Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Shareholders' Equity

Note 13—Shareholders' Equity

Share Data: A summary of common share activity is presented in the following chart.

	Common Stock
	Issued	Treasury Stock
2023:
Balance at January 1, 2023	105,218,183	(8,478,288)
Grants of restricted stock	—	7,110
Vesting of performance shares	—	84,298
Issuance of common stock due to exercise of stock options	—	1,375,313
Treasury stock acquired	—	(4,415,287)
Retirement of treasury stock	(3,000,000)	3,000,000
Balance at December 31, 2023	102,218,183	(8,426,854)
2024:
Grants of restricted stock	—	7,375
Vesting of performance shares	—	143,211
Issuance of common stock due to exercise of stock options	—	584,993
Treasury stock acquired	—	(10,549,341)
Retirement of treasury stock	(5,000,000)	5,000,000
Balance at December 31, 2024	97,218,183	(13,240,616)
2025:
Grants of restricted stock	—	6,530
Vesting of performance shares	—	152,680
Issuance of common stock due to exercise of stock options	—	1,842,860
Treasury stock acquired	—	(6,886,536)
Retirement of treasury stock	(5,000,000)	5,000,000
Balance at December 31, 2025	92,218,183	(13,125,082)

There was no activity related to the preferred stock in years 2023 through 2025.

Acquisition of Common Shares: Globe Life shares are acquired through open market purchases under the Globe Life stock repurchase program when it is determined to be the best use of Globe Life's excess cash flows. This yields a return that is better than available alternatives and exceeds our cost of equity. When stock options are exercised, proceeds from the exercises are generally used to repurchase approximately the number of shares available with those funds in order to reduce dilution. See the following summary below:

	Globe Life Share Repurchase Program					Share Repurchase for Dilution Purposes
	Shares Acquired (in thousands)	Total Cost		Average Price		Shares Acquired (in thousands)	Total Cost		Average Price
2025	5,420	$	685,151	$	126.41	1,469	$	189,669	$	129.14
2024	10,086	945,637		93.76		501	48,026		95.75
2023	3,369	380,103		112.84		1,080	127,155		117.72

Restrictions: Restrictions exist on the flow of funds to Globe Life Inc. from its insurance subsidiaries. Statutory regulations require life insurance subsidiaries to maintain certain minimum amounts of capital and surplus. Dividends from insurance subsidiaries of Globe Life Inc. are restricted based on regulations by their states of domicile. Additionally, insurance company distributions are generally not permitted in excess of statutory surplus. Subsidiaries are also subject to certain minimum capital requirements. Subsidiaries of Globe Life paid cash dividends to the Parent Company in the amount of $816 million in 2025, $693 million in 2024, and $460 million in 2023. As of December 31, 2025, dividends from our U.S. insurance subsidiaries to the Parent Company available to be paid in 2026 are limited to the amount of $211 million without regulatory approval, such that $1.4 billion was considered restricted net assets of the subsidiaries. Dividends exceeding these limitations may be available during the year pending regulatory approval. While there are no legal restrictions on the payment of dividends to shareholders from Globe Life's retained earnings, retained earnings as of December 31, 2025 were restricted by lenders’ covenants which require the Company to maintain and not distribute $5.6 billion from its total consolidated retained earnings of $8.5 billion.

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

	Year Ended December 31,
	2025	2024	2023
Basic weighted average shares outstanding	81,376,845	89,278,574	95,098,474
Weighted average dilutive options outstanding	1,148,147	382,848	1,265,367
Diluted weighted average shares outstanding	82,524,992	89,661,422	96,363,841
Antidilutive shares	—	2,140,787	422,739

Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out of the money employee and Director stock options.