XML 69 R27.htm IDEA: XBRL DOCUMENT v3.24.0.1
Schedule II. Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule II. Condensed Financial Information of Registrant
Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Condensed Balance Sheets
(Dollar amounts in thousands)
December 31,
20232022
Assets:
Investments:
Long-term investments$42,360 $31,651 
Short-term investments1,005 15,001 
Total investments43,365 46,652 
Cash1,003 58 
Investment in affiliates6,539,183 5,940,586 
Due from affiliates105,279 131,353 
Taxes receivable from affiliates14,163 14,161 
Other assets181,443 173,044 
Total assets$6,884,436 $6,305,854 
Liabilities:
Short-term debt$486,113 $449,103 
Long-term debt1,779,137 1,777,490 
Other liabilities132,383 129,684 
Total liabilities2,397,633 2,356,277 
Shareholders’ equity:
Preferred stock351 351 
Common stock102,218 105,218 
Additional paid-in capital882,985 880,172 
Accumulated other comprehensive income(2,772,419)(2,790,313)
Retained earnings7,478,813 6,894,535 
Treasury stock(1,205,145)(1,140,386)
Total shareholders’ equity4,486,803 3,949,577 
Total liabilities and shareholders’ equity$6,884,436 $6,305,854 
 













Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Condensed Statement of Operations
(Dollar amounts in thousands)
 Year Ended December 31,
 202320222021
Net investment income$36,237 $33,664 $32,816 
Realized gains (losses)5,924 (9,643)(5,682)
Total revenue
42,161 24,021 27,134 
General operating expenses59,051 59,307 51,378 
Reimbursements from affiliates(59,796)(51,312)(57,504)
Interest expense107,180 97,051 86,751 
Total expenses
106,435 105,046 80,625 
Operating income (loss) before income taxes and equity in earnings of affiliates(64,274)(81,025)(53,491)
Income tax expense10,706 12,426 9,682 
Net operating loss before equity in earnings of affiliates(53,568)(68,599)(43,809)
Equity in earnings of affiliates, net of tax1,024,323 962,985 1,074,923 
Net income
970,755 894,386 1,031,114 
Other comprehensive income (loss):
Attributable to Parent Company1,113 75,076 58,903 
Attributable to affiliates16,781 1,369,659 501,854 
Comprehensive income (loss)$988,649 $2,339,121 $1,591,871 
 























Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT—(continued)
Condensed Statement of Cash Flows
(Dollar amounts in thousands)
 Year Ended December 31,
 202320222021
Net income$970,755 $894,386 $1,031,114 
Equity in earnings of affiliates(1,024,323)(962,985)(1,074,923)
Cash dividends from subsidiaries459,535 407,042 478,535 
Other, net33,846 26,444 58,617 
Cash provided from operations
439,813 364,887 493,343 
Cash provided from (used for) investing activities:
Net decrease (increase) in short-term investments13,996 (15,001)19,300 
Investment in subsidiaries— (10,010)(159,924)
Other long-term investments(3,950)(2,000)(2,500)
Loaned money to affiliates(479,629)(846,002)(1,049,932)
Repayments from affiliates505,929 886,002 1,200,932 
Additions to properties(7,400)— — 
Cash provided from (used for) investing activities
28,946 12,989 7,876 
Cash provided from (used for) financing activities:
Repayment of debt(165,612)(300,000)(300,000)
Proceeds from issuance of debt170,000 400,000 325,000 
Payment for debt issuance costs(757)(5,272)(7,687)
Net borrowing (repayment) of commercial paper32,961 (46,289)74,974 
Issuance of stock114,080 111,970 69,826 
Acquisitions of treasury stock(511,100)(454,638)(541,435)
Borrowed money from affiliate290,500 22,400 32,000 
Repayments to affiliates(290,500)(22,400)(32,000)
Payment of dividends(107,386)(103,817)(103,313)
Cash provided from (used for) financing activities
(467,814)(398,046)(482,635)
Net increase (decrease) in cash945 (20,170)18,584 
Cash balance at beginning of period58 20,228 1,644 
Cash balance at end of period$1,003 $58 $20,228 
 









Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Notes to Condensed Financial Statements
(Dollar amounts in thousands)
 
Note A—Dividends from Subsidiaries
 
Cash dividends paid to Globe Life from the subsidiaries were as follows:
Year Ended December 31,
202320222021
Dividends from subsidiaries$459,535 $407,042 $478,535 
 
Note B—Supplemental Disclosures of Cash Flow Information
 
The following table summarizes non-cash transactions, which are not reflected on the Consolidated Statements of Cash Flows:
 Year Ended December 31,
 202320222021
Stock-based compensation not involving cash$30,736 $35,650 $30,272 
Contribution of property to subsidiary— — 5,004 

 The following table summarizes certain amounts paid (received) during the period:
 Year Ended December 31,
 202320222021
Interest paid$104,493 $96,903 $86,206 
Income taxes paid (received)(10,408)(11,537)(11,838)
 
Note C—Preferred Stock
 
As of December 31, 2023, Globe Life had 351 thousand shares of Cumulative Preferred Stock, Series A, issued and outstanding, of which 280 thousand shares were 6.50% Cumulative Preferred Stock, Series A, and 71 thousand shares were 7.15% Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a liquidating distribution out of the assets legally available to stockholders in the amount of $1 thousand per share or $351 million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to convert such shares into shares of any other class of Globe Life capital stock.
 
 













See accompanying Report of Independent Registered Public Accounting Firm.