gl-20240331000032033512/312024Q1FALSEhttp://fasb.org/us-gaap/2024#RealizedInvestmentGainsLosseshttp://fasb.org/us-gaap/2024#OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParenthttp://fasb.org/us-gaap/2024#RealizedInvestmentGainsLosseshttp://fasb.org/us-gaap/2024#OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesgl:segmentxbrli:puregl:Issuegl:issuergl:loangl:commercial_mortgage_loangl:defendantgl:extension_option00003203352024-01-012024-03-310000320335us-gaap:CommonStockMember2024-01-012024-03-310000320335gl:JuniorSubordinatedDebenturesMember2024-01-012024-03-3100003203352024-04-3000003203352024-03-3100003203352023-12-310000320335gl:PartnershipInterestFairValueOptionMember2024-03-310000320335gl:PartnershipInterestFairValueOptionMember2023-12-310000320335us-gaap:LifeInsuranceSegmentMember2024-01-012024-03-310000320335us-gaap:LifeInsuranceSegmentMember2023-01-012023-03-310000320335us-gaap:HealthInsuranceProductLineMember2024-01-012024-03-310000320335us-gaap:HealthInsuranceProductLineMember2023-01-012023-03-310000320335us-gaap:OtherInsuranceProductLineMember2024-01-012024-03-310000320335us-gaap:OtherInsuranceProductLineMember2023-01-012023-03-3100003203352023-01-012023-03-310000320335us-gaap:PreferredStockMember2023-12-310000320335us-gaap:CommonStockMember2023-12-310000320335us-gaap:AdditionalPaidInCapitalMember2023-12-310000320335us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000320335us-gaap:RetainedEarningsMember2023-12-310000320335us-gaap:TreasuryStockCommonMember2023-12-310000320335us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000320335us-gaap:RetainedEarningsMember2024-01-012024-03-310000320335us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000320335us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000320335us-gaap:PreferredStockMember2024-03-310000320335us-gaap:CommonStockMember2024-03-310000320335us-gaap:AdditionalPaidInCapitalMember2024-03-310000320335us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000320335us-gaap:RetainedEarningsMember2024-03-310000320335us-gaap:TreasuryStockCommonMember2024-03-310000320335us-gaap:PreferredStockMember2022-12-310000320335us-gaap:CommonStockMember2022-12-310000320335us-gaap:AdditionalPaidInCapitalMember2022-12-310000320335us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000320335us-gaap:RetainedEarningsMember2022-12-310000320335us-gaap:TreasuryStockCommonMember2022-12-3100003203352022-12-310000320335us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000320335us-gaap:RetainedEarningsMember2023-01-012023-03-310000320335us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000320335us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000320335us-gaap:PreferredStockMember2023-03-310000320335us-gaap:CommonStockMember2023-03-310000320335us-gaap:AdditionalPaidInCapitalMember2023-03-310000320335us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000320335us-gaap:RetainedEarningsMember2023-03-310000320335us-gaap:TreasuryStockCommonMember2023-03-3100003203352023-03-310000320335us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000320335gl:FuturePolicyBenefitsMember2023-12-310000320335us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000320335us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000320335gl:FuturePolicyBenefitsMember2024-01-012024-03-310000320335us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-03-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000320335us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000320335gl:FuturePolicyBenefitsMember2024-03-310000320335us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000320335us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000320335gl:FuturePolicyBenefitsMember2022-12-310000320335us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000320335us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000320335gl:FuturePolicyBenefitsMember2023-01-012023-03-310000320335us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-03-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000320335us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000320335gl:FuturePolicyBenefitsMember2023-03-310000320335us-gaap:AccumulatedTranslationAdjustmentMember2023-03-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000320335us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000320335us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000320335us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-03-310000320335us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-01-012023-03-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000320335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000320335us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000320335us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000320335gl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2024-03-310000320335us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000320335us-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310000320335us-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2024-03-310000320335us-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2024-03-310000320335us-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2024-03-310000320335us-gaap:CorporateDebtSecuritiesMember2024-03-310000320335us-gaap:CollateralizedDebtObligationsMember2024-03-310000320335gl:OtherAssetBackedSecuritiesMember2024-03-310000320335gl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2023-12-310000320335us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000320335us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000320335us-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2023-12-310000320335us-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2023-12-310000320335us-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2023-12-310000320335us-gaap:CorporateDebtSecuritiesMember2023-12-310000320335us-gaap:CollateralizedDebtObligationsMember2023-12-310000320335gl:OtherAssetBackedSecuritiesMember2023-12-310000320335us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMembergl:RealEstateInvestmentTrustMember2024-03-310000320335us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMembergl:RealEstateInvestmentTrustMember2023-12-310000320335us-gaap:FixedMaturitiesMember2024-01-012024-03-310000320335us-gaap:FixedMaturitiesMember2023-01-012023-03-310000320335us-gaap:PolicyLoansMember2024-01-012024-03-310000320335us-gaap:PolicyLoansMember2023-01-012023-03-310000320335gl:MortgageLoansMember2024-01-012024-03-310000320335gl:MortgageLoansMember2023-01-012023-03-310000320335us-gaap:OtherLongTermInvestmentsMember2024-01-012024-03-310000320335us-gaap:OtherLongTermInvestmentsMember2023-01-012023-03-310000320335us-gaap:ShortTermInvestmentsMember2024-01-012024-03-310000320335us-gaap:ShortTermInvestmentsMember2023-01-012023-03-310000320335us-gaap:FairValueOptionOtherEligibleItemsMember2024-01-012024-03-310000320335us-gaap:FairValueOptionOtherEligibleItemsMember2023-01-012023-03-310000320335us-gaap:FairValueInputsLevel1Membergl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2024-03-310000320335us-gaap:FairValueInputsLevel2Membergl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2024-03-310000320335us-gaap:FairValueInputsLevel3Membergl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2024-03-310000320335us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000320335us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2024-03-310000320335gl:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000320335gl:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310000320335us-gaap:FairValueInputsLevel3Membergl:OtherAssetBackedSecuritiesMember2024-03-310000320335us-gaap:FairValueInputsLevel1Member2024-03-310000320335us-gaap:FairValueInputsLevel2Member2024-03-310000320335us-gaap:FairValueInputsLevel3Member2024-03-310000320335us-gaap:FairValueInputsLevel1Membergl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2023-12-310000320335us-gaap:FairValueInputsLevel2Membergl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2023-12-310000320335us-gaap:FairValueInputsLevel3Membergl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2023-12-310000320335us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000320335us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2023-12-310000320335gl:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000320335gl:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000320335us-gaap:FairValueInputsLevel3Membergl:OtherAssetBackedSecuritiesMember2023-12-310000320335us-gaap:FairValueInputsLevel1Member2023-12-310000320335us-gaap:FairValueInputsLevel2Member2023-12-310000320335us-gaap:FairValueInputsLevel3Member2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2024-01-012024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2024-01-012024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-01-012024-03-310000320335us-gaap:FairValueInputsLevel3Member2024-01-012024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2022-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2022-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310000320335us-gaap:FairValueInputsLevel3Member2022-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2023-01-012023-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2023-01-012023-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-03-310000320335us-gaap:FairValueInputsLevel3Member2023-01-012023-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2023-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2023-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-03-310000320335us-gaap:FairValueInputsLevel3Member2023-03-310000320335us-gaap:AssetBackedSecuritiesMember2024-01-012024-03-310000320335us-gaap:CollateralizedDebtObligationsMember2024-01-012024-03-310000320335us-gaap:CorporateDebtSecuritiesMember2024-01-012024-03-310000320335us-gaap:AssetBackedSecuritiesMember2023-01-012023-03-310000320335us-gaap:CollateralizedDebtObligationsMember2023-01-012023-03-310000320335us-gaap:CorporateDebtSecuritiesMember2023-01-012023-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMembergl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2024-03-310000320335us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2024-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2024-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2024-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CollateralizedDebtObligationsMember2024-03-310000320335gl:OtherAssetBackedSecuritiesMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2024-03-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2024-03-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2024-03-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CollateralizedDebtObligationsMember2024-03-310000320335gl:OtherAssetBackedSecuritiesMemberus-gaap:ExternalCreditRatingNonInvestmentGradeMember2024-03-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMember2024-03-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMembergl:USGovernmentDirectGuaranteedAndGovernmentSponsoredEnterprisesMember2023-12-310000320335us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2023-12-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2023-12-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2023-12-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2023-12-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CollateralizedDebtObligationsMember2023-12-310000320335gl:OtherAssetBackedSecuritiesMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2023-12-310000320335us-gaap:ExternalCreditRatingInvestmentGradeMember2023-12-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:IndustrialsMember2023-12-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:FinancialMember2023-12-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMembergl:UtilitiesMember2023-12-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CollateralizedDebtObligationsMember2023-12-310000320335gl:OtherAssetBackedSecuritiesMemberus-gaap:ExternalCreditRatingNonInvestmentGradeMember2023-12-310000320335us-gaap:ExternalCreditRatingNonInvestmentGradeMember2023-12-310000320335us-gaap:CorporateDebtSecuritiesMember2022-12-310000320335us-gaap:CorporateDebtSecuritiesMember2023-03-310000320335srt:MultifamilyMember2024-03-310000320335srt:MultifamilyMember2023-12-310000320335srt:IndustrialPropertyMember2024-03-310000320335srt:IndustrialPropertyMember2023-12-310000320335gl:RetailPropertyMember2024-03-310000320335gl:RetailPropertyMember2023-12-310000320335gl:HospitalityMember2024-03-310000320335gl:HospitalityMember2023-12-310000320335gl:MixedUseMember2024-03-310000320335gl:MixedUseMember2023-12-310000320335srt:OfficeBuildingMember2024-03-310000320335srt:OfficeBuildingMember2023-12-310000320335stpr:FL2024-03-310000320335stpr:FL2023-12-310000320335stpr:CA2024-03-310000320335stpr:CA2023-12-310000320335stpr:TX2024-03-310000320335stpr:TX2023-12-310000320335stpr:NJ2024-03-310000320335stpr:NJ2023-12-310000320335stpr:NY2024-03-310000320335stpr:NY2023-12-310000320335stpr:WA2024-03-310000320335stpr:WA2023-12-310000320335gl:OtherGeographicalLocationMember2024-03-310000320335gl:OtherGeographicalLocationMember2023-12-310000320335gl:LTVLessThan70PercentMembergl:DebtServiceCoverageRatioLessThan1.00xMember2024-03-310000320335gl:LTVLessThan70PercentMembergl:DebtServiceCoverageRatio1.00x1.20xMember2024-03-310000320335gl:LTVLessThan70PercentMembergl:DebtServiceCoverageRatioGreaterThan1.20xMember2024-03-310000320335gl:LTVLessThan70PercentMember2024-03-310000320335gl:LTV70PercentTo80PercentMembergl:DebtServiceCoverageRatioLessThan1.00xMember2024-03-310000320335gl:LTV70PercentTo80PercentMembergl:DebtServiceCoverageRatio1.00x1.20xMember2024-03-310000320335gl:LTV70PercentTo80PercentMembergl:DebtServiceCoverageRatioGreaterThan1.20xMember2024-03-310000320335gl:LTV70PercentTo80PercentMember2024-03-310000320335gl:LTV81PercentTo90PercentMembergl:DebtServiceCoverageRatioLessThan1.00xMember2024-03-310000320335gl:LTV81PercentTo90PercentMembergl:DebtServiceCoverageRatio1.00x1.20xMember2024-03-310000320335gl:LTV81PercentTo90PercentMembergl:DebtServiceCoverageRatioGreaterThan1.20xMember2024-03-310000320335gl:LTV81PercentTo90PercentMember2024-03-310000320335gl:LTVGreaterThan90PercentMembergl:DebtServiceCoverageRatioLessThan1.00xMember2024-03-310000320335gl:LTVGreaterThan90PercentMembergl:DebtServiceCoverageRatio1.00x1.20xMember2024-03-310000320335gl:LTVGreaterThan90PercentMembergl:DebtServiceCoverageRatioGreaterThan1.20xMember2024-03-310000320335gl:LTVGreaterThan90PercentMember2024-03-310000320335gl:DebtServiceCoverageRatioLessThan1.00xMember2024-03-310000320335gl:DebtServiceCoverageRatio1.00x1.20xMember2024-03-310000320335gl:DebtServiceCoverageRatioGreaterThan1.20xMember2024-03-310000320335gl:LTVLessThan70PercentMembergl:DebtServiceCoverageRatioLessThan1.00xMember2023-12-310000320335gl:LTVLessThan70PercentMembergl:DebtServiceCoverageRatio1.00x1.20xMember2023-12-310000320335gl:LTVLessThan70PercentMembergl:DebtServiceCoverageRatioGreaterThan1.20xMember2023-12-310000320335gl:LTVLessThan70PercentMember2023-12-310000320335gl:LTV70PercentTo80PercentMembergl:DebtServiceCoverageRatioLessThan1.00xMember2023-12-310000320335gl:LTV70PercentTo80PercentMembergl:DebtServiceCoverageRatio1.00x1.20xMember2023-12-310000320335gl:LTV70PercentTo80PercentMembergl:DebtServiceCoverageRatioGreaterThan1.20xMember2023-12-310000320335gl:LTV70PercentTo80PercentMember2023-12-310000320335gl:LTV81PercentTo90PercentMembergl:DebtServiceCoverageRatioLessThan1.00xMember2023-12-310000320335gl:LTV81PercentTo90PercentMembergl:DebtServiceCoverageRatio1.00x1.20xMember2023-12-310000320335gl:LTV81PercentTo90PercentMembergl:DebtServiceCoverageRatioGreaterThan1.20xMember2023-12-310000320335gl:LTV81PercentTo90PercentMember2023-12-310000320335gl:LTVGreaterThan90PercentMembergl:DebtServiceCoverageRatioLessThan1.00xMember2023-12-310000320335gl:LTVGreaterThan90PercentMembergl:DebtServiceCoverageRatio1.00x1.20xMember2023-12-310000320335gl:LTVGreaterThan90PercentMembergl:DebtServiceCoverageRatioGreaterThan1.20xMember2023-12-310000320335gl:LTVGreaterThan90PercentMember2023-12-310000320335gl:DebtServiceCoverageRatioLessThan1.00xMember2023-12-310000320335gl:DebtServiceCoverageRatio1.00x1.20xMember2023-12-310000320335gl:DebtServiceCoverageRatioGreaterThan1.20xMember2023-12-310000320335us-gaap:CommercialPortfolioSegmentMember2024-03-310000320335us-gaap:UnfundedLoanCommitmentMember2024-03-310000320335us-gaap:OtherInvestmentsMember2024-03-310000320335us-gaap:OtherInvestmentsMember2023-12-310000320335us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000320335us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000320335gl:OpportunisticAndPrivateCreditMember2024-03-310000320335gl:OpportunisticAndPrivateCreditMember2023-12-310000320335gl:InfrastructureMember2024-03-310000320335gl:InfrastructureMember2023-12-310000320335srt:PartnershipInterestMember2024-03-310000320335srt:PartnershipInterestMember2023-12-310000320335srt:MinimumMember2024-01-012024-03-310000320335srt:MaximumMember2024-01-012024-03-310000320335srt:PartnershipInterestMember2024-01-012024-03-310000320335us-gaap:LetterOfCreditMember2024-03-310000320335us-gaap:SubsequentEventMember2024-04-302024-04-300000320335gl:LifeSegmentMembergl:AmericanIncomeExclusiveMember2022-12-310000320335gl:LifeSegmentMembergl:DirectToConsumerMember2022-12-310000320335gl:LifeSegmentMembergl:LibertyNationalExclusiveMember2022-12-310000320335gl:LifeSegmentMemberus-gaap:OtherInsuranceProductLineMember2022-12-310000320335gl:LifeSegmentMember2022-12-310000320335gl:LifeSegmentMembergl:AmericanIncomeExclusiveMember2023-01-012023-03-310000320335gl:LifeSegmentMembergl:DirectToConsumerMember2023-01-012023-03-310000320335gl:LifeSegmentMembergl:LibertyNationalExclusiveMember2023-01-012023-03-310000320335gl:LifeSegmentMemberus-gaap:OtherInsuranceProductLineMember2023-01-012023-03-310000320335gl:LifeSegmentMember2023-01-012023-03-310000320335gl:LifeSegmentMembergl:AmericanIncomeExclusiveMember2023-03-310000320335gl:LifeSegmentMembergl:DirectToConsumerMember2023-03-310000320335gl:LifeSegmentMembergl:LibertyNationalExclusiveMember2023-03-310000320335gl:LifeSegmentMemberus-gaap:OtherInsuranceProductLineMember2023-03-310000320335gl:LifeSegmentMember2023-03-310000320335gl:LifeSegmentMembergl:AmericanIncomeExclusiveMember2023-12-310000320335gl:LifeSegmentMembergl:DirectToConsumerMember2023-12-310000320335gl:LifeSegmentMembergl:LibertyNationalExclusiveMember2023-12-310000320335gl:LifeSegmentMemberus-gaap:OtherInsuranceProductLineMember2023-12-310000320335gl:LifeSegmentMember2023-12-310000320335gl:LifeSegmentMembergl:AmericanIncomeExclusiveMember2024-01-012024-03-310000320335gl:LifeSegmentMembergl:DirectToConsumerMember2024-01-012024-03-310000320335gl:LifeSegmentMembergl:LibertyNationalExclusiveMember2024-01-012024-03-310000320335gl:LifeSegmentMemberus-gaap:OtherInsuranceProductLineMember2024-01-012024-03-310000320335gl:LifeSegmentMember2024-01-012024-03-310000320335gl:LifeSegmentMembergl:AmericanIncomeExclusiveMember2024-03-310000320335gl:LifeSegmentMembergl:DirectToConsumerMember2024-03-310000320335gl:LifeSegmentMembergl:LibertyNationalExclusiveMember2024-03-310000320335gl:LifeSegmentMemberus-gaap:OtherInsuranceProductLineMember2024-03-310000320335gl:LifeSegmentMember2024-03-310000320335gl:UnitedAmericanIndependentMembergl:HealthSegmentMember2022-12-310000320335gl:FamilyHeritageMembergl:HealthSegmentMember2022-12-310000320335gl:HealthSegmentMembergl:LibertyNationalExclusiveMember2022-12-310000320335gl:AmericanIncomeExclusiveMembergl:HealthSegmentMember2022-12-310000320335gl:DirectToConsumerMembergl:HealthSegmentMember2022-12-310000320335gl:HealthSegmentMember2022-12-310000320335gl:UnitedAmericanIndependentMembergl:HealthSegmentMember2023-01-012023-03-310000320335gl:FamilyHeritageMembergl:HealthSegmentMember2023-01-012023-03-310000320335gl:HealthSegmentMembergl:LibertyNationalExclusiveMember2023-01-012023-03-310000320335gl:AmericanIncomeExclusiveMembergl:HealthSegmentMember2023-01-012023-03-310000320335gl:DirectToConsumerMembergl:HealthSegmentMember2023-01-012023-03-310000320335gl:HealthSegmentMember2023-01-012023-03-310000320335gl:UnitedAmericanIndependentMembergl:HealthSegmentMember2023-03-310000320335gl:FamilyHeritageMembergl:HealthSegmentMember2023-03-310000320335gl:HealthSegmentMembergl:LibertyNationalExclusiveMember2023-03-310000320335gl:AmericanIncomeExclusiveMembergl:HealthSegmentMember2023-03-310000320335gl:DirectToConsumerMembergl:HealthSegmentMember2023-03-310000320335gl:HealthSegmentMember2023-03-310000320335gl:UnitedAmericanIndependentMembergl:HealthSegmentMember2023-12-310000320335gl:FamilyHeritageMembergl:HealthSegmentMember2023-12-310000320335gl:HealthSegmentMembergl:LibertyNationalExclusiveMember2023-12-310000320335gl:AmericanIncomeExclusiveMembergl:HealthSegmentMember2023-12-310000320335gl:DirectToConsumerMembergl:HealthSegmentMember2023-12-310000320335gl:HealthSegmentMember2023-12-310000320335gl:UnitedAmericanIndependentMembergl:HealthSegmentMember2024-01-012024-03-310000320335gl:FamilyHeritageMembergl:HealthSegmentMember2024-01-012024-03-310000320335gl:HealthSegmentMembergl:LibertyNationalExclusiveMember2024-01-012024-03-310000320335gl:AmericanIncomeExclusiveMembergl:HealthSegmentMember2024-01-012024-03-310000320335gl:DirectToConsumerMembergl:HealthSegmentMember2024-01-012024-03-310000320335gl:HealthSegmentMember2024-01-012024-03-310000320335gl:UnitedAmericanIndependentMembergl:HealthSegmentMember2024-03-310000320335gl:FamilyHeritageMembergl:HealthSegmentMember2024-03-310000320335gl:HealthSegmentMembergl:LibertyNationalExclusiveMember2024-03-310000320335gl:AmericanIncomeExclusiveMembergl:HealthSegmentMember2024-03-310000320335gl:DirectToConsumerMembergl:HealthSegmentMember2024-03-310000320335gl:HealthSegmentMember2024-03-310000320335us-gaap:ReclassificationOtherMember2023-12-310000320335us-gaap:InterestSensitiveLifeMember2023-12-310000320335us-gaap:DeferredFixedAnnuityMember2023-12-310000320335us-gaap:OtherInsuranceProductLineMember2023-12-310000320335us-gaap:InterestSensitiveLifeMember2022-12-310000320335us-gaap:DeferredFixedAnnuityMember2022-12-310000320335us-gaap:OtherInsuranceProductLineMember2022-12-310000320335us-gaap:InterestSensitiveLifeMember2024-01-012024-03-310000320335us-gaap:DeferredFixedAnnuityMember2024-01-012024-03-310000320335us-gaap:InterestSensitiveLifeMember2023-01-012023-03-310000320335us-gaap:DeferredFixedAnnuityMember2023-01-012023-03-310000320335us-gaap:InterestSensitiveLifeMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMember2024-03-310000320335us-gaap:OtherInsuranceProductLineMember2024-03-310000320335us-gaap:InterestSensitiveLifeMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMember2023-03-310000320335us-gaap:OtherInsuranceProductLineMember2023-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335srt:MinimumMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Membersrt:MaximumMemberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335srt:MinimumMemberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335srt:MaximumMemberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335us-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335gl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:OtherInsuranceProductLineMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000320335srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MaximumMember2024-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:InterestSensitiveLifeMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Member2024-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Member2024-03-310000320335srt:MinimumMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2024-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MaximumMemberus-gaap:InterestSensitiveLifeMember2024-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000320335srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MaximumMemberus-gaap:InterestSensitiveLifeMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000320335gl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000320335us-gaap:OtherInsuranceProductLineMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2024-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335srt:MinimumMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Membersrt:MaximumMemberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335srt:MinimumMemberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335srt:MaximumMemberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335us-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335gl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:OtherInsuranceProductLineMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:InterestSensitiveLifeMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000320335srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MaximumMember2023-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:InterestSensitiveLifeMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Member2023-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Member2023-03-310000320335srt:MinimumMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2023-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MaximumMemberus-gaap:InterestSensitiveLifeMember2023-03-310000320335us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000320335srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MaximumMemberus-gaap:InterestSensitiveLifeMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-03-310000320335gl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000320335us-gaap:OtherInsuranceProductLineMembergl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000320335us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2023-03-310000320335us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000320335us-gaap:OtherInsuranceProductLineMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000320335gl:AnnuitySegmentMember2024-03-310000320335gl:AnnuitySegmentMember2023-03-310000320335us-gaap:HealthInsuranceProductLineMember2023-12-310000320335us-gaap:HealthInsuranceProductLineMember2022-12-310000320335us-gaap:HealthInsuranceProductLineMember2023-01-012023-12-310000320335us-gaap:HealthInsuranceProductLineMember2024-03-310000320335us-gaap:LifeInsuranceSegmentMember2024-03-310000320335us-gaap:LifeInsuranceSegmentMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2024-03-310000320335us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMembergl:EquityExchangeTradedFundMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMembergl:EquityExchangeTradedFundMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMembergl:EquityExchangeTradedFundMember2024-03-310000320335us-gaap:PensionPlansDefinedBenefitMembergl:EquityExchangeTradedFundMember2024-03-310000320335us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMembergl:OtherBondsMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMembergl:OtherBondsMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMembergl:OtherBondsMember2024-03-310000320335us-gaap:PensionPlansDefinedBenefitMembergl:OtherBondsMember2024-03-310000320335us-gaap:FairValueInputsLevel1Membergl:GuaranteedAnnuityContractMemberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335gl:GuaranteedAnnuityContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel3Membergl:GuaranteedAnnuityContractMemberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335gl:GuaranteedAnnuityContractMemberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-03-310000320335us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-03-310000320335gl:OtherMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335gl:OtherMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel3Membergl:OtherMemberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335gl:OtherMemberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2024-03-310000320335us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:PensionPlansDefinedBenefitMember2024-03-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2023-12-310000320335us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMembergl:EquityExchangeTradedFundMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMembergl:EquityExchangeTradedFundMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMembergl:EquityExchangeTradedFundMember2023-12-310000320335us-gaap:PensionPlansDefinedBenefitMembergl:EquityExchangeTradedFundMember2023-12-310000320335us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMembergl:OtherBondsMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMembergl:OtherBondsMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMembergl:OtherBondsMember2023-12-310000320335us-gaap:PensionPlansDefinedBenefitMembergl:OtherBondsMember2023-12-310000320335us-gaap:FairValueInputsLevel1Membergl:GuaranteedAnnuityContractMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335gl:GuaranteedAnnuityContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:FairValueInputsLevel3Membergl:GuaranteedAnnuityContractMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335gl:GuaranteedAnnuityContractMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2023-12-310000320335us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2023-12-310000320335gl:OtherMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335gl:OtherMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:FairValueInputsLevel3Membergl:OtherMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335gl:OtherMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2023-12-310000320335us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:PensionPlansDefinedBenefitMember2023-12-310000320335us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2024-03-310000320335us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2023-12-310000320335us-gaap:NonqualifiedPlanMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-03-310000320335us-gaap:NonqualifiedPlanMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2023-12-310000320335gl:SeniorNotesDueSeptember152028Member2024-03-310000320335gl:SeniorNotesDueSeptember152028Member2023-12-310000320335gl:SeniorNotesDueAugust152030Member2024-03-310000320335gl:SeniorNotesDueAugust152030Member2023-12-310000320335gl:SeniorNotesDueJune152032Member2024-03-310000320335gl:SeniorNotesDueJune152032Member2023-12-310000320335gl:JuniorSubordinatedDebenturesDue2057Member2024-03-310000320335gl:JuniorSubordinatedDebenturesDue2057Member2023-12-310000320335gl:JuniorSubordinatedDebenturesDue2061Member2024-03-310000320335gl:JuniorSubordinatedDebenturesDue2061Member2023-12-310000320335gl:TermLoanDueNovember112024Member2024-03-310000320335gl:TermLoanDueNovember112024Member2023-12-310000320335us-gaap:FederalHomeLoanBankBorrowingsMember2024-03-310000320335us-gaap:FederalHomeLoanBankBorrowingsMember2023-12-310000320335us-gaap:CommercialPaperMember2024-03-310000320335us-gaap:CommercialPaperMember2023-12-310000320335srt:ConsolidationEliminationsMembersrt:SubsidiariesMembergl:SeniorNotesDueJune152032Member2024-03-310000320335gl:TermLoanDueNovember112024Member2024-01-012024-03-310000320335us-gaap:SeniorNotesMember2024-01-012024-03-310000320335gl:JuniorSubordinatedDebenturesDue2056Member2024-03-310000320335us-gaap:LineOfCreditMember2024-03-290000320335us-gaap:LineOfCreditMember2024-03-292024-03-290000320335us-gaap:ShortTermDebtMember2024-03-310000320335us-gaap:ShortTermDebtMember2023-12-310000320335us-gaap:ShortTermDebtMember2023-03-310000320335us-gaap:CommercialPaperMember2024-01-012024-03-310000320335us-gaap:CommercialPaperMember2023-01-012023-03-310000320335us-gaap:FederalHomeLoanBankBorrowingsMember2024-03-310000320335us-gaap:AssetPledgedAsCollateralMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000320335us-gaap:FederalHomeLoanBankBorrowingsMember2023-12-310000320335gl:AmericanIncomeExclusiveMembergl:AnnuitySegmentMember2024-01-012024-03-310000320335gl:AmericanIncomeExclusiveMember2024-01-012024-03-310000320335gl:LifeSegmentMembergl:DirectResponseMember2024-01-012024-03-310000320335gl:DirectResponseMembergl:HealthSegmentMember2024-01-012024-03-310000320335gl:DirectResponseMembergl:AnnuitySegmentMember2024-01-012024-03-310000320335gl:DirectResponseMember2024-01-012024-03-310000320335gl:AnnuitySegmentMembergl:LibertyNationalExclusiveMember2024-01-012024-03-310000320335gl:LibertyNationalExclusiveMember2024-01-012024-03-310000320335gl:LifeSegmentMembergl:UnitedAmericanIndependentMember2024-01-012024-03-310000320335gl:UnitedAmericanIndependentMembergl:AnnuitySegmentMember2024-01-012024-03-310000320335gl:UnitedAmericanIndependentMember2024-01-012024-03-310000320335gl:LifeSegmentMembergl:FamilyHeritageMember2024-01-012024-03-310000320335gl:FamilyHeritageMembergl:AnnuitySegmentMember2024-01-012024-03-310000320335gl:FamilyHeritageMember2024-01-012024-03-310000320335gl:LifeSegmentMembergl:DistributionChannelOtherMember2024-01-012024-03-310000320335gl:DistributionChannelOtherMembergl:HealthSegmentMember2024-01-012024-03-310000320335gl:DistributionChannelOtherMembergl:AnnuitySegmentMember2024-01-012024-03-310000320335gl:DistributionChannelOtherMember2024-01-012024-03-310000320335gl:AnnuitySegmentMember2024-01-012024-03-310000320335gl:AmericanIncomeExclusiveMembergl:AnnuitySegmentMember2023-01-012023-03-310000320335gl:AmericanIncomeExclusiveMember2023-01-012023-03-310000320335gl:LifeSegmentMembergl:DirectResponseMember2023-01-012023-03-310000320335gl:DirectResponseMembergl:HealthSegmentMember2023-01-012023-03-310000320335gl:DirectResponseMembergl:AnnuitySegmentMember2023-01-012023-03-310000320335gl:DirectResponseMember2023-01-012023-03-310000320335gl:AnnuitySegmentMembergl:LibertyNationalExclusiveMember2023-01-012023-03-310000320335gl:LibertyNationalExclusiveMember2023-01-012023-03-310000320335gl:LifeSegmentMembergl:UnitedAmericanIndependentMember2023-01-012023-03-310000320335gl:UnitedAmericanIndependentMembergl:AnnuitySegmentMember2023-01-012023-03-310000320335gl:UnitedAmericanIndependentMember2023-01-012023-03-310000320335gl:LifeSegmentMembergl:FamilyHeritageMember2023-01-012023-03-310000320335gl:FamilyHeritageMembergl:AnnuitySegmentMember2023-01-012023-03-310000320335gl:FamilyHeritageMember2023-01-012023-03-310000320335gl:LifeSegmentMembergl:DistributionChannelOtherMember2023-01-012023-03-310000320335gl:DistributionChannelOtherMembergl:HealthSegmentMember2023-01-012023-03-310000320335gl:DistributionChannelOtherMembergl:AnnuitySegmentMember2023-01-012023-03-310000320335gl:DistributionChannelOtherMember2023-01-012023-03-310000320335gl:AnnuitySegmentMember2023-01-012023-03-310000320335gl:LifeSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000320335gl:HealthSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000320335us-gaap:OperatingSegmentsMembergl:AnnuitySegmentMember2024-01-012024-03-310000320335gl:InvestmentSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000320335us-gaap:CorporateNonSegmentMember2024-01-012024-03-310000320335us-gaap:MaterialReconcilingItemsMember2024-01-012024-03-310000320335us-gaap:OperatingSegmentsMember2024-01-012024-03-310000320335gl:LifeSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000320335gl:HealthSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000320335us-gaap:OperatingSegmentsMembergl:AnnuitySegmentMember2023-01-012023-03-310000320335gl:InvestmentSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000320335us-gaap:CorporateNonSegmentMember2023-01-012023-03-310000320335us-gaap:MaterialReconcilingItemsMember2023-01-012023-03-310000320335us-gaap:OperatingSegmentsMember2023-01-012023-03-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
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 April 30, 2024 |
Common Stock, $1.00 Par Value | | 92,269,711 |
Globe Life Inc.
Table of Contents | | | | | | | | | | | |
| | | Page |
| |
| Item 1. | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Item 2. | | |
| | | |
| Item 3. | | |
| | | |
| Item 4. | | |
| | |
| |
| | | |
| Item 1. | | |
| | | |
| Item 1A. | | |
| | | |
| Item 2. | | |
| | | |
| Item 5. | | |
| | | |
| Item 6. | | |
| | | |
| |
As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | |
| |
| March 31, 2024 | | December 31, 2023 |
Assets: | | | |
Investments: | | | |
Fixed maturities—available for sale, at fair value (amortized cost: 2024—$19,504,784; 2023—$18,924,914, allowance for credit losses: 2024— $7,027; 2023— $7,115) | $ | 18,144,353 | | | $ | 17,870,206 | |
Mortgage loans | 329,033 | | | 279,199 | |
Policy loans | 664,641 | | | 657,020 | |
Other long-term investments (includes: 2024—$844,916; 2023—$795,583 under the fair value option) | 899,085 | | | 835,878 | |
Short-term investments | 58,413 | | | 81,740 | |
Total investments | 20,095,525 | | | 19,724,043 | |
Cash | 83,547 | | | 103,156 | |
Accrued investment income | 299,398 | | | 270,396 | |
Other receivables | 645,966 | | | 630,223 | |
Deferred acquisition costs | 6,131,237 | | | 6,009,477 | |
Goodwill | 481,791 | | | 481,791 | |
Other assets | 833,129 | | | 832,413 | |
Total assets | $ | 28,570,593 | | | $ | 28,051,499 | |
Liabilities: | | | |
Future policy benefits at current discount rates: (at original rates: 2024—$17,110,880; 2023—$16,984,615) | $ | 18,882,023 | | | $ | 19,460,353 | |
Unearned and advance premium | 270,105 | | | 254,567 | |
Policy claims and other benefits payable | 520,094 | | | 514,875 | |
Other policyholders' funds | 401,269 | | | 236,958 | |
Total policy liabilities | 20,073,491 | | | 20,466,753 | |
Current and deferred income taxes | 630,268 | | | 494,639 | |
Short-term debt | 733,544 | | | 486,113 | |
Long-term debt (estimated fair value: 2024—$1,510,512; 2023—$1,491,229) | 1,629,978 | | | 1,629,559 | |
Other liabilities | 464,151 | | | 487,632 | |
Total liabilities | 23,531,432 | | | 23,564,696 | |
Commitments and Contingencies (Note 5) | | | |
Shareholders' equity: | | | |
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2024 and 2023 | — | | | — | |
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2024—102,218,183 issued; 2023—102,218,183 issued) | 102,218 | | | 102,218 | |
Additional paid-in-capital | 526,862 | | | 532,474 | |
Accumulated other comprehensive income (loss) | (2,467,236) | | | (2,772,419) | |
Retained earnings | 7,706,655 | | | 7,478,813 | |
Treasury stock, at cost: (2024—8,141,299 shares; 2023—8,426,854 shares) | (829,338) | | | (854,283) | |
Total shareholders' equity | 5,039,161 | | | 4,486,803 | |
Total liabilities and shareholders' equity | $ | 28,570,593 | | | $ | 28,051,499 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
| | | | | | | | | | | | | | | |
| | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2024 | | 2023 |
Revenue: | | | | | | | |
Life premium | | | | | $ | 804,265 | | | $ | 772,597 | |
Health premium | | | | | 341,019 | | | 322,493 | |
Other premium | | | | | — | | | — | |
Total premium | | | | | 1,145,284 | | | 1,095,090 | |
Net investment income | | | | | 282,578 | | | 257,105 | |
Realized gains (losses) | | | | | (11,799) | | | (30,927) | |
| | | | | | | |
Other income | | | | | 76 | | | 50 | |
Total revenue | | | | | 1,416,139 | | | 1,321,318 | |
| | | | | | | |
Benefits and expenses: | | | | | | | |
Life policyholder benefits(1) | | | | | 519,871 | | | 507,977 | |
Health policyholder benefits(2) | | | | | 202,327 | | | 190,962 | |
Other policyholder benefits | | | | | 9,595 | | | 8,988 | |
Total policyholder benefits | | | | | 731,793 | | | 707,927 | |
| | | | | | | |
Amortization of deferred acquisition costs | | | | | 99,478 | | | 92,322 | |
Commissions, premium taxes, and non-deferred acquisition costs | | | | | 148,110 | | | 137,797 | |
Other operating expense | | | | | 93,214 | | | 84,171 | |
Interest expense | | | | | 28,621 | | | 24,867 | |
Total benefits and expenses | | | | | 1,101,216 | | | 1,047,084 | |
| | | | | | | |
Income before income taxes | | | | | 314,923 | | | 274,234 | |
Income tax benefit (expense) | | | | | (60,706) | | | (50,624) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net income | | | | | $ | 254,217 | | | $ | 223,610 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Basic net income per common share | | | | | $ | 2.71 | | | $ | 2.32 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Diluted net income per common share | | | | | $ | 2.67 | | | $ | 2.28 | |
(1)Net of a remeasurement gain of $4.9 million for the three months ended March 31, 2024, and a remeasurement gain of $2.7 million for the same period in 2023.
(2)Net of a remeasurement gain of $3.2 million for the three months ended March 31, 2024, and a remeasurement loss of $2.0 million for the same period in 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
| | | | | | | | | | | | | | | |
| | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2024 | | 2023 |
Net income | | | | | $ | 254,217 | | | $ | 223,610 | |
| | | | | | | |
Other comprehensive income (loss): | | | | | | | |
| | | | | | | |
Investments: | | | | | | | |
Unrealized gains (losses) on fixed maturities: | | | | | | | |
Unrealized holding gains (losses) arising during period | | | | | (305,016) | | | 469,119 | |
| | | | | | | |
Other reclassification adjustments included in net income | | | | | (2,412) | | | 32,590 | |
Foreign exchange adjustment on fixed maturities recorded at fair value | | | | | 1,617 | | | 9,567 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total unrealized investment gains (losses) | | | | | (305,811) | | | 511,276 | |
Less applicable tax (expense) benefit | | | | | 64,222 | | | (107,368) | |
Unrealized gains (losses) on investments, net of tax | | | | | (241,589) | | | 403,908 | |
| | | | | | | |
Future Policy Benefits: | | | | | | | |
Change in discount rate on future policy benefits | | | | | 704,596 | | | (720,890) | |
Less applicable tax (expense) benefit | | | | | (147,964) | | | 151,387 | |
Future policy benefit adjustments, net of tax | | | | | 556,632 | | | (569,503) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Foreign exchange translation: | | | | | | | |
Foreign exchange translation adjustments, other than securities | | | | | (12,597) | | | (6,516) | |
Less applicable tax (expense) benefit | | | | | 2,646 | | | 1,368 | |
Foreign exchange translation adjustments, other than securities, net of tax | | | | | (9,951) | | | (5,148) | |
| | | | | | | |
Pension: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Pension adjustments | | | | | 118 | | | (48) | |
Less applicable tax (expense) benefit | | | | | (27) | | | 11 | |
Pension adjustments, net of tax | | | | | 91 | | | (37) | |
| | | | | | | |
Other comprehensive income (loss) | | | | | 305,183 | | | (170,780) | |
Comprehensive income (loss) | | | | | $ | 559,400 | | | $ | 52,830 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
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, 2023 | $ | — | | | $ | 102,218 | | | $ | 532,474 | | | $ | (2,772,419) | | | $ | 7,478,813 | | | $ | (854,283) | | | $ | 4,486,803 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Comprehensive income (loss) | — | | | — | | | — | | | 305,183 | | | 254,217 | | | — | | | 559,400 | |
Common dividends declared ($0.2400 per share) | — | | | — | | | — | | | — | | | (22,603) | | | — | | | (22,603) | |
Acquisition of treasury stock | — | | | — | | | — | | | — | | | — | | | (23,469) | | | (23,469) | |
Stock-based compensation | — | | | — | | | (5,612) | | | — | | | (438) | | | 15,317 | | | 9,267 | |
Exercise of stock options | — | | | — | | | — | | | — | | | (3,334) | | | 33,097 | | | 29,763 | |
| | | | | | | | | | | | | |
Balance at March 31, 2024 | $ | — | | | $ | 102,218 | | | $ | 526,862 | | | $ | (2,467,236) | | | $ | 7,706,655 | | | $ | (829,338) | | | $ | 5,039,161 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands) | | | | | | | | | | | |
| | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cash provided from (used for) operating activities | $ | 350,806 | | | $ | 477,330 | |
| | | |
Cash provided from (used for) investing activities: | | | |
Investments sold or matured: | | | |
Fixed maturities available for sale—sold | 27,853 | | | 15,705 | |
Fixed maturities available for sale—matured or other redemptions | 59,871 | | | 61,560 | |
Mortgage loans | 7,896 | | | 21 | |
Other long-term investments | 573 | | | 1,929 | |
Total investments sold or matured | 96,193 | | | 79,215 | |
Acquisition of investments: | | | |
Fixed maturities—available for sale | (682,427) | | | (285,505) | |
Mortgage loans | (58,406) | | | (24,186) | |
Other long-term investments | (80,468) | | | (23,712) | |
Total investments acquired | (821,301) | | | (333,403) | |
Net (increase) decrease in policy loans | (7,621) | | | (7,870) | |
Net (increase) decrease in short-term investments | 23,327 | | | 39,744 | |
| | | |
| | | |
Additions to property and equipment | (9,106) | | | (8,210) | |
| | | |
Investments in low-income housing interests | (13,428) | | | (17,246) | |
Cash provided from (used for) investing activities | (731,936) | | | (247,770) | |
| | | |
Cash provided from (used for) financing activities: | | | |
Issuance of common stock | 29,763 | | | 37,024 | |
Cash dividends paid to shareholders | (21,117) | | | (20,071) | |
| | | |
| | | |
| | | |
Net borrowing from FHLB | 242,000 | | | 45,000 | |
Net borrowing (repayment) of commercial paper | 5,304 | | | 20,070 | |
Acquisition of treasury stock | (23,469) | | | (179,276) | |
Net receipts (payments) from deposit-type products | 124,475 | | | (54,487) | |
Cash provided from (used for) financing activities | 356,956 | | | (151,740) | |
| | | |
Effect of foreign exchange rate changes on cash | 4,565 | | | 1,729 | |
Net increase (decrease) in cash | (19,609) | | | 79,549 | |
Cash at beginning of year | 103,156 | | | 92,559 | |
Cash at end of period | $ | 83,547 | | | $ | 172,108 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 1—Significant Accounting Policies
Business: (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (Parent Company).
Globe Life provides a variety of life and supplemental health insurance products and annuities to a broad base of customers. The Company is organized into four reportable segments: life insurance, supplemental health insurance, annuities, and investments.
Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (DTC).
Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at March 31, 2024, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended March 31, 2024 and 2023. 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 28, 2024.
Use of Estimates: The preparation of the condensed 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 condensed 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.
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 2—New Accounting Standards
| | | | | | | | | | | | | | | | | | | | |
Accounting Pronouncements Adopted in the Current Year |
Standard | | Description | | Effective Date | | Effect on the Condensed Consolidated Financial Statements |
ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions | | ASU 2022-03 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 for fiscal years beginning on January 1, 2024 and interim periods within those fiscal years. | | The adoption of this standard did not have a material impact on the Condensed Consolidated Financial Statements. |
| | | | | | | | | | | | | | | | | | | | |
Accounting Pronouncements Yet to be Adopted |
Standard | | Description | | Effective Date | | Effect on the Condensed Consolidated Financial Statements |
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | | ASU 2023-07 adds disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance and assessment of future cash flows. The disclosures will require more detailed information related to the entity’s reportable segments. | | This standard is effective for the Company for annual periods beginning on January 1, 2024 and for interim periods beginning on January 1, 2025, and will be implemented on a retrospective basis. | | The Company does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements. |
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | | ASU 2023-09 adds disclosure requirements to disaggregated information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of the entity’s operations and related tax risks. | | This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be implemented on a prospective basis. | | The Company does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements. |
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 month periods ended March 31, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
| Available for Sale Assets | | Future Policy Benefits | | | | Foreign Exchange | | Pension Adjustments | | Total |
Balance at January 1, 2024 | $ | (827,596) | | | $ | (1,947,391) | | | | | $ | 4,719 | | | $ | (2,151) | | | $ | (2,772,419) | |
Other comprehensive income (loss) before reclassifications, net of tax | (239,684) | | | 556,632 | | | | | (9,951) | | | — | | | 306,997 | |
Reclassifications, net of tax | (1,905) | | | — | | | | | — | | | 91 | | | (1,814) | |
Other comprehensive income (loss) | (241,589) | | | 556,632 | | | | | (9,951) | | | 91 | | | 305,183 | |
Balance at March 31, 2024 | $ | (1,069,185) | | | $ | (1,390,759) | | | | | $ | (5,232) | | | $ | (2,060) | | | $ | (2,467,236) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 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 | 378,162 | | | (569,503) | | | | | (5,148) | | | — | | | (196,489) | |
Reclassifications, net of tax | 25,746 | | | — | | | | | — | | | (37) | | | 25,709 | |
Other comprehensive income (loss) | 403,908 | | | (569,503) | | | | | (5,148) | | | (37) | | | (170,780) | |
Balance at March 31, 2023 | $ | (1,016,764) | | | $ | (1,938,707) | | | | | $ | (6,829) | | | $ | 1,207 | | | $ | (2,961,093) | |
Reclassification Adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three month periods ended March 31, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended March 31, | | Affected line items in the Statements of Operations |
Component Line Item | | | | | | 2024 | | 2023 | |
Unrealized investment (gains) losses on available for sale assets: | | | | | | | | | | |
Realized (gains) losses | | | | | | $ | (228) | | | $ | 33,124 | | | Realized (gains) losses |
| | | | | | | | | | |
Amortization of (discount) premium | | | | | | (2,184) | | | (534) | | | Net investment income |
Total before tax | | | | | | (2,412) | | | 32,590 | | | |
Tax | | | | | | 507 | | | (6,844) | | | Income taxes |
Total after-tax | | | | | | (1,905) | | | 25,746 | | | |
Pension adjustments: | | | | | | | | | | |
Amortization of prior service cost | | | | | | 269 | | | 269 | | | Other operating expense |
Amortization of actuarial (gain) loss | | | | | | (151) | | | (317) | | | Other operating expense |
Total before tax | | | | | | 118 | | | (48) | | | |
Tax | | | | | | (27) | | | 11 | | | Income taxes |
Total after-tax | | | | | | 91 | | | (37) | | | |
Total reclassification (after-tax) | | | | | | $ | (1,814) | | | $ | 25,709 | | | |
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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 |
| 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 | $ | 401,859 | | | $ | — | | | $ | 1 | | | $ | (39,039) | | | $ | 362,821 | | | 2 | |
States, municipalities, and political subdivisions | 3,301,276 | | | — | | | 38,251 | | | (454,605) | | | 2,884,922 | | | 16 | |
Foreign governments | 39,558 | | | — | | | — | | | (10,227) | | | 29,331 | | | — | |
Corporates, by sector: | | | | | | | | | | | |
Industrials | 8,297,566 | | | (7,027) | | | 161,482 | | | (667,927) | | | 7,784,094 | | | 43 | |
Financial | 5,213,973 | | | — | | | 89,584 | | | (416,724) | | | 4,886,833 | | | 27 | |
| | | | | | | | | | | |
Utilities | 2,127,792 | | | — | | | 51,901 | | | (105,623) | | | 2,074,070 | | | 11 | |
Total corporates | 15,639,331 | | | (7,027) | | | 302,967 | | | (1,190,274) | | | 14,744,997 | | | 81 | |
Collateralized debt obligations | 36,730 | | | — | | | 3,001 | | | — | | | 39,731 | | | — | |
Other asset-backed securities | 86,030 | | | — | | | 2 | | | (3,481) | | | 82,551 | | | 1 | |
Total fixed maturities | $ | 19,504,784 | | | $ | (7,027) | | | $ | 344,222 | | | $ | (1,697,626) | | | $ | 18,144,353 | | | 100 | |
(1)Amount reported in the balance sheet.
(2)At fair value.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 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 | $ | 398,450 | | | $ | — | | | $ | 7 | | | $ | (32,306) | | | $ | 366,151 | | | 2 | |
States, municipalities, and political subdivisions | 3,296,305 | | | — | | | 47,346 | | | (403,329) | | | 2,940,322 | | | 16 | |
Foreign governments | 44,453 | | | — | | | 1 | | | (10,348) | | | 34,106 | | | — | |
Corporates, by sector: | | | | | | | | | | | |
Industrials | 8,016,126 | | | (7,115) | | | 213,078 | | | (566,847) | | | 7,655,242 | | | 43 | |
Financial | 5,028,151 | | | — | | | 112,368 | | | (388,340) | | | 4,752,179 | | | 27 | |
| | | | | | | | | | | |
Utilities | 2,017,967 | | | — | | | 73,925 | | | (94,130) | | | 1,997,762 | | | 11 | |
Total corporates | 15,062,244 | | | (7,115) | | | 399,371 | | | (1,049,317) | | | 14,405,183 | | | 81 | |
Collateralized debt obligations | 37,110 | | | — | | | 5,036 | | | — | | | 42,146 | | | — | |
Other asset-backed securities | 86,352 | | | — | | | 3 | | | (4,057) | | | 82,298 | | | 1 | |
Total fixed maturities | $ | 18,924,914 | | | $ | (7,115) | | | $ | 451,764 | | | $ | (1,499,357) | | | $ | 17,870,206 | | | 100 | |
(1)Amount reported in the balance sheet.
(2)At fair value.
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $415 million (2% of the total fixed maturity portfolio) and $425 million (2% of the total fixed maturity portfolio) at March 31, 2024 and December 31, 2023, respectively.
A schedule of fixed maturities available for sale by contractual maturity date at March 31, 2024, 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 March 31, 2024 |
| Amortized Cost, net | | Fair Value |
Fixed maturities available for sale: | | | |
Due in one year or less | $ | 86,769 | | | $ | 86,518 | |
Due after one year through five years | 857,913 | | | 862,187 | |
Due after five years through ten years | 2,034,083 | | | 2,040,670 | |
Due after ten years through twenty years | 8,712,181 | | | 8,331,022 | |
Due after twenty years | 7,684,013 | | | 6,701,637 | |
Mortgage-backed and asset-backed securities | 122,798 | | | 122,319 | |
| $ | 19,497,757 | | | $ | 18,144,353 | |
Analysis of Investment Operations: "Net investment income" for the three month periods ended March 31, 2024 and 2023 is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| | | | | | | 2024 | | 2023 | | % Change |
Fixed maturities available for sale | | | | | | | $ | 246,098 | | | $ | 232,299 | | | 6 | |
Policy loans | | | | | | | 12,816 | | | 11,755 | | | 9 | |
Mortgage loans | | | | | | | 6,760 | | | 4,003 | | | 69 | |
Other long-term investments(1) | | | | | | | 19,663 | | | 11,740 | | | 67 | |
Short-term investments | | | | | | | 1,688 | | | 1,595 | | | |
| | | | | | | 287,025 | | | 261,392 | | | 10 | |
Less investment expense | | | | | | | (4,447) | | | (4,287) | | | 4 | |
Net investment income | | | | | | | $ | 282,578 | | | $ | 257,105 | | | 10 | |
(1)For the three months ended March 31, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $18.9 million and $11.3 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Selected information about sales of fixed maturities available for sale is as follows:
| | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2024 | | 2023 |
Fixed maturities available for sale: | | | | | | | |
Proceeds from sales(1) | | | | | $ | 27,853 | | | $ | 15,705 | |
Gross realized gains | | | | | 175 | | | — | |
Gross realized losses | | | | | (35) | | | (358) | |
(1)There were no unsettled sales in the periods ended March 31, 2024 and 2023.
An analysis of "Realized gains (losses)" is as follows: | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2024 | | 2023 |
Realized investment gains (losses): | | | | | | | |
Fixed maturities available for sale: | | | | | | | |
Sales and other(1) | | | | | $ | 140 | | | $ | (357) | |
| | | | | | | |
Provision for credit losses | | | | | 88 | | | (32,767) | |
Fair value option—change in fair value | | | | | (15,403) | | | 1,858 | |
Mortgage loans | | | | | (874) | | | (1,280) | |
Other investments | | | | | 314 | | | (214) | |
Realized gains (losses) from investments | | | | | (15,735) | | | (32,760) | |
| | | | | | | |
Other gains (losses) | | | | | 3,936 | | | 1,833 | |
Total realized gains (losses) | | | | | (11,799) | | | (30,927) | |
Applicable tax | | | | | 2,478 | | | 6,495 | |
Realized gains (losses), net of tax | | | | | $ | (9,321) | | | $ | (24,432) | |
(1)During the three months ended March 31, 2024 and 2023, the Company recorded $66.9 million and $0 of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period.
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 March 31, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value Measurement at March 31, 2024: |
| 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 | $ | — | | | $ | 362,821 | | | $ | — | | | $ | 362,821 | |
States, municipalities, and political subdivisions | — | | | 2,884,922 | | | — | | | 2,884,922 | |
Foreign governments | — | | | 29,331 | | | — | | | 29,331 | |
Corporates, by sector: | | | | | | | |
Industrials | — | | | 7,584,006 | | | 200,088 | | | 7,784,094 | |
Financial | — | | | 4,756,052 | | | 130,781 | | | 4,886,833 | |
| | | | | | | |
Utilities | — | | | 1,967,375 | | | 106,695 | | | 2,074,070 | |
Total corporates | — | | | 14,307,433 | | | 437,564 | | | 14,744,997 | |
Collateralized debt obligations | — | | | — | | | 39,731 | | | 39,731 | |
Other asset-backed securities | — | | | 82,551 | | | — | | | 82,551 | |
Total fixed maturities | $ | — | | | $ | 17,667,058 | | | $ | 477,295 | | | $ | 18,144,353 | |
Percentage of total | — | % | | 97 | % | | 3 | % | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value Measurement at December 31, 2023: |
| 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 | $ | — | | | $ | 366,151 | | | $ | — | | | $ | 366,151 | |
States, municipalities, and political subdivisions | — | | | 2,940,322 | | | — | | | 2,940,322 | |
Foreign governments | — | | | 34,106 | | | — | | | 34,106 | |
Corporates, by sector: | | | | | | | |
Industrials | — | | | 7,440,493 | | | 214,749 | | | 7,655,242 | |
Financial | — | | | 4,621,160 | | | 131,019 | | | 4,752,179 | |
| | | | | | | |
Utilities | — | | | 1,888,797 | | | 108,965 | | | 1,997,762 | |
Total corporates | — | | | 13,950,450 | | | 454,733 | | | 14,405,183 | |
Collateralized debt obligations | — | | | — | | | 42,146 | | | 42,146 | |
Other asset-backed securities | — | | | 82,298 | | | — | | | 82,298 | |
Total fixed maturities | $ | — | | | $ | 17,373,327 | | | $ | 496,879 | | | $ | 17,870,206 | |
Percentage of total | — | % | | 97 | % | | 3 | % | | 100 | % |
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, 2024 | $ | — | | | $ | 42,146 | | | $ | 454,733 | | | $ | 496,879 | |
| | | | | | | |
|