loans | loan	25		25
Increase in allowance for credit losses			$ 1,200
Realized gain (loss)—investments	$ (2,193)	$ (29,155)	$ (78,963)	$ (66,845)
Financing receivable, number of loans in delinquent | commercial_mortgage_loan	0		0		0
Number of loans in non-accrual status | commercial_mortgage_loan	0		0		0
Carrying value, net of valuation allowance	$ 228,802		$ 228,802		$ 181,305
Commercial Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Realized gain (loss)—investments			(2,900)
Unfunded Loan Commitment
Debt Securities, Available-for-sale [Line Items]
Carrying value, net of valuation allowance	23,000		23,000
Corporates
Debt Securities, Available-for-sale [Line Items]
Fair value	$ 13,131,862		$ 13,131,862		$ 13,666,064
Percentage of fixed maturities at fair value	81.00%		81.00%		83.00%
Investment in Limited Partnerships
Debt Securities, Available-for-sale [Line Items]
Capital called from investment funds			$ 103,000
Investment funds, unfunded commitments	$ 786,724		786,724
Banks | Fixed maturities available for sale | Corporates
Debt Securities, Available-for-sale [Line Items]
Fair value	$ 1,200,000		$ 1,200,000		$ 1,300,000
Percentage of fixed maturities at fair value	7.00%		7.00%		8.00%
Real Estate Investment Trust | Fixed maturities available for sale | Corporates
Debt Securities, Available-for-sale [Line Items]
Fair value	$ 382,000		$ 382,000		$ 428,000
Percentage of fixed maturities at fair value	2.00%		2.00%		3.00%

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Investments - Schedule of Fixed Maturities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost, net
Due in one year or less	$ 155,607
Due after one year through five years	1,149,496
Due after five years through ten years	1,818,217
Due after ten years through twenty years	8,160,666
Due after twenty years	7,499,521
Mortgage-backed and asset-backed securities	123,686
Fixed maturities, net of allowance for credit losses	18,907,193
Fair Value
Due in one year or less	154,933
Due after one year through five years	1,142,206
Due after five years through ten years	1,732,283
Due after ten years through twenty years	7,271,668
Due after twenty years	5,836,847
Mortgage-backed and asset-backed securities	122,097
Fixed maturities, fair value	$ 16,260,034	$ 16,503,365

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Investments - Schedule of Analysis of Investment Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Investment income, gross	$ 271,444	$ 251,291	$ 798,013	$ 749,876
Percentage change in investment income, gross	8.00%		6.00%
Less investment expense	$ (4,518)	(4,580)	$ (12,738)	(13,559)
Percentage change in investment expense	(1.00%)		(6.00%)
Net investment income	$ 266,926	246,711	$ 785,275	736,317
Percentage change in net investment income	8.00%		7.00%
Investment distribution	$ 14,000	8,400	$ 37,200	27,700
Fixed maturities available for sale
Net Investment Income [Line Items]
Investment income, gross	$ 237,609	227,673	$ 704,095	679,710
Percentage change in investment income, gross	4.00%		4.00%
Policy loans
Net Investment Income [Line Items]
Investment income, gross	$ 12,446	11,716	$ 36,435	34,724
Percentage change in investment income, gross	6.00%		5.00%
Other long-term investments
Net Investment Income [Line Items]
Investment income, gross	$ 19,993	10,933	$ 52,672	34,349
Percentage change in investment income, gross	83.00%		53.00%
Short-term investments
Net Investment Income [Line Items]
Investment income, gross	$ 1,396	$ 969	$ 4,811	$ 1,093
Percentage change in investment income, gross

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Investments - Schedule of Selected Information about Sales of Fixed Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale	$ 46,210	$ 127,695	$ 192,034	$ 346,722
Gross realized gains	261	165	308	938
Gross realized losses	(67,018)	(11,537)	$ (77,879)	$ (56,384)
Unsettled trades	$ 27	$ 0

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Investments - Schedule of Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Sales and other	$ (66,767)	$ (12,256)	$ (77,730)	$ (30,128)
Provision for credit losses	65,008	0	(7,500)	387
Fair value option—change in fair value	868	(11,551)	7,954	(15,942)
Other investments	(1,302)	(5,348)	(1,687)	(21,162)
Realized gains (losses) from investments	(2,193)	(29,155)	(78,963)	(66,845)
Applicable tax	461	6,122	16,583	14,037
Realized gains (losses), net of tax	(1,732)	(23,033)	(62,380)	(52,808)
Exchanges of fixed maturities	21,100	$ 22,100	$ 39,000	$ 24,000
Securities sold with a provision for credit losses	$ 66,000

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Investments - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 16,260,034	$ 16,503,365
Percentage of total	100.00%	100.00%
U.S. Government direct, guaranteed, and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 339,644	$ 355,498
States, municipalities, and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2,636,889	2,309,911
Foreign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	29,588	42,464
Corporates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	13,131,862	13,666,064
Corporates | Financial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	4,287,686	4,466,431
Corporates | Utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,821,073	1,835,147
Corporates | Energy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,303,336	1,357,312
Corporates | Other corporate sectors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	5,719,767	6,007,174
Collateralized debt obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	41,685	50,364
Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	80,366	79,064
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 0	$ 0
Percentage of total	0.00%	0.00%
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government direct, guaranteed, and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 0	$ 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | States, municipalities, and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Financial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Energy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Other corporate sectors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized debt obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 15,782,898	$ 15,974,918
Percentage of total	97.00%	97.00%
Significant Other Observable Inputs (Level 2) | U.S. Government direct, guaranteed, and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 339,644	$ 355,498
Significant Other Observable Inputs (Level 2) | States, municipalities, and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2,636,889	2,309,911
Significant Other Observable Inputs (Level 2) | Foreign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	29,588	42,464
Significant Other Observable Inputs (Level 2) | Corporates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	12,696,411	13,187,981
Significant Other Observable Inputs (Level 2) | Corporates | Financial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	4,164,257	4,332,495
Significant Other Observable Inputs (Level 2) | Corporates | Utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,715,887	1,723,832
Significant Other Observable Inputs (Level 2) | Corporates | Energy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,293,028	1,346,212
Significant Other Observable Inputs (Level 2) | Corporates | Other corporate sectors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	5,523,239	5,785,442
Significant Other Observable Inputs (Level 2) | Collateralized debt obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Significant Other Observable Inputs (Level 2) | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	80,366	79,064
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 477,136	$ 528,447
Percentage of total	3.00%	3.00%	3.00%
Significant Unobservable Inputs (Level 3) | U.S. Government direct, guaranteed, and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 0	$ 0
Significant Unobservable Inputs (Level 3) | States, municipalities, and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Significant Unobservable Inputs (Level 3) | Foreign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Significant Unobservable Inputs (Level 3) | Corporates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 435,451	478,083
Percentage of total	3.00%		3.00%
Significant Unobservable Inputs (Level 3) | Corporates | Financial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 123,429	133,936
Significant Unobservable Inputs (Level 3) | Corporates | Utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	105,186	111,315
Significant Unobservable Inputs (Level 3) | Corporates | Energy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	10,308	11,100
Significant Unobservable Inputs (Level 3) | Corporates | Other corporate sectors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	196,528	221,732
Significant Unobservable Inputs (Level 3) | Collateralized debt obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 41,685	50,364
Percentage of total	0.00%		0.00%
Significant Unobservable Inputs (Level 3) | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 0	$ 0

XML

Investments - Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Percentage of total	100.00%		100.00%
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized gain (loss)—investments	Realized gain (loss)—investments
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	$ 528,447	$ 705,193
Included in realized gains / losses	0	0
Included in other comprehensive income	(24,392)	(127,688)
Acquisitions	0	0
Sales	0	0
Amortization	3,434	3,388
Other	(30,353)	(45,733)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	$ 477,136	$ 535,160
Percentage of total	3.00%	3.00%	3.00%
Asset- backed Securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	$ 0	$ 0
Included in realized gains / losses	0	0
Included in other comprehensive income	0	0
Acquisitions	0	0
Sales	0	0
Amortization	0	0
Other	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	$ 0	$ 0
Percentage of total	0.00%	0.00%
Collateralized debt obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	$ 50,364	$ 63,505
Included in realized gains / losses	0	0
Included in other comprehensive income	(8,424)	(13,163)
Acquisitions	0	0
Sales	0	0
Amortization	3,429	3,382
Other	(3,684)	(3,129)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	$ 41,685	$ 50,595
Percentage of total	0.00%	0.00%
Corporates | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	$ 478,083	$ 641,688
Included in realized gains / losses	0	0
Included in other comprehensive income	(15,968)	(114,525)
Acquisitions	0	0
Sales	0	0
Amortization	5	6
Other	(26,669)	(42,604)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	$ 435,451	$ 484,565
Percentage of total	3.00%	3.00%

XML

Investments - Schedule of Unrealized Gains or (Losses) Included in Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses) for the period	$ (24,392)	$ (127,688)
Asset- backed Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses) for the period	0	0
Collateralized debt obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses) for the period	(8,424)	(13,163)
Corporates
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in unrealized gains (losses) for the period	$ (15,968)	$ (114,525)

XML

Investments - Schedule of Information about Investments in Unrealized Loss Position (Details) - Issue	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Less than Twelve Months	713	1,819
Twelve Months or Longer	1,640	157
Total	2,353	1,976

XML

Investments - Schedule of Unrealized Investment Losses by Class of Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	$ 4,485,419	$ 11,450,679
Unrealized Loss, Less than Twelve Months	(293,048)	(1,846,999)
Fair Value, Twelve Months or Longer	8,863,849	433,328
Unrealized Loss, Twelve Months or Longer	(2,454,521)	(190,295)
Fair Value	13,349,268	11,884,007
Unrealized Loss	(2,747,569)	(2,037,294)
Investment Grade
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	4,414,411	11,121,941
Unrealized Loss, Less than Twelve Months	(288,018)	(1,796,781)
Fair Value, Twelve Months or Longer	8,589,973	357,361
Unrealized Loss, Twelve Months or Longer	(2,377,911)	(158,773)
Fair Value	13,004,384	11,479,302
Unrealized Loss	(2,665,929)	(1,955,554)
Investment Grade | U.S. Government direct, guaranteed, and government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	1,920	349,887
Unrealized Loss, Less than Twelve Months	(192)	(38,218)
Fair Value, Twelve Months or Longer	337,694	3,424
Unrealized Loss, Twelve Months or Longer	(55,546)	(750)
Fair Value	339,614	353,311
Unrealized Loss	(55,738)	(38,968)
Investment Grade | States, municipalities, and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	941,815	1,767,624
Unrealized Loss, Less than Twelve Months	(77,118)	(453,149)
Fair Value, Twelve Months or Longer	1,408,695	95,124
Unrealized Loss, Twelve Months or Longer	(619,673)	(52,298)
Fair Value	2,350,510	1,862,748
Unrealized Loss	(696,791)	(505,447)
Investment Grade | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	1,464	6,297
Unrealized Loss, Less than Twelve Months	(24)	(201)
Fair Value, Twelve Months or Longer	28,124	25,134
Unrealized Loss, Twelve Months or Longer	(12,473)	(12,505)
Fair Value	29,588	31,431
Unrealized Loss	(12,497)	(12,706)
Investment Grade | Corporates
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	3,469,212	8,937,976
Unrealized Loss, Less than Twelve Months	(210,684)	(1,299,990)
Fair Value, Twelve Months or Longer	6,746,413	225,719
Unrealized Loss, Twelve Months or Longer	(1,684,370)	(90,785)
Fair Value	10,215,625	9,163,695
Unrealized Loss	(1,895,054)	(1,390,775)
Investment Grade | Corporates | Financial
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	1,399,885	2,837,918
Unrealized Loss, Less than Twelve Months	(90,121)	(426,132)
Fair Value, Twelve Months or Longer	2,066,825	109,784
Unrealized Loss, Twelve Months or Longer	(533,152)	(42,173)
Fair Value	3,466,710	2,947,702
Unrealized Loss	(623,273)	(468,305)
Investment Grade | Corporates | Utilities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	693,321	1,088,219
Unrealized Loss, Less than Twelve Months	(36,324)	(116,272)
Fair Value, Twelve Months or Longer	649,894	21,636
Unrealized Loss, Twelve Months or Longer	(152,242)	(6,268)
Fair Value	1,343,215	1,109,855
Unrealized Loss	(188,566)	(122,540)
Investment Grade | Corporates | Energy
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	370,280	855,853
Unrealized Loss, Less than Twelve Months	(16,721)	(91,755)
Fair Value, Twelve Months or Longer	522,381	0
Unrealized Loss, Twelve Months or Longer	(108,746)	0
Fair Value	892,661	855,853
Unrealized Loss	(125,467)	(91,755)
Investment Grade | Corporates | Other corporate sectors
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	1,005,726	4,155,986
Unrealized Loss, Less than Twelve Months	(67,518)	(665,831)
Fair Value, Twelve Months or Longer	3,507,313	94,299
Unrealized Loss, Twelve Months or Longer	(890,230)	(42,344)
Fair Value	4,513,039	4,250,285
Unrealized Loss	(957,748)	(708,175)
Investment Grade | Collateralized debt obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	0	0
Unrealized Loss, Less than Twelve Months	0	0
Fair Value, Twelve Months or Longer	0	0
Unrealized Loss, Twelve Months or Longer	0	0
Fair Value	0	0
Unrealized Loss	0	0
Investment Grade | Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	0	60,157
Unrealized Loss, Less than Twelve Months	0	(5,223)
Fair Value, Twelve Months or Longer	69,047	7,960
Unrealized Loss, Twelve Months or Longer	(5,849)	(2,435)
Fair Value	69,047	68,117
Unrealized Loss	(5,849)	(7,658)
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	71,008	328,738
Unrealized Loss, Less than Twelve Months	(5,030)	(50,218)
Fair Value, Twelve Months or Longer	273,876	75,967
Unrealized Loss, Twelve Months or Longer	(76,610)	(31,522)
Fair Value	344,884	404,705
Unrealized Loss	(81,640)	(81,740)
Below Investment Grade | States, municipalities, and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	0	0
Unrealized Loss, Less than Twelve Months	0	0
Fair Value, Twelve Months or Longer	0	0
Unrealized Loss, Twelve Months or Longer	0	0
Fair Value	0	0
Unrealized Loss	0	0
Below Investment Grade | Corporates
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	71,008	328,738
Unrealized Loss, Less than Twelve Months	(5,030)	(50,218)
Fair Value, Twelve Months or Longer	262,614	65,093
Unrealized Loss, Twelve Months or Longer	(76,027)	(29,904)
Fair Value	333,622	393,831
Unrealized Loss	(81,057)	(80,122)
Below Investment Grade | Corporates | Financial
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	25,065	120,377
Unrealized Loss, Less than Twelve Months	(3,110)	(18,901)
Fair Value, Twelve Months or Longer	144,381	38,348
Unrealized Loss, Twelve Months or Longer	(46,423)	(17,283)
Fair Value	169,446	158,725
Unrealized Loss	(49,533)	(36,184)
Below Investment Grade | Corporates | Utilities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	0	27,722
Unrealized Loss, Less than Twelve Months	0	(3,173)
Fair Value, Twelve Months or Longer	27,772	0
Unrealized Loss, Twelve Months or Longer	(2,335)	0
Fair Value	27,772	27,722
Unrealized Loss	(2,335)	(3,173)
Below Investment Grade | Corporates | Energy
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	0	14,480
Unrealized Loss, Less than Twelve Months	0	(2,182)
Fair Value, Twelve Months or Longer	33,774	20,075
Unrealized Loss, Twelve Months or Longer	(10,896)	(7,986)
Fair Value	33,774	34,555
Unrealized Loss	(10,896)	(10,168)
Below Investment Grade | Corporates | Other corporate sectors
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	45,943	166,159
Unrealized Loss, Less than Twelve Months	(1,920)	(25,962)
Fair Value, Twelve Months or Longer	56,687	6,670
Unrealized Loss, Twelve Months or Longer	(16,373)	(4,635)
Fair Value	102,630	172,829
Unrealized Loss	(18,293)	(30,597)
Below Investment Grade | Collateralized debt obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	0	0
Unrealized Loss, Less than Twelve Months	0	0
Fair Value, Twelve Months or Longer	0	0
Unrealized Loss, Twelve Months or Longer	0	0
Fair Value	0	0
Unrealized Loss	0	0
Below Investment Grade | Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than Twelve Months	0	0
Unrealized Loss, Less than Twelve Months	0	0
Fair Value, Twelve Months or Longer	11,262	10,874
Unrealized Loss, Twelve Months or Longer	(583)	(1,618)
Fair Value	11,262	10,874
Unrealized Loss	$ (583)	$ (1,618)

XML

Investments - Schedule of Fixed Maturities, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning balance			$ 0
Allowance for credit losses ending balance	$ 7,500		7,500
Corporates
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning balance	72,508	$ 0	0	$ 387
Additions to allowance for which credit losses were not previously recorded	0	0	72,508	0
Additions (reductions) to allowance for fixed maturities that previously had an allowance	(65,008)	0	(65,008)	0
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	0	0	0	(387)
Allowance for credit losses ending balance	$ 7,500	$ 0	$ 7,500	$ 0

XML

Investments - Schedule of Other Long-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-Term Investment [Line Items]
Commercial mortgage loan participations	$ 1,050,106	$ 976,016
Commercial mortgage loan participations
Long-Term Investment [Line Items]
Commercial mortgage loan participations	228,802	181,305
Other
Long-Term Investment [Line Items]
Commercial mortgage loan participations	39,094	26,022
Partnership Interest - Fair Value Option | Investment funds
Long-Term Investment [Line Items]
Commercial mortgage loan participations	$ 782,210	$ 768,689

XML

Investments - Schedule of Investment Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commercial mortgage loans
Alternative Investment [Line Items]
Investment funds, Fair Value	$ 419,120	$ 431,405
Investment funds, Unfunded Commitments	575,445
Opportunistic and private credit
Alternative Investment [Line Items]
Investment funds, Fair Value	162,202	158,524
Investment funds, Unfunded Commitments	135,000
Infrastructure
Alternative Investment [Line Items]
Investment funds, Fair Value	166,603	159,534
Investment funds, Unfunded Commitments	16,279
Other investments
Alternative Investment [Line Items]
Investment funds, Fair Value	34,285	19,226
Investment funds, Unfunded Commitments	60,000
Investment funds
Alternative Investment [Line Items]
Investment funds, Fair Value	782,210	$ 768,689
Investment funds, Unfunded Commitments	$ 786,724

XML

Investments - Schedule of Commercial Mortgage Loan Participations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 231,790		$ 183,094
Carrying value, gross, percent	101.00%		101.00%
Less allowance for credit losses	$ (2,988)	$ (2,928)	$ (1,789)	$ (2,160)	$ (1,109)	$ (827)
Allowance for credit losses, percent	(1.00%)		(1.00%)
Carrying value, net of valuation allowance	$ 228,802		$ 181,305
Carrying value, net, percent	100.00%		100.00%
California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 51,371		$ 64,477
Carrying value, gross, percent	22.00%		36.00%
Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 45,775		$ 22,905
Carrying value, gross, percent	20.00%		13.00%
Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 33,367		$ 33,182
Carrying value, gross, percent	15.00%		18.00%
New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 25,090		$ 0
Carrying value, gross, percent	11.00%		0.00%
New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 20,278		$ 19,167
Carrying value, gross, percent	9.00%		11.00%
Washington
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 14,962		$ 14,925
Carrying value, gross, percent	6.00%		8.00%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 40,947		$ 28,438
Carrying value, gross, percent	18.00%		15.00%
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 99,265		$ 42,232
Carrying value, gross, percent	43.00%		23.00%
Mixed use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 39,012		$ 62,375
Carrying value, gross, percent	17.00%		34.00%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 37,778		$ 27,248
Carrying value, gross, percent	17.00%		15.00%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 25,159		$ 27,796
Carrying value, gross, percent	11.00%		15.00%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 23,842		$ 15,342
Carrying value, gross, percent	10.00%		9.00%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 6,734		$ 8,101
Carrying value, gross, percent	3.00%		5.00%

XML

Investments - Schedule of Commercial Mortgage Loan Participations Recorded Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	$ 228,802		$ 181,305
Carrying value	231,790		183,094
Less allowance for credit losses	$ (2,988)	$ (2,928)	$ (1,789)	$ (2,160)	$ (1,109)	$ (827)
Carrying value, net of valuation allowance, percent	100.00%		100.00%
Less than 70%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 215,211		$ 144,395
Carrying value, net of valuation allowance, percent	93.00%		79.00%
70% to 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 0		$ 23,358
Carrying value, net of valuation allowance, percent	0.00%		13.00%
81% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 9,544		$ 8,307
Carrying value, net of valuation allowance, percent	4.00%		4.00%
Greater than 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 7,035		$ 7,034
Carrying value, net of valuation allowance, percent	3.00%		4.00%
Less Than 1.00x
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	$ 42,413		$ 39,562
Less Than 1.00x | Less than 70%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	26,987		24,221
Less Than 1.00x | 70% to 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	0		0
Less Than 1.00x | 81% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	8,391		8,307
Less Than 1.00x | Greater than 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	7,035		7,034
1.00x-1.20x
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	151,455		130,276
1.00x-1.20x | Less than 70%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	151,455		108,156
1.00x-1.20x | 70% to 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	0		22,120
1.00x-1.20x | 81% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	0		0
1.00x-1.20x | Greater than 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	0		0
Greater Than 1.20x
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	37,922		13,256
Greater Than 1.20x | Less than 70%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	36,769		12,018
Greater Than 1.20x | 70% to 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	0		1,238
Greater Than 1.20x | 81% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	1,153		0
Greater Than 1.20x | Greater than 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value, net of valuation allowance	$ 0		$ 0

XML

Investments - Schedule of Commercial Loan Participations, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning balance	$ 2,928	$ 1,109	$ 1,789	$ 827
Provision (reversal) for credit losses	60	1,051	1,199	1,333
Allowance for credit losses ending balance	$ 2,988	$ 2,160	$ 2,988	$ 2,160

XML

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
Obligation with Joint and Several Liability Arrangement [Line Items]
Letters of credit facility outstanding	$ 115
Letter of Credit
Obligation with Joint and Several Liability Arrangement [Line Items]
Letter of credit maximum available amount	$ 250

XML

Policy Liabilities - Schedule of Liability for Future Policy Benefit, Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits—long duration health									$ 24,994,257	$ 15,243,536
Net liability for future policy benefits, after other adjustments, at current discount rates	$ 17,218,098	$ 17,585,172	$ 17,218,098	$ 17,585,172		$ 18,040,042
Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	12,042,720	12,129,478	11,748,528	14,082,538
Beginning balance	11,616,443	11,221,523	11,442,919	10,896,222
Effect of changes in assumptions on future cash flows					$ 64,032	64,032	$ 166,770	$ 166,770
Effect of actual variances from expected experience					(143,861)	(364,060)	(157,770)	(279,192)
Adjusted balance					11,536,614	11,142,891	11,230,523	10,783,800
Issuances	357,622	368,868	1,122,855	1,192,544
Interest accrual	143,082	130,949	420,389	389,538
Net premiums collected	(329,703)	(317,836)	(984,290)	(946,106)
Effect of changes in the foreign exchange rate	(6,401)	(14,371)	(631)	(21,643)
Ending balance	11,701,214	11,398,133	11,701,214	11,398,133
Effect of change from original to current discount rates	(206,573)	159,726	(206,573)	159,726
Ending balance	11,494,641	11,557,859	11,494,641	11,557,859
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	26,772,991	27,019,952	25,749,961	33,664,308
Beginning balance	24,092,695	22,956,889	23,564,337	22,374,930
Effect of changes in assumptions on future cash flows					65,568	65,568	226,626	226,626
Effect of actual variances from expected experience					(158,589)	(382,469)	(160,421)	(278,477)
Adjusted balance					23,999,674	23,247,436	23,023,094	22,323,079
Issuances	357,625	368,866	1,122,856	1,192,541
Interest accrual	325,470	303,550	960,647	901,713
Benefit payments	(305,221)	(318,805)	(967,828)	(1,023,970)
Effect of changes in the foreign exchange rate	(15,256)	(35,068)	(819)	(51,726)
Ending balance	24,362,292	23,341,637	24,362,292	23,341,637
Effect of changes in discount rate assumptions	544,968	1,790,322	544,968	1,790,322						9,057,475
Ending balance	24,907,260	25,131,959	24,907,260	25,131,959
Net liability for future policy benefits at original discount rates	12,661,078	11,943,504	12,661,078	11,943,504
Effect of changes in discount rate assumptions	751,541	1,630,596	751,541	1,630,596
Net liability for future policy benefits—long duration health	13,412,619	13,574,100	13,412,619	13,574,100					19,987,227	10,910,418
Other Adjustments	(29,521)	(31,724)	(29,521)	(31,724)
Net liability for future policy benefits, after other adjustments, at current discount rates	13,383,098	13,542,376	13,383,098	13,542,376					19,987,227
Health
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	5,346,643	5,510,459	5,207,422	6,418,018
Beginning balance	5,445,595	5,407,239	5,366,304	5,328,427
Effect of changes in assumptions on future cash flows					390,156	390,156	(223,591)	(223,591)
Effect of actual variances from expected experience					2,168	(96,127)	10,243	(92,396)
Adjusted balance					5,837,919	5,660,333	5,193,891	5,012,440
Issuances	180,243	161,354	509,496	491,716
Interest accrual	60,518	53,638	173,110	160,482
Net premiums collected	(134,993)	(129,052)	(399,639)	(384,000)
Effect of changes in the foreign exchange rate	(552)	(1,130)	(165)	(1,937)
Ending balance	5,943,135	5,278,701	5,943,135	5,278,701
Effect of change from original to current discount rates	(396,191)	(229,636)	(396,191)	(229,636)
Ending balance	5,546,944	5,049,065	5,546,944	5,049,065
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	7,621,433	7,822,239	7,394,349	9,353,001
Beginning balance	7,832,089	7,711,123	7,710,767	7,587,083
Effect of changes in assumptions on future cash flows					381,310	381,310	(233,911)	(233,911)
Effect of actual variances from expected experience					90	(99,008)	10,364	(96,019)
Adjusted balance					8,213,489	7,993,069	7,487,576	7,257,153
Issuances	179,879	161,438	508,524	491,723
Interest accrual	87,507	79,544	253,452	237,511
Benefit payments	(141,429)	(127,374)	(416,475)	(383,738)
Effect of changes in the foreign exchange rate	(1,093)	(2,462)	(217)	(3,927)
Ending balance	8,338,353	7,598,722	8,338,353	7,598,722
Effect of changes in discount rate assumptions	(700,857)	(431,917)	(700,857)	(431,917)						853,606
Ending balance	7,637,496	7,166,805	7,637,496	7,166,805
Net liability for future policy benefits at original discount rates	2,395,218	2,320,021	2,395,218	2,320,021
Effect of changes in discount rate assumptions	(304,666)	(202,281)	(304,666)	(202,281)
Net liability for future policy benefits—long duration health	2,090,552	2,117,740	2,090,552	2,117,740					2,998,631	2,115,002
Other Adjustments	13,223	7,056	13,223	7,056
Net liability for future policy benefits, after other adjustments, at current discount rates	2,103,775	2,124,796	2,103,775	2,124,796					2,998,631
American Income | Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	4,472,847	4,379,496	4,273,156	4,925,192
Beginning balance	4,399,053	4,146,094	4,246,723	3,906,098
Effect of changes in assumptions on future cash flows					14,265	14,265	34,266	34,266
Effect of actual variances from expected experience					(34,571)	(103,922)	(58,998)	(76,338)
Adjusted balance					4,378,747	4,157,066	4,121,362	3,864,026
Issuances	181,823	176,042	557,844	596,320
Interest accrual	51,119	44,410	147,968	131,251
Net premiums collected	(131,329)	(123,636)	(388,288)	(366,147)
Effect of changes in the foreign exchange rate	(6,401)	(14,371)	(631)	(21,643)
Ending balance	4,473,959	4,203,807	4,473,959	4,203,807
Effect of change from original to current discount rates	(155,254)	(26,258)	(155,254)	(26,258)
Ending balance	4,318,705	4,177,549	4,318,705	4,177,549
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	9,668,207	9,512,271	9,119,104	11,773,519
Beginning balance	8,753,526	8,134,706	8,409,761	7,744,201
Effect of changes in assumptions on future cash flows					13,344	13,344	48,534	48,534
Effect of actual variances from expected experience					(36,998)	(109,386)	(64,348)	(81,429)
Adjusted balance					8,729,872	8,313,719	8,118,892	7,711,306
Issuances	181,822	176,044	557,844	596,320
Interest accrual	114,683	103,380	335,349	305,526
Benefit payments	(101,161)	(89,075)	(296,133)	(287,253)
Effect of changes in the foreign exchange rate	(15,256)	(35,068)	(819)	(51,726)
Ending balance	8,909,960	8,274,173	8,909,960	8,274,173
Effect of changes in discount rate assumptions	80,477	569,356	80,477	569,356						3,334,600
Ending balance	8,990,437	8,843,529	8,990,437	8,843,529
Net liability for future policy benefits at original discount rates	4,436,001	4,070,366	4,436,001	4,070,366
Effect of changes in discount rate assumptions	235,731	595,614	235,731	595,614
Net liability for future policy benefits—long duration health	4,671,732	4,665,980	4,671,732	4,665,980
Other Adjustments	367	851	367	851
Net liability for future policy benefits, after other adjustments, at current discount rates	4,672,099	4,666,831	4,672,099	4,666,831					6,875,917
American Income | Health
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	201,844	193,536	190,296	222,553
Beginning balance	201,709	186,298	192,631	178,801
Effect of changes in assumptions on future cash flows					(6,061)	(6,061)	(17,911)	(17,911)
Effect of actual variances from expected experience					(2,394)	(7,643)	16,766	11,506
Adjusted balance					193,254	178,927	185,153	172,396
Issuances	9,880	9,545	30,667	29,970
Interest accrual	2,170	1,858	6,304	5,537
Net premiums collected	(5,630)	(5,282)	(16,611)	(15,822)
Effect of changes in the foreign exchange rate	(552)	(1,130)	(165)	(1,937)
Ending balance	199,122	190,144	199,122	190,144
Effect of change from original to current discount rates	(9,976)	(4,636)	(9,976)	(4,636)
Ending balance	189,146	185,508	189,146	185,508
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	328,579	321,968	312,750	380,915
Beginning balance	315,087	295,571	303,713	285,604
Effect of changes in assumptions on future cash flows					(6,407)	(6,407)	(21,559)	(21,559)
Effect of actual variances from expected experience					(2,662)	(8,680)	19,916	14,231
Adjusted balance					306,018	288,626	293,928	278,276
Issuances	9,880	9,547	30,667	29,970
Interest accrual	3,810	3,462	11,199	10,348
Benefit payments	(6,973)	(5,168)	(18,633)	(15,360)
Effect of changes in the foreign exchange rate	(1,093)	(2,462)	(217)	(3,927)
Ending balance	311,642	299,307	311,642	299,307
Effect of changes in discount rate assumptions	(5,601)	5,432	(5,601)	5,432						60,366
Ending balance	306,041	304,739	306,041	304,739
Net liability for future policy benefits at original discount rates	112,520	109,163	112,520	109,163
Effect of changes in discount rate assumptions	4,375	10,068	4,375	10,068
Net liability for future policy benefits—long duration health	116,895	119,231	116,895	119,231
Other Adjustments	993	56	993	56
Net liability for future policy benefits, after other adjustments, at current discount rates	117,888	119,287	117,888	119,287					162,364
Direct to Consumer | Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	5,988,577	6,164,946	5,910,224	7,264,905
Beginning balance	5,700,354	5,616,356	5,680,864	5,533,741
Effect of changes in assumptions on future cash flows					36,170	36,170	79,571	79,571
Effect of actual variances from expected experience					(91,120)	(219,723)	(89,037)	(180,498)
Adjusted balance					5,645,404	5,497,311	5,606,890	5,432,814
Issuances	136,611	160,780	450,361	499,777
Interest accrual	72,515	68,476	214,988	204,334
Net premiums collected	(153,237)	(151,214)	(461,367)	(451,993)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	5,701,293	5,684,932	5,701,293	5,684,932
Effect of change from original to current discount rates	(31,118)	153,525	(31,118)	153,525
Ending balance	5,670,175	5,838,457	5,670,175	5,838,457
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	9,487,233	9,664,209	9,225,451	11,859,408
Beginning balance	8,592,897	8,294,768	8,477,892	8,157,259
Effect of changes in assumptions on future cash flows					34,407	34,407	104,910	104,910
Effect of actual variances from expected experience					(97,632)	(227,639)	(87,105)	(174,141)
Adjusted balance					8,529,672	8,284,660	8,312,573	8,088,028
Issuances	136,612	160,779	450,362	499,774
Interest accrual	115,547	108,681	342,208	323,432
Benefit payments	(136,994)	(146,981)	(432,393)	(476,182)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	8,644,837	8,435,052	8,644,837	8,435,052
Effect of changes in discount rate assumptions	228,607	609,256	228,607	609,256						2,195,430
Ending balance	8,873,444	9,044,308	8,873,444	9,044,308
Net liability for future policy benefits at original discount rates	2,943,544	2,750,120	2,943,544	2,750,120
Effect of changes in discount rate assumptions	259,725	455,731	259,725	455,731
Net liability for future policy benefits—long duration health	3,203,269	3,205,851	3,203,269	3,205,851
Other Adjustments	3,982	5,271	3,982	5,271
Net liability for future policy benefits, after other adjustments, at current discount rates	3,207,251	3,211,122	3,207,251	3,211,122					4,704,555
Direct to Consumer | Health
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	89,674	102,433	90,143	121,724
Beginning balance	86,840	94,752	87,751	96,776
Effect of changes in assumptions on future cash flows					16,553	16,553	(9,035)	(9,035)
Effect of actual variances from expected experience					229	(1,666)	294	(1,249)
Adjusted balance					103,622	102,638	86,011	86,492
Issuances	2,317	1,260	6,532	3,582
Interest accrual	1,160	1,134	3,278	3,487
Net premiums collected	(2,679)	(2,624)	(8,028)	(7,780)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	104,420	85,781	104,420	85,781
Effect of change from original to current discount rates	(1,254)	1,672	(1,254)	1,672
Ending balance	103,166	87,453	103,166	87,453
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	85,856	99,484	87,532	119,888
Beginning balance	83,188	92,143	85,212	95,628
Effect of changes in assumptions on future cash flows					15,930	15,930	(8,270)	(8,270)
Effect of actual variances from expected experience					(95)	(1,925)	191	(1,425)
Adjusted balance					99,023	99,217	84,064	85,933
Issuances	2,310	1,257	6,518	3,567
Interest accrual	1,160	1,134	3,278	3,487
Benefit payments	(2,982)	(2,822)	(9,502)	(9,354)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	99,511	83,633	99,511	83,633
Effect of changes in discount rate assumptions	(1,111)	1,648	(1,111)	1,648						346
Ending balance	98,400	85,281	98,400	85,281
Net liability for future policy benefits at original discount rates	(4,909)	(2,148)	(4,909)	(2,148)
Effect of changes in discount rate assumptions	143	(24)	143	(24)
Net liability for future policy benefits—long duration health	(4,766)	(2,172)	(4,766)	(2,172)
Other Adjustments	5,530	3,232	5,530	3,232
Net liability for future policy benefits, after other adjustments, at current discount rates	764	1,060	764	1,060					1,598
Liberty National | Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	1,110,017	1,123,072	1,094,407	1,332,469
Beginning balance	1,071,561	1,042,155	1,066,123	1,040,242
Effect of changes in assumptions on future cash flows					5,178	5,178	17,719	17,719
Effect of actual variances from expected experience					(10,938)	(26,533)	(5,994)	(15,119)
Adjusted balance					1,065,801	1,044,768	1,053,880	1,042,842
Issuances	32,045	24,493	92,894	73,299
Interest accrual	13,707	12,793	40,362	38,378
Net premiums collected	(33,622)	(31,985)	(100,093)	(95,338)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	1,077,931	1,059,181	1,077,931	1,059,181
Effect of change from original to current discount rates	(18,702)	17,403	(18,702)	17,403
Ending balance	1,059,229	1,076,584	1,059,229	1,076,584
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	3,507,845	3,622,642	3,429,256	4,542,697
Beginning balance	3,297,781	3,215,311	3,272,980	3,206,164
Effect of changes in assumptions on future cash flows					6,156	6,156	33,457	33,457
Effect of actual variances from expected experience					(14,364)	(27,482)	(5,116)	(14,582)
Adjusted balance					3,289,573	3,251,654	3,243,652	3,225,039
Issuances	32,046	24,493	92,894	73,299
Interest accrual	43,991	42,392	130,712	126,814
Benefit payments	(43,644)	(53,887)	(153,294)	(168,502)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	3,321,966	3,256,650	3,321,966	3,256,650
Effect of changes in discount rate assumptions	(46,234)	108,603	(46,234)	108,603						1,229,610
Ending balance	3,275,732	3,365,253	3,275,732	3,365,253
Net liability for future policy benefits at original discount rates	2,244,035	2,197,469	2,244,035	2,197,469
Effect of changes in discount rate assumptions	(27,532)	91,200	(27,532)	91,200
Net liability for future policy benefits—long duration health	2,216,503	2,288,669	2,216,503	2,288,669
Other Adjustments	(1,389)	(4,056)	(1,389)	(4,056)
Net liability for future policy benefits, after other adjustments, at current discount rates	2,215,114	2,284,613	2,215,114	2,284,613					3,372,114
Liberty National | Health
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	409,551	425,277	423,490	517,368
Beginning balance	400,180	396,741	415,442	414,409
Effect of changes in assumptions on future cash flows					(56,964)	(56,964)	19,846	19,846
Effect of actual variances from expected experience					(2,692)	(30,526)	(7,101)	(31,290)
Adjusted balance					340,524	327,952	409,486	402,965
Issuances	15,183	13,220	43,373	35,831
Interest accrual	4,380	4,719	14,047	14,312
Net premiums collected	(13,037)	(12,905)	(38,322)	(38,588)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	347,050	414,520	347,050	414,520
Effect of change from original to current discount rates	(8,372)	3,658	(8,372)	3,658
Ending balance	338,678	418,178	338,678	418,178
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	923,148	985,214	941,574	1,201,317
Beginning balance	880,879	896,137	904,865	921,608
Effect of changes in assumptions on future cash flows					(60,437)	(60,437)	18,065	18,065
Effect of actual variances from expected experience					(2,563)	(29,581)	(8,476)	(32,395)
Adjusted balance					817,879	814,847	905,726	907,278
Issuances	14,963	13,379	42,863	36,171
Interest accrual	11,173	11,836	34,699	35,871
Benefit payments	(25,220)	(23,273)	(73,614)	(71,652)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	818,795	907,668	818,795	907,668
Effect of changes in discount rate assumptions	(4,792)	26,139	(4,792)	26,139						219,992
Ending balance	814,003	933,807	814,003	933,807
Net liability for future policy benefits at original discount rates	471,745	493,148	471,745	493,148
Effect of changes in discount rate assumptions	3,580	22,481	3,580	22,481
Net liability for future policy benefits—long duration health	475,325	515,629	475,325	515,629
Other Adjustments	7,043	3,354	7,043	3,354
Net liability for future policy benefits, after other adjustments, at current discount rates	482,368	518,983	482,368	518,983					740,628
Other | Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	471,279	461,964	470,741	559,972
Beginning balance	445,475	416,918	449,209	416,141
Effect of changes in assumptions on future cash flows					8,419	8,419	35,214	35,214
Effect of actual variances from expected experience					(7,232)	(13,882)	(3,741)	(7,237)
Adjusted balance					446,662	443,746	448,391	444,118
Issuances	7,143	7,553	21,756	23,148
Interest accrual	5,741	5,270	17,071	15,575
Net premiums collected	(11,515)	(11,001)	(34,542)	(32,628)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	448,031	450,213	448,031	450,213
Effect of change from original to current discount rates	(1,499)	15,056	(1,499)	15,056
Ending balance	446,532	465,269	446,532	465,269
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	4,109,706	4,220,830	3,976,150	5,488,684
Beginning balance	3,448,491	3,312,104	3,403,704	3,267,306
Effect of changes in assumptions on future cash flows					11,661	11,661	39,725	39,725
Effect of actual variances from expected experience					(9,595)	(17,962)	(3,852)	(8,325)
Adjusted balance					3,450,557	3,397,403	3,347,977	3,298,706
Issuances	7,145	7,550	21,756	23,148
Interest accrual	51,249	49,097	152,378	145,941
Benefit payments	(23,422)	(28,862)	(86,008)	(92,033)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	3,485,529	3,375,762	3,485,529	3,375,762
Effect of changes in discount rate assumptions	282,118	503,107	282,118	503,107
Ending balance	3,767,647	3,878,869	3,767,647	3,878,869
Net liability for future policy benefits at original discount rates	3,037,498	2,925,549	3,037,498	2,925,549
Effect of changes in discount rate assumptions	283,617	488,051	283,617	488,051
Net liability for future policy benefits—long duration health	3,321,115	3,413,600	3,321,115	3,413,600
Other Adjustments	(32,481)	(33,790)	(32,481)	(33,790)
Net liability for future policy benefits, after other adjustments, at current discount rates	3,288,634	3,379,810	3,288,634	3,379,810
United American | Health
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	2,984,554	3,138,706	2,908,501	3,611,659
Beginning balance	2,985,660	3,022,654	2,941,261	2,949,851
Effect of changes in assumptions on future cash flows					466,883	466,883	(195,560)	(195,560)
Effect of actual variances from expected experience					22,683	(6,240)	13,731	(22,004)
Adjusted balance					3,475,226	3,401,904	2,840,825	2,732,287
Issuances	82,647	71,806	226,363	246,877
Interest accrual	35,536	30,794	99,390	91,999
Net premiums collected	(68,421)	(65,071)	(202,669)	(192,809)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	3,524,988	2,878,354	3,524,988	2,878,354
Effect of change from original to current discount rates	(183,608)	(72,237)	(183,608)	(72,237)
Ending balance	3,341,380	2,806,117	3,341,380	2,806,117
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	3,116,389	3,285,696	3,046,829	3,810,559
Beginning balance	3,116,768	3,160,028	3,080,633	3,090,901
Effect of changes in assumptions on future cash flows					464,652	464,652	(194,936)	(194,936)
Effect of actual variances from expected experience					22,410	(5,530)	13,347	(24,710)
Adjusted balance					3,603,830	3,539,755	2,978,439	2,871,255
Issuances	82,511	71,731	225,915	246,559
Interest accrual	37,340	32,729	104,932	97,837
Benefit payments	(74,832)	(65,261)	(221,753)	(198,013)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	3,648,849	3,017,638	3,648,849	3,017,638
Effect of changes in discount rate assumptions	(191,041)	(75,810)	(191,041)	(75,810)						75,652
Ending balance	3,457,808	2,941,828	3,457,808	2,941,828
Net liability for future policy benefits at original discount rates	123,861	139,284	123,861	139,284
Effect of changes in discount rate assumptions	(7,433)	(3,573)	(7,433)	(3,573)
Net liability for future policy benefits—long duration health	116,428	135,711	116,428	135,711
Other Adjustments	4,374	(169)	4,374	(169)
Net liability for future policy benefits, after other adjustments, at current discount rates	120,802	135,542	120,802	135,542					213,663
Family Heritage | Health
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	1,661,020	1,650,507	1,594,992	1,944,714
Beginning balance	1,771,206	1,706,794	1,729,219	1,688,590
Effect of changes in assumptions on future cash flows					(30,255)	(30,255)	(20,931)	(20,931)
Effect of actual variances from expected experience					(15,658)	(50,052)	(13,447)	(49,359)
Adjusted balance					1,725,293	1,648,912	1,672,416	1,618,300
Issuances	70,216	65,523	202,561	175,456
Interest accrual	17,272	15,133	50,091	45,147
Net premiums collected	(45,226)	(43,170)	(134,009)	(129,001)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	1,767,555	1,709,902	1,767,555	1,709,902
Effect of change from original to current discount rates	(192,981)	(158,093)	(192,981)	(158,093)
Ending balance	1,574,574	1,551,809	1,574,574	1,551,809
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	3,167,461	3,129,877	3,005,664	3,840,322
Beginning balance	3,436,167	3,267,244	3,336,344	3,193,342
Effect of changes in assumptions on future cash flows					(32,428)	(32,428)	(27,211)	(27,211)
Effect of actual variances from expected experience					(17,000)	(53,292)	(14,614)	(51,720)
Adjusted balance					$ 3,386,739	$ 3,250,624	$ 3,225,419	$ 3,114,411
Issuances	70,215	65,524	202,561	175,456
Interest accrual	34,024	30,383	99,344	89,968
Benefit payments	(31,422)	(30,850)	(92,973)	(89,359)
Effect of changes in the foreign exchange rate	0	0	0	0
Ending balance	3,459,556	3,290,476	3,459,556	3,290,476
Effect of changes in discount rate assumptions	(498,312)	(389,326)	(498,312)	(389,326)						$ 497,250
Ending balance	2,961,244	2,901,150	2,961,244	2,901,150
Net liability for future policy benefits at original discount rates	1,692,001	1,580,574	1,692,001	1,580,574
Effect of changes in discount rate assumptions	(305,331)	(231,233)	(305,331)	(231,233)
Net liability for future policy benefits—long duration health	1,386,670	1,349,341	1,386,670	1,349,341
Other Adjustments	(4,717)	583	(4,717)	583
Net liability for future policy benefits, after other adjustments, at current discount rates	$ 1,381,953	$ 1,349,924	$ 1,381,953	$ 1,349,924					$ 1,880,378

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Policy Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Change in assumptions of lapse, mortality, and morbidity, remeasurement gain (loss)	$ 3,200	$ (36,500)	$ 3,200	$ (36,500)
Change in expected experience, remeasurement gain (loss)	15,900	1,000	21,600	1,000
Life
Liability for Future Policy Benefit, Activity [Line Items]
Change in assumptions of lapse, mortality, and morbidity, remeasurement gain (loss)	(2,000)	(47,200)
Change in expected experience, remeasurement gain (loss)			18,500	(2,100)
Effect of actual variances from expected experience					$ (158,589)	$ (382,469)	$ (160,421)	$ (278,477)
PV of expected future gross premiums	26,790,615	26,584,461	26,790,615	26,584,461
PV of expected future net premiums	11,494,641	11,557,859	11,494,641	11,557,859	12,042,720	11,748,528	12,129,478	14,082,538
Health
Liability for Future Policy Benefit, Activity [Line Items]
Change in assumptions of lapse, mortality, and morbidity, remeasurement gain (loss)	5,200	10,700
Change in expected experience, remeasurement gain (loss)			3,100	3,100
Effect of actual variances from expected experience					90	(99,008)	10,364	(96,019)
PV of expected future gross premiums	10,812,872	10,038,696	10,812,872	10,038,696
PV of expected future net premiums	$ 5,546,944	$ 5,049,065	$ 5,546,944	$ 5,049,065	$ 5,346,643	$ 5,207,422	$ 5,510,459	$ 6,418,018

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Policy Liabilities - Schedule of Liability For Future Policy Benefits To Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jan. 01, 2021
At Original Discount Rates
Deferred profit liability	$ 173,520		$ 176,296
Deferred annuity	813,275		991,687
Interest sensitive life	735,025		740,513
Other	9,400		9,503
Total future policy benefits	16,757,558	$ 16,306,870	16,138,874
At Current Discount Rates
Deferred profit liability	173,520		176,296
Deferred annuity	813,275		991,687
Interest sensitive life	735,025		740,513
Other	9,405		9,504
Net liability for future policy benefits, after other adjustments, at current discount rates	17,218,098	$ 18,040,042	17,585,172
Life
At Original Discount Rates
Net liability for future policy benefits—long duration life	12,626,672		11,906,692
At Current Discount Rates
Net liability for future policy benefits—long duration health	13,383,098		13,542,376
Net liability for future policy benefits, after other adjustments, at current discount rates	13,383,098		13,542,376	$ 19,987,227
Health
At Original Discount Rates
Net liability for future policy benefits—long duration life	2,399,666		2,314,183
At Current Discount Rates
Net liability for future policy benefits—long duration health	2,103,775		2,124,796
Net liability for future policy benefits, after other adjustments, at current discount rates	2,103,775		2,124,796	2,998,631
American Income | Life
At Original Discount Rates
Net liability for future policy benefits—long duration life	4,435,901		4,070,359
At Current Discount Rates
Net liability for future policy benefits—long duration health	4,672,099		4,666,831
Net liability for future policy benefits, after other adjustments, at current discount rates	4,672,099		4,666,831	6,875,917
American Income | Health
At Original Discount Rates
Net liability for future policy benefits—long duration life	113,340		109,217
At Current Discount Rates
Net liability for future policy benefits—long duration health	117,888		119,287
Net liability for future policy benefits, after other adjustments, at current discount rates	117,888		119,287	162,364
Direct to Consumer | Life
At Original Discount Rates
Net liability for future policy benefits—long duration life	2,943,544		2,750,122
At Current Discount Rates
Net liability for future policy benefits—long duration health	3,207,251		3,211,122
Net liability for future policy benefits, after other adjustments, at current discount rates	3,207,251		3,211,122	4,704,555
Direct to Consumer | Health
At Original Discount Rates
Net liability for future policy benefits—long duration life	752		1,024
At Current Discount Rates
Net liability for future policy benefits—long duration health	764		1,060
Net liability for future policy benefits, after other adjustments, at current discount rates	764		1,060	1,598
Liberty National | Life
At Original Discount Rates
Net liability for future policy benefits—long duration life	2,236,374		2,186,063
At Current Discount Rates
Net liability for future policy benefits—long duration health	2,215,114		2,284,613
Net liability for future policy benefits, after other adjustments, at current discount rates	2,215,114		2,284,613	3,372,114
Liberty National | Health
At Original Discount Rates
Net liability for future policy benefits—long duration life	478,078		495,628
At Current Discount Rates
Net liability for future policy benefits—long duration health	482,368		518,983
Net liability for future policy benefits, after other adjustments, at current discount rates	482,368		518,983	740,628
Other | Life
At Original Discount Rates
Net liability for future policy benefits—long duration life	3,010,853		2,900,148
At Current Discount Rates
Net liability for future policy benefits—long duration health	3,288,634		3,379,810
Net liability for future policy benefits, after other adjustments, at current discount rates	3,288,634		3,379,810
United American | Health
At Original Discount Rates
Net liability for future policy benefits—long duration life	126,105		137,231
At Current Discount Rates
Net liability for future policy benefits—long duration health	120,802		135,542
Net liability for future policy benefits, after other adjustments, at current discount rates	120,802		135,542	213,663
Family Heritage | Health
At Original Discount Rates
Net liability for future policy benefits—long duration life	1,681,391		1,571,083
At Current Discount Rates
Net liability for future policy benefits—long duration health	1,381,953		1,349,924
Net liability for future policy benefits, after other adjustments, at current discount rates	$ 1,381,953		$ 1,349,924	$ 1,880,378

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Policy Liabilities - Schedule of Weighted Average Interest Rate of Liability For Future Policy Benefits (Details)	Sep. 30, 2023	Sep. 30, 2022
American Income | Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	5.70%	5.80%
Weighted average current discount rate	5.60%	5.20%
American Income | Health
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	5.90%	5.90%
Weighted average current discount rate	5.60%	5.20%
DTC | Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	6.00%	6.00%
Weighted average current discount rate	5.60%	5.30%
DTC | Health
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	5.20%	5.20%
Weighted average current discount rate	5.50%	5.10%
Liberty National | Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	5.60%	5.60%
Weighted average current discount rate	5.70%	5.30%
Liberty National | Health
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	5.80%	5.80%
Weighted average current discount rate	5.70%	5.30%
Other | Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	6.20%	6.20%
Weighted average current discount rate	5.70%	5.30%
United American | Health
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	5.20%	5.20%
Weighted average current discount rate	5.50%	5.10%
Family Heritage | Health
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average original discount rate	4.30%	4.30%
Weighted average current discount rate	5.70%	5.30%

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Policy Liabilities - Schedule of Weighted Average Duration of Liability For Future Policy Benefits (Details)	Sep. 30, 2023	Sep. 30, 2022
American Income | Life
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	23 years 29 days	22 years 10 months 28 days
At current discount rates	23 years 3 months 14 days	23 years 4 months 13 days
American Income | Health
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	12 years 1 month 20 days	12 years 1 month 20 days
At current discount rates	12 years 2 months 12 days	12 years 6 months 21 days
DTC | Life
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	19 years 8 months 23 days	20 years 4 months 24 days
At current discount rates	21 years	21 years 11 months 19 days
DTC | Health
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	11 years 4 months 24 days	11 years 4 months 20 days
At current discount rates	10 years 4 months 2 days	10 years 7 months 24 days
Liberty National | Life
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	15 years 1 month 13 days	14 years 9 months 25 days
At current discount rates	15 years 2 months 12 days	15 years 3 months 21 days
Liberty National | Health
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	9 years 1 month 9 days	9 years 2 months 12 days
At current discount rates	8 years 11 months 19 days	9 years 4 months 6 days
Other | Life
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	16 years 4 months 2 days	16 years 7 months 24 days
At current discount rates	17 years 5 months 1 day	18 years 2 months 19 days
United American | Health
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	11 years 4 months 24 days	11 years 4 months 20 days
At current discount rates	10 years 4 months 2 days	10 years 7 months 24 days
Family Heritage | Health
Liability for Future Policy Benefit, Activity [Line Items]
At original discount rates	14 years 10 months 24 days	14 years 10 months 24 days
At current discount rates	13 years 9 months 21 days	14 years 2 months 19 days

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Policy Liabilities - Schedule of Liability For Future Policy Benefits To Consolidated Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	$ 783,289	$ 753,846	$ 2,328,098	$ 2,249,906
Interest expense	181,703	172,005	538,177	510,449
Health
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	278,665	264,551	828,429	789,898
Interest expense	26,779	25,716	79,712	76,482
American Income | Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	399,794	377,859	1,181,247	1,122,987
Interest expense	63,565	58,970	187,381	174,275
American Income | Health
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	28,528	27,939	84,863	83,880
Interest expense	1,640	1,605	4,896	4,811
Direct to Consumer | Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	244,931	243,021	735,374	729,950
Interest expense	42,978	40,161	127,040	118,995
Direct to Consumer | Health
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	3,583	3,580	10,680	10,710
Interest expense	0	0	0	0
Liberty National | Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	87,071	81,007	256,641	240,460
Interest expense	30,095	29,469	89,765	88,061
Liberty National | Health
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	46,441	45,721	139,875	139,818
Interest expense	6,766	7,092	20,567	21,490
Other | Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	51,493	51,959	154,836	156,509
Interest expense	45,065	43,405	133,991	129,118
United American | Health
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	100,285	95,178	298,964	283,059
Interest expense	1,741	1,874	5,345	5,665
Family Heritage | Health
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	99,828	92,133	294,047	272,431
Interest expense	$ 16,632	$ 15,145	$ 48,904	$ 44,516

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Policy Liabilities - Schedule of Undiscounted And Discounted Expected Future Gross Premiums And Expected Future Benefits And Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Life
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	$ 49,904,850			$ 47,921,243
PV of expected future gross premiums, At original discount rates	27,294,726			26,239,022
PV of expected future gross premiums, At current discount rates	26,790,615			26,584,461
PV of expected future net premiums, Not discounted	21,583,806			20,976,210
PV of expected future net premiums, At original discount rates	11,701,214	$ 11,616,443	$ 11,442,919	11,398,133	$ 11,221,523	$ 10,896,222
PV of expected future net premiums, At current discount rates	11,494,641	12,042,720	11,748,528	11,557,859	12,129,478	14,082,538
PV of expected future policy benefits, Not discounted	77,173,809			74,017,252
PV of expected future policy benefits, At original discount rates	24,362,292	24,092,695	23,564,337	23,341,637	22,956,889	22,374,930
PV of expected future policy benefits, At current discount rates	24,907,260	26,772,991	25,749,961	25,131,959	27,019,952	33,664,308
Health
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	19,144,817			17,061,461
PV of expected future gross premiums, At original discount rates	11,521,032			10,423,027
PV of expected future gross premiums, At current discount rates	10,812,872			10,038,696
PV of expected future net premiums, Not discounted	9,797,821			8,533,551
PV of expected future net premiums, At original discount rates	5,943,135	5,445,595	5,366,304	5,278,701	5,407,239	5,328,427
PV of expected future net premiums, At current discount rates	5,546,944	5,346,643	5,207,422	5,049,065	5,510,459	6,418,018
PV of expected future policy benefits, Not discounted	14,749,901			13,300,684
PV of expected future policy benefits, At original discount rates	8,338,353	7,832,089	7,710,767	7,598,722	7,711,123	7,587,083
PV of expected future policy benefits, At current discount rates	7,637,496	7,621,433	7,394,349	7,166,805	7,822,239	9,353,001
American Income | Life
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	23,974,963			22,410,479
PV of expected future gross premiums, At original discount rates	13,530,015			12,703,160
PV of expected future gross premiums, At current discount rates	13,147,003			12,721,890
PV of expected future net premiums, Not discounted	7,912,903			7,394,076
PV of expected future net premiums, At original discount rates	4,473,959	4,399,053	4,246,723	4,203,807	4,146,094	3,906,098
PV of expected future net premiums, At current discount rates	4,318,705	4,472,847	4,273,156	4,177,549	4,379,496	4,925,192
PV of expected future policy benefits, Not discounted	30,182,319			27,877,017
PV of expected future policy benefits, At original discount rates	8,909,960	8,753,526	8,409,761	8,274,173	8,134,706	7,744,201
PV of expected future policy benefits, At current discount rates	8,990,437	9,668,207	9,119,104	8,843,529	9,512,271	11,773,519
American Income | Health
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	1,755,682			1,738,642
PV of expected future gross premiums, At original discount rates	984,122			971,620
PV of expected future gross premiums, At current discount rates	969,090			987,597
PV of expected future net premiums, Not discounted	354,120			337,734
PV of expected future net premiums, At original discount rates	199,122	201,709	192,631	190,144	186,298	178,801
PV of expected future net premiums, At current discount rates	189,146	201,844	190,296	185,508	193,536	222,553
PV of expected future policy benefits, Not discounted	632,349			609,213
PV of expected future policy benefits, At original discount rates	311,642	315,087	303,713	299,307	295,571	285,604
PV of expected future policy benefits, At current discount rates	306,041	328,579	312,750	304,739	321,968	380,915
Direct to Consumer | Life
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	17,575,618			17,335,350
PV of expected future gross premiums, At original discount rates	9,182,146			9,078,493
PV of expected future gross premiums, At current discount rates	9,112,202			9,301,184
PV of expected future net premiums, Not discounted	10,850,664			10,780,312
PV of expected future net premiums, At original discount rates	5,701,293	5,700,354	5,680,864	5,684,932	5,616,356	5,533,741
PV of expected future net premiums, At current discount rates	5,670,175	5,988,577	5,910,224	5,838,457	6,164,946	7,264,905
PV of expected future policy benefits, Not discounted	25,711,499			25,253,094
PV of expected future policy benefits, At original discount rates	8,644,837	8,592,897	8,477,892	8,435,052	8,294,768	8,157,259
PV of expected future policy benefits, At current discount rates	8,873,444	9,487,233	9,225,451	9,044,308	9,664,209	11,859,408
Direct to Consumer | Health
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	224,522			173,045
PV of expected future gross premiums, At original discount rates	141,374			113,484
PV of expected future gross premiums, At current discount rates	139,748			115,727
PV of expected future net premiums, Not discounted	166,099			130,993
PV of expected future net premiums, At original discount rates	104,420	86,840	87,751	85,781	94,752	96,776
PV of expected future net premiums, At current discount rates	103,166	89,674	90,143	87,453	102,433	121,724
PV of expected future policy benefits, Not discounted	154,931			125,591
PV of expected future policy benefits, At original discount rates	99,511	83,188	85,212	83,633	92,143	95,628
PV of expected future policy benefits, At current discount rates	98,400	85,856	87,532	85,281	99,484	119,888
Liberty National | Life
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	4,601,176			4,343,332
PV of expected future gross premiums, At original discount rates	2,681,034			2,525,305
PV of expected future gross premiums, At current discount rates	2,577,877			2,505,580
PV of expected future net premiums, Not discounted	1,901,039			1,876,758
PV of expected future net premiums, At original discount rates	1,077,931	1,071,561	1,066,123	1,059,181	1,042,155	1,040,242
PV of expected future net premiums, At current discount rates	1,059,229	1,110,017	1,094,407	1,076,584	1,123,072	1,332,469
PV of expected future policy benefits, Not discounted	8,852,345			8,553,973
PV of expected future policy benefits, At original discount rates	3,321,966	3,297,781	3,272,980	3,256,650	3,215,311	3,206,164
PV of expected future policy benefits, At current discount rates	3,275,732	3,507,845	3,429,256	3,365,253	3,622,642	4,542,697
Liberty National | Health
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	2,084,428			2,268,736
PV of expected future gross premiums, At original discount rates	1,321,438			1,413,365
PV of expected future gross premiums, At current discount rates	1,308,898			1,439,069
PV of expected future net premiums, Not discounted	515,612			654,018
PV of expected future net premiums, At original discount rates	347,050	400,180	415,442	414,520	396,741	414,409
PV of expected future net premiums, At current discount rates	338,678	409,551	423,490	418,178	425,277	517,368
PV of expected future policy benefits, Not discounted	1,414,512			1,606,868
PV of expected future policy benefits, At original discount rates	818,795	880,879	904,865	907,668	896,137	921,608
PV of expected future policy benefits, At current discount rates	814,003	923,148	941,574	933,807	985,214	1,201,317
Other | Life
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	3,753,093			3,832,082
PV of expected future gross premiums, At original discount rates	1,901,531			1,932,064
PV of expected future gross premiums, At current discount rates	1,953,533			2,055,807
PV of expected future net premiums, Not discounted	919,200			925,064
PV of expected future net premiums, At original discount rates	448,031	445,475	449,209	450,213	416,918	416,141
PV of expected future net premiums, At current discount rates	446,532	471,279	470,741	465,269	461,964	559,972
PV of expected future policy benefits, Not discounted	12,427,646			12,333,168
PV of expected future policy benefits, At original discount rates	3,485,529	3,448,491	3,403,704	3,375,762	3,312,104	3,267,306
PV of expected future policy benefits, At current discount rates	3,767,647	4,109,706	3,976,150	3,878,869	4,220,830	5,488,684
United American | Health
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	8,442,713			6,659,804
PV of expected future gross premiums, At original discount rates	5,141,771			4,191,787
PV of expected future gross premiums, At current discount rates	4,871,878			4,082,931
PV of expected future net premiums, Not discounted	5,799,017			4,586,540
PV of expected future net premiums, At original discount rates	3,524,988	2,985,660	2,941,261	2,878,354	3,022,654	2,949,851
PV of expected future net premiums, At current discount rates	3,341,380	2,984,554	2,908,501	2,806,117	3,138,706	3,611,659
PV of expected future policy benefits, Not discounted	5,998,770			4,818,514
PV of expected future policy benefits, At original discount rates	3,648,849	3,116,768	3,080,633	3,017,638	3,160,028	3,090,901
PV of expected future policy benefits, At current discount rates	3,457,808	3,116,389	3,046,829	2,941,828	3,285,696	3,810,559
Family Heritage | Health
Liability for Future Policy Benefit, Activity [Line Items]
PV of expected future gross premiums, Not discounted	6,637,472			6,221,234
PV of expected future gross premiums, At original discount rates	3,932,327			3,732,771
PV of expected future gross premiums, At current discount rates	3,523,258			3,413,372
PV of expected future net premiums, Not discounted	2,962,973			2,824,266
PV of expected future net premiums, At original discount rates	1,767,555	1,771,206	1,729,219	1,709,902	1,706,794	1,688,590
PV of expected future net premiums, At current discount rates	1,574,574	1,661,020	1,594,992	1,551,809	1,650,507	1,944,714
PV of expected future policy benefits, Not discounted	6,549,339			6,140,498
PV of expected future policy benefits, At original discount rates	3,459,556	3,436,167	3,336,344	3,290,476	3,267,244	3,193,342
PV of expected future policy benefits, At current discount rates	$ 2,961,244	$ 3,167,461	$ 3,005,664	$ 2,901,150	$ 3,129,877	$ 3,840,322

XML

Policy Liabilities - Schedule of Policyholder Account Balance (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest Sensitive Life
Policyholder Account Balance [Roll Forward]
Beginning Balance	$ 736,920,000	$ 742,293,000	$ 739,105,000	$ 745,335,000
Issuances	0	0	0	0
Premiums received	5,398,000	5,746,000	17,062,000	18,133,000
Policy charges	(3,213,000)	(3,373,000)	(9,729,000)	(10,247,000)
Surrenders and withdrawals	(5,582,000)	(5,955,000)	(16,204,000)	(16,708,000)
Benefit payments	(7,258,000)	(7,552,000)	(22,753,000)	(25,913,000)
Interest credited	7,083,000	7,110,000	21,274,000	21,475,000
Other	1,677,000	2,244,000	6,270,000	8,438,000
Ending Balance	$ 735,025,000	$ 740,513,000	$ 735,025,000	$ 740,513,000
Weighted-average credit rate	3.91%	3.89%	3.91%	3.89%
Net amount at risk	$ 1,793,787,000	$ 1,899,046,000	$ 1,793,787,000	$ 1,899,046,000
Cash surrender value	673,814,000	690,020,000	673,814,000	690,020,000
Deferred Annuity
Policyholder Account Balance [Roll Forward]
Beginning Balance	853,064,000	1,015,804,000	954,318,000	1,033,525,000
Issuances	231,000	338,000	602,000	1,031,000
Premiums received	2,439,000	4,824,000	10,543,000	18,898,000
Policy charges	0	0	0	0
Surrenders and withdrawals	(37,905,000)	(26,148,000)	(125,176,000)	(52,264,000)
Benefit payments	(11,047,000)	(11,232,000)	(48,459,000)	(34,684,000)
Interest credited	6,863,000	8,112,000	21,608,000	24,702,000
Other	(370,000)	(11,000)	(161,000)	479,000
Ending Balance	$ 813,275,000	$ 991,687,000	$ 813,275,000	$ 991,687,000
Weighted-average credit rate	3.34%	3.27%	3.34%	3.27%
Cash surrender value	$ 813,276,000	$ 991,600,000	$ 813,276,000	$ 991,600,000
Other Policyholders' Funds
Policyholder Account Balance [Roll Forward]
Beginning Balance	187,873,000	100,234,000	123,234,000	99,468,000
Issuances	0	0	0	0
Premiums received	31,704,000	4,797,000	100,113,000	8,689,000
Policy charges	0	0	0	0
Surrenders and withdrawals	(2,782,000)	(3,059,000)	(9,106,000)	(8,701,000)
Benefit payments	0	0	0	0
Interest credited	2,825,000	1,264,000	6,164,000	3,522,000
Other	(1,410,000)	(186,000)	(2,195,000)	72,000
Ending Balance	$ 218,210,000	$ 103,050,000	$ 218,210,000	$ 103,050,000
Weighted-average credit rate	5.68%	5.07%	5.68%	5.07%
Cash surrender value	$ 218,210,000	$ 103,049,000	$ 218,210,000	$ 103,049,000

XML

Policy Liabilities - Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
51-150 basis points above | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range above guaranteed minimum crediting rates (percent)	0.0051		0.0051
51-150 basis points above | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range above guaranteed minimum crediting rates (percent)	0.0150
Interest Sensitive Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	$ 735,025	$ 736,920	$ 739,105	$ 740,513	$ 742,293	$ 745,335
Interest Sensitive Life | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	735,025			740,513
Interest Sensitive Life | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	$ 0			$ 0
Interest Sensitive Life | Less than 3.00% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	3.00%			3.00%
Range of guaranteed minimum crediting rates	$ 0			$ 0
Interest Sensitive Life | Less than 3.00% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	3.00%			3.00%
Range of guaranteed minimum crediting rates	$ 0			$ 0
Interest Sensitive Life | 3.00%-3.99% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	$ 29,018			$ 28,776
Interest Sensitive Life | 3.00%-3.99% | At guaranteed minimum | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	3.00%			3.00%
Interest Sensitive Life | 3.00%-3.99% | At guaranteed minimum | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	3.99%			3.99%
Interest Sensitive Life | 3.00%-3.99% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	$ 0			$ 0
Interest Sensitive Life | 3.00%-3.99% | 51-150 basis points above | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	3.00%			3.00%
Interest Sensitive Life | 3.00%-3.99% | 51-150 basis points above | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	3.99%			3.99%
Interest Sensitive Life | 4.00%-4.99% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	$ 615,835			$ 622,316
Interest Sensitive Life | 4.00%-4.99% | At guaranteed minimum | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	4.00%			4.00%
Interest Sensitive Life | 4.00%-4.99% | At guaranteed minimum | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	4.99%			4.99%
Interest Sensitive Life | 4.00%-4.99% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	$ 0			$ 0
Interest Sensitive Life | 4.00%-4.99% | 51-150 basis points above | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	4.00%			4.00%
Interest Sensitive Life | 4.00%-4.99% | 51-150 basis points above | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	4.99%			4.99%
Interest Sensitive Life | Greater than 5.00% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	5.00%			5.00%
Range of guaranteed minimum crediting rates	$ 90,172			$ 89,421
Interest Sensitive Life | Greater than 5.00% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates (percent)	5.00%			5.00%
Range of guaranteed minimum crediting rates	$ 0			$ 0
Deferred Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	813,275	853,064	954,318	991,687	1,015,804	1,033,525
Deferred Annuity | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	813,275			991,687
Deferred Annuity | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	0			0
Deferred Annuity | Less than 3.00% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	2,011			2,104
Deferred Annuity | Less than 3.00% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	0			0
Deferred Annuity | 3.00%-3.99% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	610,785			778,673
Deferred Annuity | 3.00%-3.99% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	0			0
Deferred Annuity | 4.00%-4.99% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	199,724			210,910
Deferred Annuity | 4.00%-4.99% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	0			0
Deferred Annuity | Greater than 5.00% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	755			0
Deferred Annuity | Greater than 5.00% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	0			0
Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	218,210	$ 187,873	$ 123,234	103,050	$ 100,234	$ 99,468
Other | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	168,206			103,050
Other | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	50,004			0
Other | Less than 3.00% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	118,565			3,007
Other | Less than 3.00% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	0			0
Other | 3.00%-3.99% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	4,002			2,941
Other | 3.00%-3.99% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	0			0
Other | 4.00%-4.99% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	6,851			58,888
Other | 4.00%-4.99% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	50,004			0
Other | Greater than 5.00% | At guaranteed minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	38,788			38,214
Other | Greater than 5.00% | 51-150 basis points above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of guaranteed minimum crediting rates	$ 0			$ 0

XML

Deferred Acquisition Costs - Schedule of Analysis of Deferred Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance				$ 5,535,697
Amortization expense	$ (95,757)	$ (88,012)		(282,159)	$ (258,693)
Ending Balance	5,889,293	5,414,357		5,889,293	5,414,357
Life
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	5,065,265	4,634,675		4,844,291	4,412,015
Capitalizations	185,299		$ 184,865	564,276	558,375
Amortization expense	(82,523)		(75,485)	(243,285)	(221,095)
Foreign exchange adjustment	(4,056)		(9,763)	(1,297)	(15,003)
Experience adjustment	0		0	0	0
Ending Balance	5,163,985	4,734,292	4,634,675	5,163,985	4,734,292
Health
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	709,669	666,209		686,763	649,082
Capitalizations	25,260	21,314		72,901	62,895
Amortization expense	(12,816)	(12,076)		(37,608)	(36,242)
Foreign exchange adjustment	(182)	(467)		(125)	(755)
Experience adjustment	0	0		0	0
Ending Balance	721,931	674,980	666,209	721,931	674,980
American Income | Life
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	2,417,480	2,116,771		2,258,291	1,960,254
Capitalizations	117,761		111,564	351,933	341,585
Amortization expense	(40,465)		(35,860)	(118,207)	(104,124)
Foreign exchange adjustment	(4,056)		(9,763)	(1,297)	(15,003)
Experience adjustment	0		0	0	0
Ending Balance	2,490,720	2,182,712	2,116,771	2,490,720	2,182,712
American Income | Health
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	62,285	53,776		57,811	49,406
Capitalizations	3,259	3,063		9,579	9,408
Amortization expense	(1,016)	(880)		(2,919)	(2,567)
Foreign exchange adjustment	(182)	(467)		(125)	(755)
Experience adjustment	0	0		0	0
Ending Balance	64,346	55,492	53,776	64,346	55,492
DTC | Life
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	1,714,715	1,630,734		1,676,931	1,583,695
Capitalizations	36,385		46,792	123,774	140,449
Amortization expense	(24,891)		(23,860)	(74,496)	(70,478)
Foreign exchange adjustment	0		0	0	0
Experience adjustment	0		0	0	0
Ending Balance	1,726,209	1,653,666	1,630,734	1,726,209	1,653,666
DTC | Health
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	1,760	1,945		1,854	2,032
Capitalizations	0	0		0	2
Amortization expense	(43)	(45)		(137)	(134)
Foreign exchange adjustment	0	0		0	0
Experience adjustment	0	0		0	0
Ending Balance	1,717	1,900	1,945	1,717	1,900
Liberty National | Life
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	636,209	586,898		610,723	566,419
Capitalizations	27,950		23,259	78,599	66,073
Amortization expense	(13,029)		(11,564)	(38,192)	(33,899)
Foreign exchange adjustment	0		0	0	0
Experience adjustment	0		0	0	0
Ending Balance	651,130	598,593	586,898	651,130	598,593
Liberty National | Health
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	136,276	129,592		133,096	127,537
Capitalizations	5,120	4,621		14,854	13,357
Amortization expense	(3,423)	(3,309)		(9,977)	(9,990)
Foreign exchange adjustment	0	0		0	0
Experience adjustment	0	0		0	0
Ending Balance	137,973	130,904	129,592	137,973	130,904
Other | Life
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	296,861	300,272		298,346	301,647
Capitalizations	3,203		3,250	9,970	10,268
Amortization expense	(4,138)		(4,201)	(12,390)	(12,594)
Foreign exchange adjustment	0		0	0	0
Experience adjustment	0		0	0	0
Ending Balance	295,926	299,321	300,272	295,926	299,321
United American | Health
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	75,349	79,174		77,394	81,140
Capitalizations	495	560		1,491	1,628
Amortization expense	(1,463)	(1,469)		(4,504)	(4,503)
Foreign exchange adjustment	0	0		0	0
Experience adjustment	0	0		0	0
Ending Balance	74,381	78,265	79,174	74,381	78,265
Family Heritage | Health
Movement Analysis of Deferred Policy Acquisition Costs
Beginning Balance	433,999	401,722		416,608	388,967
Capitalizations	16,386	13,070		46,977	38,500
Amortization expense	(6,871)	(6,373)		(20,071)	(19,048)
Foreign exchange adjustment	0	0		0	0
Experience adjustment	0	0		0	0
Ending Balance	$ 443,514	$ 408,419	$ 401,722	$ 443,514	$ 408,419

XML

Deferred Acquisition Costs - Schedule of Deferred Policy Acquisition Costs to Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	$ 5,889,293		$ 5,535,697	$ 5,414,357			$ 4,587,547	$ 4,595,444
Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	5,163,985	$ 5,065,265	4,844,291	4,734,292	$ 4,634,675	$ 4,412,015	3,983,021	3,982,159
Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	721,931	709,669	686,763	674,980	666,209	649,082	596,217	610,069
Annuity
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	3,377			5,085			8,309	3,216
American Income | Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	2,490,720	2,417,480	2,258,291	2,182,712	2,116,771	1,960,254	1,647,761	1,647,761
American Income | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	64,346	62,285	57,811	55,492	53,776	49,406	39,477	39,477
DTC | Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	1,726,209	1,714,715	1,676,931	1,653,666	1,630,734	1,583,695	1,498,970	1,498,435
DTC | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	1,717	1,760	1,854	1,900	1,945	2,032	2,215	6,600
Liberty National | Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	651,130	636,209	610,723	598,593	586,898	566,419	531,504	531,504
Liberty National | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	137,973	136,276	133,096	130,904	129,592	127,537	124,754	124,888
Other | Life
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	295,926	296,861	298,346	299,321	300,272	301,647	304,786	304,459
United American | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	74,381	75,349	77,394	78,265	79,174	81,140	65,020	74,353
Family Heritage | Health
Deferred Policy Acquisition Cost [Line Items]
Deferred acquisition costs	$ 443,514	$ 433,999	$ 416,608	$ 408,419	$ 401,722	$ 388,967	$ 364,751	$ 364,751

XML

Liability for Unpaid Claims - Schedule of Liability for Unpaid Health Claims (Details) - Health claims - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Activity in the Liability for Unpaid Health Claims
Beginning balance	$ 182,202	$ 171,109
Incurred related to:
Current year	523,152	676,190
Prior year	(2,383)	(15,631)
Total incurred	520,769	660,559
Paid related to:
Current year	375,687	517,856
Prior year	137,701	131,610
Total paid	513,388	649,466
Ending balance	$ 189,583	$ 182,202

XML

Liability for Unpaid Claims - Schedule of Reconciliation of Policy Claims and Other Benefits Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jan. 01, 2021	Dec. 31, 2020
Policy claims and other benefits payable:
Policy claims and other benefits payable	$ 503,072	$ 507,219	$ 473,524	$ 399,507
Life insurance
Policy claims and other benefits payable:
Policy claims and other benefits payable	313,489	325,017
Health insurance
Policy claims and other benefits payable:
Policy claims and other benefits payable	$ 189,583	$ 182,202

XML

Postretirement Benefits - Schedule of Pension Assets by Component at Fair Value (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 499,775	$ 511,192
Percentage of plan assets	100.00%	100.00%
Investment funds, percentage ownership by pension plan	1.00%	1.00%
Expected life of investment	3 years
Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 485,487	$ 497,785
Percentage of plan assets	97.00%	97.00%
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 269,311	$ 314,666
Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	216,176	183,119
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 14,288	$ 13,407
Percentage of plan assets	3.00%	3.00%
Total corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 128,647	$ 7,424
Percentage of total plan assets, within plan asset category	26.00%	1.00%
Total corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 7,424
Total corporate bonds | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	128,647	0
Total corporate bonds | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Exchange traded fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category		$ 7,424
Percentage of total plan assets, within plan asset category		1.00%
Exchange traded fund | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category		$ 7,424
Exchange traded fund | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category		0
Exchange traded fund | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category		0
Financial
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 35,649	$ 0
Percentage of total plan assets, within plan asset category	7.00%	0.00%
Financial | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 0
Financial | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	35,649	0
Financial | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Utilities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 23,436	$ 0
Percentage of total plan assets, within plan asset category	5.00%	0.00%
Utilities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 0
Utilities | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	23,436	0
Utilities | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Energy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 12,776	$ 0
Percentage of total plan assets, within plan asset category	3.00%	0.00%
Energy | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 0
Energy | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	12,776	0
Energy | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Other corporates
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 56,786	$ 0
Percentage of total plan assets, within plan asset category	11.00%	0.00%
Other corporates | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 0
Other corporates | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	56,786	0
Other corporates | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Exchange traded fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 258,297	$ 290,116
Percentage of total plan assets, within plan asset category	52.00%	57.00%
Investment grade securities issued term		10 years
Exchange traded fund | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 258,297	$ 290,116
Exchange traded fund | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Exchange traded fund | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
U.S. Government and Agency
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 44,213	$ 139,820
Percentage of total plan assets, within plan asset category	9.00%	27.00%
U.S. Government and Agency | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 0
U.S. Government and Agency | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	44,213	139,820
U.S. Government and Agency | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Other bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 200	$ 5
Percentage of total plan assets, within plan asset category	0.00%	0.00%
Other bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 0
Other bonds | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	200	5
Other bonds | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Guaranteed annuity contract
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 43,116	$ 43,294
Percentage of total plan assets, within plan asset category	8.00%	9.00%
Guaranteed annuity contract | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 0
Guaranteed annuity contract | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	43,116	43,294
Guaranteed annuity contract | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 4,467	$ 16,615
Percentage of total plan assets, within plan asset category	1.00%	3.00%
Short-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 4,467	$ 16,615
Short-term investments | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Short-term investments | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 6,547	$ 511
Percentage of total plan assets, within plan asset category	1.00%	0.00%
Other | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 6,547	$ 511
Other | Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	0	0
Other | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, within plan asset category	$ 0	$ 0

XML

Postretirement Benefits - Schedule of Information Regarding the SERP (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Retirement Benefits [Abstract]
Premiums paid for insurance coverage	$ 443	$ 443
Total investments:
Company owned life insurance	54,761		$ 54,681
Exchange traded funds	78,310		71,258
Total investments of SERP	$ 133,071		$ 125,939

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Postretirement Benefits - Schedule of Pension Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension benefit obligation	$ 561,832	$ 562,567
Qualified Plan | Pension Plans | Defined Benefit Plan, Funded Plan
Defined Benefit Plan Disclosure [Line Items]
Pension benefit obligation	490,547	492,103
Nonqualified Plan | SERP
Defined Benefit Plan Disclosure [Line Items]
Pension benefit obligation	$ 71,285	$ 70,464

XML

Postretirement Benefits - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 5,392	$ 8,657	$ 16,174	$ 25,968
Interest cost	7,834	6,124	23,502	18,368
Expected return on assets	(9,656)	(8,885)	(28,968)	(26,655)
Prior service cost	269	158	807	474
Actuarial (gain) loss	(48)	3,208	(152)	9,625
Net periodic benefit cost	$ 3,791	$ 9,262	$ 11,363	$ 27,780

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Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	94,636,867	97,258,349	95,445,416	98,244,271
Weighted average dilutive options outstanding (in shares)	1,180,770	889,175	1,211,974	857,964
Diluted weighted average shares outstanding (in shares)	95,817,637	98,147,524	96,657,390	99,102,235
Antidilutive shares (in shares)	492,970	2,602,609	399,071	2,351,522

XML

Debt - Schedule of Selected Information about Debt Issues (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	May 11, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, par value, gross	$ 1,820,000,000
Current maturity of long-term debt, par value	0
Par Value	1,820,000,000
Total short-term debt, par value	449,000,000
Total debt, par value	2,269,000,000
Unamortized discount & issuance costs, noncurrent	(21,417,000)
Unamortized discount & issuance costs, current maturities	0
Unamortized discount & issuance costs, long-term debt	(21,417,000)
Unamortized discount & issuance costs, current	(1,463,000)
Total debt, unamortized discount & issuance costs,	(22,880,000)
Long-term debt, net, book value	1,798,583,000		$ 1,793,452,000
Current maturity of long-term debt, book value	0		165,500,000
Total long-term debt	1,798,583,000		1,627,952,000
Total short-term debt, book value	447,537,000		449,103,000
Total debt, book value	2,246,120,000		2,077,055,000
Long-term debt, gross, fair value	1,586,674,000
Current maturity of term loan, fair value	0
Fair Value	1,586,674,000
Total short-term debt, fair value	447,537,000
Total debt, fair value	2,034,211,000
Federal Home Loan Bank Borrowings
Debt Instrument [Line Items]
Total short-term debt, par value	198,000,000		0
Unamortized discount & issuance costs, current	0
Total short-term debt, book value	198,000,000		0
Total short-term debt, fair value	198,000,000
Commercial paper
Debt Instrument [Line Items]
Total short-term debt, par value	251,000,000
Unamortized discount & issuance costs, current	(1,463,000)
Total short-term debt, book value	249,537,000		283,603,000
Total short-term debt, fair value	$ 249,537,000
Senior Notes Due 2023
Debt Instrument [Line Items]
Coupon Rate	7.875%	7.875%
Long-term debt, par value, gross	$ 0	$ 170,000,000
Unamortized discount & issuance costs, noncurrent	0
Debt	0		165,500,000
Long-term debt, gross, fair value	$ 0
Senior Notes Due 2028
Debt Instrument [Line Items]
Coupon Rate	4.55%
Long-term debt, par value, gross	$ 550,000,000
Unamortized discount & issuance costs, noncurrent	(3,887,000)
Debt	546,113,000		545,601,000
Long-term debt, gross, fair value	$ 521,290,000
Senior Notes Due 2030
Debt Instrument [Line Items]
Coupon Rate	2.15%
Long-term debt, par value, gross	$ 400,000,000
Unamortized discount & issuance costs, noncurrent	(3,442,000)
Debt	396,558,000		396,219,000
Long-term debt, gross, fair value	$ 309,828,000
Senior Notes Due June 15 2032
Debt Instrument [Line Items]
Coupon Rate	4.80%
Long-term debt, par value, gross	$ 250,000,000
Unamortized discount & issuance costs, noncurrent	(4,222,000)
Debt	245,778,000		245,493,000
Long-term debt, gross, fair value	228,709,000
Senior Notes Due June 15 2032 | Consolidation Eliminations | Subsidiaries
Debt Instrument [Line Items]
Long-term debt, net, book value	$ 150,000,000
Junior Subordinated Debentures Due 2057
Debt Instrument [Line Items]
Coupon Rate	5.275%
Long-term debt, par value, gross	$ 125,000,000
Unamortized discount & issuance costs, noncurrent	(1,578,000)
Debt	123,422,000		123,410,000
Long-term debt, gross, fair value	$ 114,972,000
Junior Subordinated Debentures Due 2061
Debt Instrument [Line Items]
Coupon Rate	4.25%
Long-term debt, par value, gross	$ 325,000,000
Unamortized discount & issuance costs, noncurrent	(7,713,000)
Debt	317,287,000		317,229,000
Long-term debt, gross, fair value	$ 242,450,000
Term Loan Due November 11 2024
Debt Instrument [Line Items]
Coupon Rate	6.20%
Long-term debt, par value, gross	$ 170,000,000
Unamortized discount & issuance costs, noncurrent	(575,000)
Debt	169,425,000		$ 0
Long-term debt, gross, fair value	$ 169,425,000
Term Loan Due November 11 2024 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread	1.35%

XML

Debt - Additional Information (Details)		9 Months Ended
	May 11, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, par value, gross		$ 1,820,000,000
Repayment of notes		$ 165,612,000	$ 150,000,000
Activity-based common stock ownership percentage		0.041
FHLB stock		$ 23,900,000		$ 14,300,000
Long-term debt, net, book value		1,798,583,000		1,793,452,000
Short-term debt		447,537,000		449,103,000
Total short-term debt, par value		449,000,000
Federal Home Loan Bank Borrowings
Debt Instrument [Line Items]
Short-term debt		198,000,000		0
Total short-term debt, par value		198,000,000		0
Estimate of Fair Value Measurement | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair value of pledged assets		$ 1,100,000,000
Junior Subordinated Debentures Due 2056
Debt Instrument [Line Items]
Interest rate		4.25%
Senior Notes
Debt Instrument [Line Items]
Optional redemption, period from issuance date		5 years
Federal Home Loan Bank Borrowings
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 566,000,000
Long-term line of credit		118,000,000		$ 23,000,000
Senior Notes Due 2023
Debt Instrument [Line Items]
Long-term debt, par value, gross	$ 170,000,000	$ 0
Long-term debt, term	18 months
Repayment of notes	$ 166,000,000
Interest rate	7.875%	7.875%

XML

Business Segments - Schedule of Segment Premium Income by Distribution Channel (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of segments | segment			4
Segment Reporting Information [Line Items]
Revenue	$ 1,119,335	$ 1,079,282	$ 3,325,345	$ 3,221,293
% of Total	100.00%	100.00%	100.00%	100.00%
Life
Segment Reporting Information [Line Items]
Revenue	$ 788,099	$ 758,875	$ 2,342,429	$ 2,264,895
% of Total	100.00%	100.00%	100.00%	100.00%
Health
Segment Reporting Information [Line Items]
Revenue	$ 331,236	$ 320,406	$ 982,916	$ 956,397
% of Total	100.00%	100.00%	100.00%	100.00%
Annuity
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 1	$ 0	$ 1
% of Total	0.00%	100.00%	0.00%	100.00%
American Income
Segment Reporting Information [Line Items]
Revenue	$ 430,749	$ 408,011	$ 1,272,002	$ 1,212,042
% of Total	39.00%	38.00%	38.00%	38.00%
American Income | Life
Segment Reporting Information [Line Items]
Revenue	$ 400,214	$ 378,258	$ 1,182,346	$ 1,124,112
% of Total	51.00%	50.00%	50.00%	50.00%
American Income | Health
Segment Reporting Information [Line Items]
Revenue	$ 30,535	$ 29,753	$ 89,656	$ 87,930
% of Total	9.00%	9.00%	9.00%	9.00%
American Income | Annuity
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
% of Total	0.00%	0.00%	0.00%	0.00%
Direct to Consumer
Segment Reporting Information [Line Items]
Revenue	$ 265,011	$ 263,754	$ 795,708	$ 792,526
% of Total	24.00%	24.00%	24.00%	25.00%
Direct to Consumer | Life
Segment Reporting Information [Line Items]
Revenue	$ 247,858	$ 246,021	$ 744,132	$ 739,017
% of Total	32.00%	32.00%	32.00%	33.00%
Direct to Consumer | Health
Segment Reporting Information [Line Items]
Revenue	$ 17,153	$ 17,733	$ 51,576	$ 53,509
% of Total	5.00%	6.00%	5.00%	6.00%
Direct to Consumer | Annuity
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
% of Total	0.00%	0.00%	0.00%	0.00%
Liberty National
Segment Reporting Information [Line Items]
Revenue	$ 134,842	$ 128,230	$ 400,554	$ 384,712
% of Total	12.00%	12.00%	12.00%	12.00%
Liberty National | Life
Segment Reporting Information [Line Items]
Revenue	$ 88,199	$ 82,273	$ 260,036	$ 244,149
% of Total	11.00%	11.00%	11.00%	11.00%
Liberty National | Health
Segment Reporting Information [Line Items]
Revenue	$ 46,643	$ 45,957	$ 140,518	$ 140,563
% of Total	14.00%	14.00%	14.00%	15.00%
Liberty National | Annuity
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
% of Total	0.00%	0.00%	0.00%	0.00%
United American
Segment Reporting Information [Line Items]
Revenue	$ 138,879	$ 136,803	$ 412,670	$ 408,014
% of Total	12.00%	13.00%	13.00%	13.00%
United American | Life
Segment Reporting Information [Line Items]
Revenue	$ 1,802	$ 1,970	$ 5,533	$ 6,047
% of Total	0.00%	0.00%	0.00%	0.00%
United American | Health
Segment Reporting Information [Line Items]
Revenue	$ 137,077	$ 134,832	$ 407,137	$ 401,966
% of Total	42.00%	42.00%	42.00%	42.00%
United American | Annuity
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 1	$ 0	$ 1
% of Total	0.00%	100.00%	0.00%	100.00%
Family Heritage
Segment Reporting Information [Line Items]
Revenue	$ 101,389	$ 93,542	$ 298,583	$ 276,572
% of Total	9.00%	9.00%	9.00%	8.00%
Family Heritage | Life
Segment Reporting Information [Line Items]
Revenue	$ 1,561	$ 1,411	$ 4,554	$ 4,143
% of Total	0.00%	0.00%	0.00%	0.00%
Family Heritage | Health
Segment Reporting Information [Line Items]
Revenue	$ 99,828	$ 92,131	$ 294,029	$ 272,429
% of Total	30.00%	29.00%	30.00%	28.00%
Family Heritage | Annuity
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
% of Total	0.00%	0.00%	0.00%	0.00%
Other
Segment Reporting Information [Line Items]
Revenue	$ 48,465	$ 48,942	$ 145,828	$ 147,427
% of Total	4.00%	4.00%	4.00%	4.00%
Other | Life
Segment Reporting Information [Line Items]
Revenue	$ 48,465	$ 48,942	$ 145,828	$ 147,427
% of Total	6.00%	7.00%	7.00%	6.00%
Other | Health
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
% of Total	0.00%	0.00%	0.00%	0.00%
Other | Annuity
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
% of Total	0.00%	0.00%	0.00%	0.00%

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Business Segments - Schedule of Reconciliation of Segment Operating Information to Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Premium	$ 1,119,335	$ 1,079,282		$ 3,325,345	$ 3,221,293
Net investment income	266,926	246,711		785,275	736,317
Other income	50	399		185	862
Total revenue	1,386,311	1,326,392		4,110,805	3,958,472
Expenses:
Policy benefits	719,044	737,576		2,144,481	2,123,156
Required interest on reserves	0	0		0	0
Amortization of acquisition costs	95,757	88,012		282,159	258,693
Commissions, premium taxes, and non-deferred acquisition costs	138,677	124,768		414,933	376,490
Insurance administrative expense	74,585	76,464		223,951	227,826
Parent expense	3,718	2,556		9,391	7,721
Stock-based compensation expense	7,567	9,120		22,732	26,603
Interest expense	25,955	23,965		76,640	65,737
Total benefits and expenses	1,065,303	1,062,461		3,174,287	3,086,226
Subtotal	321,008	263,931		936,518	872,246
Non-operating items	1,137	1,416		1,137	6,145
Measure of segment profitability (pretax)	322,145	265,347		937,655	878,391
Realized gain (loss)—investments	(2,193)	(29,155)		(78,963)	(66,845)
Non-operating expenses	(1,137)			(1,137)	(4,729)
Legal proceedings		(1,416)			(1,416)
Income before income taxes	318,815	234,776		857,555	805,401
Life
Revenue:
Premium	788,099	758,875		2,342,429	2,264,895
Expenses:
Amortization of acquisition costs	82,523		$ 75,485	243,285	221,095
Health
Revenue:
Premium	331,236	320,406		982,916	956,397
Expenses:
Amortization of acquisition costs	12,816	12,076		37,608	36,242
Annuity
Revenue:
Premium	0	1		0	1
Operating Segments
Expenses:
Non-operating items	0	0		0	0
Operating Segments | Life
Revenue:
Premium	788,099	758,875		2,342,429	2,264,895
Net investment income	0	0		0	0
Other income	0	0		0	0
Total revenue	788,099	758,875		2,342,429	2,264,895
Expenses:
Policy benefits	515,676	545,933		1,536,317	1,533,726
Required interest on reserves	(194,199)	(184,712)		(575,801)	(548,840)
Amortization of acquisition costs	82,523	75,486		243,285	221,096
Commissions, premium taxes, and non-deferred acquisition costs	84,011	74,284		251,136	222,310
Insurance administrative expense	0	0		0	0
Parent expense	0	0		0	0
Stock-based compensation expense	0	0		0	0
Interest expense	0	0		0	0
Total benefits and expenses	488,011	510,991		1,454,937	1,428,292
Subtotal	300,088	247,884		887,492	836,603
Measure of segment profitability (pretax)	300,088	247,884		887,492	836,603
Operating Segments | Health
Revenue:
Premium	331,236	320,406		982,916	956,397
Net investment income	0	0		0	0
Other income	0	0		0	0
Total revenue	331,236	320,406		982,916	956,397
Expenses:
Policy benefits	193,790	182,409		580,676	561,502
Required interest on reserves	(26,732)	(25,690)		(79,603)	(76,420)
Amortization of acquisition costs	12,816	12,076		37,608	36,242
Commissions, premium taxes, and non-deferred acquisition costs	54,662	50,479		163,784	154,160
Insurance administrative expense	0	0		0	0
Parent expense	0	0		0	0
Stock-based compensation expense	0	0		0	0
Interest expense	0	0		0	0
Total benefits and expenses	234,536	219,274		702,465	675,484
Subtotal	96,700	101,132		280,451	280,913
Measure of segment profitability (pretax)	96,700	101,132		280,451	280,913
Operating Segments | Annuity
Revenue:
Premium	0	1		0	1
Net investment income	0	0		0	0
Other income	0	0		0	0
Total revenue	0	1		0	1
Expenses:
Policy benefits	6,854	8,136		21,502	24,700
Required interest on reserves	(9,353)	(11,228)		(29,327)	(33,956)
Amortization of acquisition costs	418	450		1,266	1,355
Commissions, premium taxes, and non-deferred acquisition costs	4	5		13	20
Insurance administrative expense	0	0		0	0
Parent expense	0	0		0	0
Stock-based compensation expense	0	0		0	0
Interest expense	0	0		0	0
Total benefits and expenses	(2,077)	(2,637)		(6,546)	(7,881)
Subtotal	2,077	2,638		6,546	7,882
Measure of segment profitability (pretax)	2,077	2,638		6,546	7,882
Operating Segments | Investment
Revenue:
Premium	0	0		0	0
Net investment income	266,926	246,711		785,275	736,317
Other income	0	0		0	0
Total revenue	266,926	246,711		785,275	736,317
Expenses:
Policy benefits	2,724	1,098		5,986	3,228
Required interest on reserves	230,284	221,630		684,731	659,216
Amortization of acquisition costs	0	0		0	0
Commissions, premium taxes, and non-deferred acquisition costs	0	0		0	0
Insurance administrative expense	0	0		0	0
Parent expense	0	0		0	0
Stock-based compensation expense	0	0		0	0
Interest expense	0	0		0	0
Total benefits and expenses	233,008	222,728		690,717	662,444
Subtotal	33,918	23,983		94,558	73,873
Measure of segment profitability (pretax)	33,918	23,983		94,558	73,873
Corporate & Other
Revenue:
Premium	0	0		0	0
Net investment income	0	0		0	0
Other income	50	399		185	862
Total revenue	50	399		185	862
Expenses:
Policy benefits	0	0		0	0
Required interest on reserves	0	0		0	0
Amortization of acquisition costs	0	0		0	0
Commissions, premium taxes, and non-deferred acquisition costs	0	0		0	0
Insurance administrative expense	74,585	75,048		223,951	221,313
Parent expense	2,581	2,556		8,254	8,089
Stock-based compensation expense	7,567	9,120		22,732	26,603
Interest expense	25,955	23,965		76,640	65,737
Total benefits and expenses	110,688	110,689		331,577	321,742
Subtotal	(110,638)	(110,290)		(331,392)	(320,880)
Non-operating items	0	0		0	0
Measure of segment profitability (pretax)	(110,638)	(110,290)		(331,392)	(320,880)
Adjustments
Revenue:
Premium	0	0		0	0
Net investment income	0	0		0	0
Other income	0	0		0	0
Total revenue	0	0		0	0
Expenses:
Policy benefits	0	0		0	0
Required interest on reserves	0	0		0	0
Amortization of acquisition costs	0	0		0	0
Commissions, premium taxes, and non-deferred acquisition costs	0	0		0	0
Insurance administrative expense		1,416		0	6,513
Parent expense	1,137			1,137	(368)
Stock-based compensation expense	0	0		0	0
Interest expense	0	0		0	0
Total benefits and expenses	1,137	1,416		1,137	6,145
Subtotal	(1,137)	(1,416)		(1,137)	(6,145)
Non-operating items	1,137	1,416		1,137	6,145
Measure of segment profitability (pretax)	$ 0	$ 0		$ 0	$ 0