Globe Life Inc.

11/04/2026 | Press release | Distributed by Public on 11/04/2026 15:38

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with Globe Life's Condensed Consolidated Financial Statements and Notes thereto appearing elsewhere in this report. The following management discussion will only include comparison to prior year.
"Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates.
Results of Operations
How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market through exclusive, direct-to-consumer and independent distribution channels primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States. We view our operations by segments, which are the insurance product lines of life and supplemental health, and the investment segment that supports the product lines.
Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further subdivided by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market. Whether analyzing profitability of a segment as a whole, or the individual distribution channels within the segment, the measure of profitability used by management is the underwriting margin, as seen below:
Premium revenue
(Policy obligations)
(Policy acquisition costs and commissions)
Underwriting margin
Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below:
Net investment income
(Required interest on policy liabilities)
Excess investment income
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Globe Life serves the lower-middle to middle-income market. We believe this market is underserved, has significant growth potential, and provides us with a distinct competitive advantage. This advantage is protected due not only to our ability to efficiently reach this market through both exclusive and direct to consumer distribution channels, but also due to the amount of data and experience we possess, as we have been in this same market for over 60 years with essentially the same products. The basic protection life and health insurance products we offer are specifically designed to help provide financial security to consumers in this market.
Current Highlights.
•On a diluted basis, net income per common share increased 8% from $10.77 to $11.64 and net operating income per common share increased from $11.13 to $11.86, a 7% increase over the prior year period.
•Net income as a return on equity (ROE) for the nine months ended September 30, 2026 was 19.7% and net operating income as an ROE, excluding accumulated other comprehensive income(1), was 15.9%.
•Total premium increased 6% over the same period in the prior year. Life premium increased 3% for the period from $2.5 billion in 2025 to $2.6 billion in 2026. Health premium increased 15% to $1.3 billion from $1.1 billion over the prior-year period.
•Total net sales increased 10% over the same period in the prior year from $661 million in 2025 to $727 million in 2026. Average producing agent count increased by 9% at Liberty National Division and 6% at Family Heritage Division.
•Book value per share increased 23% over the same period in the prior year from $69.52 to $85.35. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $93.63 in 2025 to $103.62 in 2026.
•For the nine months ended September 30, 2026, the Company repurchased 3.6 million shares of Globe Life Inc. common stock at a total cost of $564 million for an average share price of $155.30.
The following graphs represent net income and net operating income(1) for the nine month periods ended September 30, 2026 and 2025.
(1)As shown in the charts above, net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses after tax and, as such, is considered a non-GAAP measure. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. Net operating income differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.
Net operating income as an ROE, excluding AOCI, is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(1.4) billion and $(2.0) billion for the nine months ended September 30, 2026 and 2025, respectively.
Book value per share, excluding AOCI, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(18.27) and $(24.11) per share for the nine months ended September 30, 2026 and 2025, respectively.
Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Summary of Operations.
•Net income totaled $919 million during the nine months ended September 30, 2026, compared with $895 million, in the same period in 2025, an increase of 3%.
•On a diluted basis, net income per common share for the nine months ended September 30, 2026 increased 8% from $10.77 to $11.64.
•Net operating income was $937 million for the nine months ended September 30, 2026, compared with $925 million for the same period in 2025, an increase of 1%.
•On a diluted basis, net operating income per common share for the nine months ended September 30, 2026 increased from $11.13 to $11.86, a 7% increase.
Net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses, after tax and, as such, is considered a non-GAAP measure. Net income is the most directly comparable GAAP measure. We do not consider realized gains and losses to be a component of our core insurance operations or operating segments. Additionally, net income is affected by certain non-operating items. We do not view these items as components of core operating results because they are not indicative of past performance or future prospects of the insurance operations. We remove items such as these which relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods.
During the third quarter of 2026, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity resulting in a $120.5 million net remeasurement gain as compared to a $134.3 million net remeasurement gain in the year-ago quarter. Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $75.1 million net remeasurement gain and a $53.6 million net remeasurement gain for the nine months ended September 30, 2026 and 2025, respectively.
As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits (the "LFPB"). The LFPB is determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions See Note 6-Policy Liabilities for additional information.
Overall, the Company's core operations remain strong, including sales and premium growth, and we continue to achieve an operating ROE (excluding accumulated other comprehensive income) generally in the mid-teens.
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Globe Life's operations on a segment-by-segment basis are discussed in depth below. Net operating income has been used consistently by management for many years to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from GAAP net income primarily because it excludes certain non-operating items such as realized gains and losses and other significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business. Net income is the most directly comparable GAAP measure.
Analysis of Profitability by Segment
(Dollar amounts in thousands)
Nine Months Ended September 30,
2026 2025 Change %
Life insurance underwriting margin $ 1,166,576 $ 1,158,946 $ 7,630 1
Health insurance underwriting margin 309,426 291,152 18,274 6
Excess investment income 112,914 107,581 5,333 5
Segment profit or (loss) 1,588,916 1,557,679 31,237 2
Annuity and other income 9,413 6,891 2,522 37
Administrative expense (280,889) (263,363) (17,526) 7
Other corporate expense (164,828) (157,386) (7,442) 5
Pre-tax total 1,152,612 1,143,821 8,791 1
Applicable taxes (215,569) (219,169) 3,600 (2)
Net operating income
937,043 924,652 12,391 1
Reconciling items, net of tax:
Realized gains (losses) (5,492) (18,546) 13,054
Other expenses (1,011) (393) (618)
Legal proceedings (11,160) (10,558) (602)
Net income
$ 919,380 $ 895,155 $ 24,225 3
The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $8 million compared with the prior period, driven by premium growth and improved underlying mortality offsetting a smaller gain from third quarter assumption updates. The life underwriting margin increase was lower than the prior year period due to remeasurement gains from assumption changes of 96 million for the nine months ended September 30, 2026 compared to 131 million for the same period in 2025. The health segment experienced favorable underwriting margin as a result of gains related to the third quarter assumption update, margin growth in limited benefit supplemental product lines and growth in Medicare Supplement earned premium driven by rate increases and strong sales. Excess investment income increased $5 million compared with the prior period, primarily due to higher yields on fixed maturities, commercial mortgage loans and other long-term investments.
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
In 2026, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was American Income. The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the nine months ended September 30, 2026.
Total premium income rose 6% for the nine months ended September 30, 2026 to $3.9 billion. Total net sales increased 10% to $727 million when compared with 2025. Total first-year collected premium (defined in the following section) increased 15% to $595 million for 2026, compared to $520 million in 2025.
Life insurance premium income increased 3% to $2.58 billion compared to $2.51 billion in the prior-year period. Life net sales increased 1% to $456 million for the nine months ended September 30, 2026 as compared to the year-ago period. First-year collected life premium increased 1% to $351 million. Life underwriting margin, as a percent of premium, declined by 1% for 2026 given the lower remeasurement gains from life assumption updates in 2026 compared to 2025. Underwriting margin increased slightly to $1.17 billion in 2026, compared to $1.16 billion in 2025.
Health insurance premium income increased 15% to $1.30 billion compared to $1.13 billion in the prior-year period. Health net sales rose 31% to $271 million for the nine months ended September 30, 2026. First-year collected health premium rose 41% to $244 million. Health underwriting margin, as a percent of premium, was 24% for 2026, a 2% decrease from 2025 as a result of increased group claims experience and faster growth in lower margin products. Health underwriting margin increased to $309 million for the nine months ended September 30, 2026, compared to $291 million in 2025.
Excess investment income, the measure of profitability of our investment segment, increased 5% during the nine months ended September 30, 2026 to $113 million from $108 million in 2025. Excess investment income per common share, reflecting the impact of our share repurchase program, increased 11% to $1.43 from $1.29 when compared with the same period in 2025.
Insurance administrative expenses increased 7% primarily due to higher employee costs, which include salaries and other costs in addition to higher information technology expenses in 2026 when compared with the prior-year period. These expenses were 7.2% as a percent of premium for 2026, unchanged from 2025.
For the nine months ended September 30, 2026, the Company repurchased 3.6 million shares of Globe Life Inc. common stock at a total cost of $564 million for an average share price of $155.30.
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
The discussions of our segments are presented in the manner we view our operations, as described in Note 12-Business Segments.
We use three measures as indicators of premium growth and sales over the near term: "annualized premium in force," "net sales," and "first-year collected premium."
•Annualized premium in force is defined as the premium income that would be received over the following twelve months at any given date on all active policies if those policies remain in force throughout the 12-month period.
•Net sales is calculated as annualized premium issued, net of cancellations in the first 30 days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically one month) has expired. Management considers net sales to be a better indicator of incremental premium growth than annualized premium issued since net sales are after cancellations, as cancellations do not contribute to premium income.
•First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse. In addition, cancellations are not considered as lapses or included in net sales and first-year collected premiums.
See further discussion of the distribution channels below for Life and Health.
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
LIFE INSURANCE
Life insurance is the Company's predominant segment. During 2026, life premium represented 66% of total premium and life underwriting margin represented 79% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of income attributable to the investment segment.
The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.
Life Insurance
Summary of Results
(Dollar amounts in thousands)
Nine Months Ended September 30, Change
2026 2025
Amount % of Premium Amount % of Premium Amount %
Premium and policy charges $ 2,578,524 100 $ 2,513,890 100 $ 64,634 3
Policy obligations 1,447,510 56 1,410,622 56 36,888 3
Required interest on reserves (654,837) (25) (632,150) (25) (22,687) 4
Net policy obligations 792,673 31 778,472 31 14,201 2
Amortization of acquisition costs 315,816 12 285,417 12 30,399 11
Commission expense 132,099 5 130,848 5 1,251 1
Premium taxes 54,834 2 51,621 2 3,213 6
Non-deferred acquisition costs 116,526 5 108,586 4 7,940 7
Total expense 1,411,948 55 1,354,944 54 57,004 4
Insurance underwriting margin
$ 1,166,576 45 $ 1,158,946 46 $ 7,630 1
The table below summarizes life underwriting margin by distribution channel.
Life Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30,
2026 2025
Change
Amount % of Premium Amount % of Premium Amount
%
American Income $ 691,069 50 $ 661,825 50 $ 29,244 4
Direct to Consumer 262,578 36 246,903 34 15,675 6
Liberty National 122,943 41 135,508 46 (12,565) (9)
Other(1)
89,986 61 114,710 76 (24,724) (22)
Total
$ 1,166,576 45 $ 1,158,946 46 $ 7,630 1
(1) Includes a gain of $14 million related to the recapture of reinsurance for nine months ended September 30, 2025.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
The following table presents Globe Life's life insurance premium by distribution channel.
Life Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30, Change
2026 2025
Amount % of Total Amount % of Total Amount %
American Income $ 1,395,896 54 $ 1,334,591 53 $ 61,305 5
Direct to Consumer 731,526 28 736,651 29 (5,125) (1)
Liberty National 302,401 12 291,635 12 10,766 4
Other 148,701 6 151,013 6 (2,312) (2)
Total
$ 2,578,524 100 $ 2,513,890 100 $ 64,634 3
Annualized life premium in force was $3.48 billion at September 30, 2026, an increase of 2% over $3.40 billion a year earlier.
An analysis of life net sales, an indicator of new business production, by distribution channel is presented below.
Life Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30, Change
2026 2025
Amount % of Total Amount % of Total Amount %
American Income $ 292,681 64 $ 291,302 64 $ 1,379 -
Direct to Consumer 77,789 17 83,447 18 (5,658) (7)
Liberty National 77,467 17 71,380 16 6,087 9
Other 8,133 2 7,645 2 488 6
Total
$ 456,070 100 $ 453,774 100 $ 2,296 1
First-year collected life premium by distribution channel is presented in the table below.
Life Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30, Change
2026 2025
Amount % of Total Amount % of Total Amount %
American Income $ 238,152 68 $ 237,119 68 $ 1,033 -
Direct to Consumer 46,066 13 45,877 13 189 -
Liberty National 60,169 17 57,969 17 2,200 4
Other 6,796 2 5,925 2 871 15
Total
$ 351,183 100 $ 346,890 100 $ 4,293 1
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
A discussion of life operations by distribution channel follows.
The American Income Division is an exclusive agency that markets to members of affinity groups, including labor unions, and continues to diversify its lead sources by utilizing internally generated leads, third-party internet vendor leads, and referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 54% of the Company's September 30, 2026 total life premium. For the nine months ended September 30, 2026, life premium was $1.4 billion, an increase of 5% when compared with the year-ago period. For the nine months ended September 30, 2026, the average monthly life premium issued per policy was $64 as compared to $59 for the same period in the prior year. Net sales were $293 million for the nine months ended September 30, 2026, up from $291 million in the year-ago period. The underwriting margin, as a percent of premium, was 50% for the nine months ended September 30, 2026 unchanged from the same period in the prior year.
The average producing agent count decreased 6% over the year-ago period driven by lower retention of new agents. While long-term sales growth in this Division and our other exclusive agencies is generally tied to expansion of the agency force, declines in agent count provide an opportunity for improved sales productivity among veteran agents as they are more productive than less experienced agents. We have made adjustments to agency middle management compensation to encourage increased new agent recruitment and retention.
Below is the average producing agent count as of the indicated periods for the American Income Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
At September 30,
Change
2026 2025 Amount %
American Income
11,262 11,994 (732) (6)
American Income continues to focus on growing and strengthening the agency force, with particular emphasis on strengthening agency middle-management growth. The Division has made considerable investments in both financial incentives and agent training, as well as in information technology. A customer relationship management ("CRM") tool equips agents with intuitive dashboards to drive productivity across lead distribution, business conservation, and new agent recruiting. The Division also continues to enhance technology enabling the agency force to recruit, sell and train virtually. This has benefited our agents as a vast majority of sales are generated through virtual presentations. We find this flexibility to be attractive for new recruits as well as a driver of efficiency in our agency force.
The Direct to Consumer Division ("DTC") markets adult and juvenile life insurance across multiple channels including direct mail, insert media, and digital marketing using an integrated omnichannel approach where each channel supports and amplifies the others. Digital channels, including internet sales and inbound phone calls, continue to outpace direct mail in activity and growth.
DTC's long-term growth has been driven by consistent innovation and strong brand awareness. The Division also plays a valuable supporting role for our agency business, generating brand impressions, consumer inquiries and sales leads that convert into sales across our exclusive agency channels. Recent technology investments have meaningfully enhanced the underwriting process, improving the conversion of customer inquiries into sales, while new initiatives are continuously introduced to increase response rates, improve issue rates, and deliver a seamless customer experience.
The juvenile insurance market remains an important channel, though growth has slowed over recent quarters. It continues to serve as a valuable gateway for reaching the parents and grandparents of existing juvenile policyholders. These parents and grandparents have shown a higher likelihood of responding to direct-to-consumer life insurance offers compared to the general adult population, making future outreach to them a lower-cost opportunity to drive both adult and juvenile insurance sales.
DTC net sales declined 7% to $78 million for the nine months ended September 30, 2026, compared to the year-ago period. The Division is navigating a transition driven by the growing use of Artificial Intelligence ("AI") in consumer search behavior, which has reduced paid search volume from internet marketing. During this quarter
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
ended September 30, 2026, we noted improvement in our inquiry rates supported by several initiatives including AI-enabled advertising. The Division continues to adapt its digital content strategy and positioning to be verified, visible, and easily interpreted by AI assistants.
Beyond direct sales, the Division continues to deliver significant value through agency support with lead generation expected to reach one million this year. Improved conversion rates on leads shared with our agencies have contributed to margin improvement. Despite the decline in net sales, DTC's underwriting margin grew to $263 million, or 36% of premium, for the nine months ended September 30, 2026, compared to $247 million, or 34% of premium, for the same period in 2025 driven by favorable mortality in the current period. For the nine months ended September 30, 2026, the average monthly life premium issued for DTC adults increased to $19 as compared to $17 for the same period in the prior year.
The Liberty National Division is an exclusive agency serving middle-income households and worksite customers by providing individual life insurance products. Recent investments in new sales technologies, combined with growth in agency middle management, are expected to drive continued sales momentum. Underwriting margin declined 9% from the year ago period to $123 million and premium increased 4% to $302 million. The underwriting margin as a percent of premium declined for the nine months ended September 30, 2026, to 41%, compared to 46% in the year-ago period, as third quarter assumption gains were significantly higher in the prior year period. For the nine months ended September 30, 2026, the average monthly life premium per policy issued increased compared to the prior year to $48 from $44.
Below is the average producing agent count for the nine months ended September 30, 2026 and 2025 for the Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
At September 30,
Change
2026 2025 Amount %
Liberty National
4,137 3,806 331 9
The Division's average producing agent count increased when compared with the prior-year comparable period. This Division continues to execute a long-term plan to grow through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Expansion of this Division's presence in larger geographic cities with less penetrated areas will help create long-term sustainable agency growth. The Division is also focused on expanding worksite business development capabilities among its agents. A CRM platform and enhanced analytical tools have strengthened worksite marketing efforts and improved productivity across the individual life market. As Liberty National continues to build momentum through technology adoption and recruiting initiatives, it anticipates sustained growth in recruiting activity, average producing agent count, and net sales.
The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $149 million of life premium income, or 6% of Globe Life's total life premium income in the nine months ended September 30, 2026, and contributed 2% of net sales for the period.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
HEALTH INSURANCE
Health insurance sold by the Company primarily includes Medicare Supplement insurance as well as retiree health insurance, accident coverage, and other limited-benefit supplemental health products such as cancer, critical illness, heart disease, accident, intensive care, and other health products.
Health premium accounted for 34% of our total premium in 2026, while the health underwriting margin accounted for 21% of total underwriting margin. Health underwriting margin increased to $309 million compared to $291 million in the prior year.
The following table presents underwriting margin data for health insurance.
Health Insurance
Summary of Results
(Dollar amounts in thousands)
Nine Months Ended September 30, Change
2026 2025
Amount % of
Premium 		Amount % of
Premium 		Amount %
Premium $ 1,300,620 100 $ 1,134,414 100 $ 166,206 15
Policy obligations 812,875 63 691,793 61 121,082 18
Required interest on reserves (88,036) (7) (85,194) (8) (2,842) 3
Net policy obligations 724,839 56 606,599 53 118,240 19
Amortization of acquisition costs 47,657 3 44,497 4 3,160 7
Commission expense 143,522 11 127,551 11 15,971 13
Premium taxes 25,337 2 22,423 2 2,914 13
Non-deferred acquisition costs 49,839 4 42,192 4 7,647 18
Total expense 991,194 76 843,262 74 147,932 18
Insurance underwriting margin
$ 309,426 24 $ 291,152 26 $ 18,274 6
Net policy obligations amounted to 56% of premium for the nine months ended September 30, 2026 compared to 53% in the year-ago period. The increase in policy obligations is driven by the growth of the United American Division in relation to total health premium, as the United American Division products tend to have higher policy obligations as a percent of premium compared to other limited-benefit health products within our other divisions.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
The table below summarizes health underwriting margin by distribution channel.
Health Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30,
2026 2025
Change
Amount % of Premium Amount % of Premium Amount
%
United American $ 9,824 2 $ 30,117 6 $ (20,293) (67)
Family Heritage 145,586 39 130,785 38 14,801 11
Liberty National 74,206 52 75,170 53 (964) (1)
American Income 74,842 80 53,553 57 21,289 40
Direct to Consumer 4,968 8 1,527 3 3,441
Total
$ 309,426 24 $ 291,152 26 $ 18,274 6
Globe Life markets supplemental health insurance products through a number of distribution channels. The following table is an analysis of our health premium by distribution channel.
Health Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30, Increase
(Decrease)
2026 2025
Amount % of Total Amount % of Total Amount %
United American $ 625,182 48 $ 493,561 43 $ 131,621 27
Family Heritage 378,037 29 346,850 31 31,187 9
Liberty National 141,539 11 142,823 13 (1,284) (1)
American Income 93,415 7 93,806 8 (391) -
Direct to Consumer 62,447 5 57,374 5 5,073 9
Total
$ 1,300,620 100 $ 1,134,414 100 $ 166,206 15
Premiums from Medicare Supplement products totaled $615 million, or 47%, of the total health premiums for the nine months ended September 30, 2026, compared to $502 million, or 44%, in the same period in the prior year. Premium increases are driven primarily from increased sales and approved premium rate increases on our Medicare Supplement business. Premiums primarily related to limited-benefit supplemental health products comprise $686 million, or 53%, of the total health premiums for the nine months ended September 30, 2026, compared with $632 million, or 56%, in the same period in the prior year.
Annualized health premium in force was $1.84 billion at September 30, 2026, an increase of 17% over $1.58 billion a year earlier.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
Presented below is a table of health net sales by distribution channel.
Health Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30, Increase
(Decrease)
2026 2025
Amount % of Total Amount % of Total Amount %
United American $ 137,115 51 $ 77,666 37 $ 59,449 77
Family Heritage 98,083 36 89,440 43 8,643 10
Liberty National 21,333 8 23,862 12 (2,529) (11)
American Income 12,298 4 14,242 7 (1,944) (14)
Direct to Consumer 1,831 1 2,176 1 (345) (16)
Total
$ 270,660 100 $ 207,386 100 $ 63,274 31
Health net sales related to limited-benefit supplemental health products and other health products comprise $191 million, or 71%, of the total health net sales for the nine months ended September 30, 2026, compared with $155 million, or 75%, in the same period in the prior year. Medicare Supplement sales make up the remaining $80 million, or 29%, for 2026, compared to $52 million, or 25%, in the same period in the prior year.
The following table presents health insurance first-year collected premium by distribution channel.
Health Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30, Increase
(Decrease)
2026 2025
Amount % of Total Amount % of Total Amount %
United American $ 131,343 54 $ 66,863 39 $ 64,480 96
Family Heritage 74,621 31 66,954 39 7,667 11
Liberty National 20,204 8 20,900 12 (696) (3)
American Income 12,722 5 14,386 8 (1,664) (12)
Direct to Consumer 4,878 2 3,551 2 1,327 37
Total
$ 243,768 100 $ 172,654 100 $ 71,114 41
First-year collected premium related to limited-benefit supplemental health products and other health products is $147 million, or 60%, of total first-year collected premium for the nine months ended September 30, 2026, compared with $118.3 million, or 69%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $97 million, or 40%, for the nine months ended September 30, 2026, compared to $54.4 million, or 31%, in the same period in the prior year.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
A discussion of health operations by distribution channel follows.
The United American Division consists of non-exclusive independent general agents and brokers who may also sell for other companies, selling Medicare Supplement insurance to individuals through independent general agents, and group retiree medical and other health insurance through brokers. The Division was Globe Life's largest health division in terms of health premium income, with net sales up 77% from the same period in the prior year. The majority of the premium revenue in the Division comes from Medicare Supplement. Medicare Supplement sales growth remained strong for the nine months ended September 30, 2026, supported by demographic expansion within the eligible population, a notable migration of Medicare beneficiaries from Medicare Advantage to Medicare Supplement plans, and rate increases that took effect during the first half of the year.
Underwriting margin as a percent of premium for the Division was 2% for the nine months ended September 30, 2026, down from 6% for the same period in 2025. The decrease in margin is driven by increased claim utilization and medical cost trends related to Medicare Supplement in addition to a high number of high-severity claims at Evry Health ("Evry"), the Division's developing group major medical business. Evry claims drove an underwriting loss of $26 million for the nine months ended September 30, 2026. Evry was acquired for a number of strategic reasons, including its technology-driven approach to building a better health insurance platform, providing the opportunity to apply learnings from Evry's technology platform toward enhancing Globe Life's broader customer experience and service offerings as well as help deepen broker relationships. Because Evry's premium volume is still relatively small, severe claims experience can disproportionately affect results. We are working to improve underwriting results related to Evry through pricing adjustments, underwriting discipline, and selective growth. As Evry Health scales its group health products business, we may experience continued volatility related to the operating results.
The Family Heritage Division is an exclusive agency that primarily markets individual limited-benefit supplemental health insurance to individuals, small to medium-sized businesses and strategic alliances. Most of its policies include a return of premium feature, where premium paid is returned less any claims paid to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 39% for the nine months ended September 30, 2026 and 38% for the same period in the prior year.
The Division experienced a 10% increase in health net sales as compared with the same nine month period a year ago, primarily due to increased agent count and increased agent productivity. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.
Below is the average producing agent count for the nine months ended September 30, 2026 and 2025 for the Family Heritage Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
At September 30,
Change
2026 2025 Amount %
Family Heritage
1,578 1,489 89 6
The average producing agent count increased 6% compared with the same period a year ago. Along with the Division's increased efforts to grow agent count, it is also focused on the further training and development of its agency middle management, which has risen for the third quarter in a row, alongside continued improvement in agent retention. While growth in net sales and earned premium is impacted by agent productivity, growth in the number of producing agents is the primary driver of future growth in sales, similar to our other exclusive agencies.
The Liberty National Division represented 11% of all Globe Life health premium income for the nine months ended September 30, 2026. The Division markets limited-benefit supplemental health products, consisting primarily of cancer, critical illness, and accident insurance. Much of the Division's health business is generated through worksite marketing targeting small businesses. Health premium at the Division was $141.5 million for the nine months ended September 30, 2026 down slightly from $142.8 million for the same period in 2025. Liberty National's first-year collected premium declined slightly to $20.2 million in the nine months ended September 30, 2026, compared with the same period in 2025. Health net sales for the nine months ended September 30, 2026 fell 11% from the comparable period in 2025. For the nine months ended September 30, 2026, underwriting margin as a percent of premium was 52%, declining slightly from the same period in the prior year. These declines reflect a greater
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
emphasis toward the sale of life insurance products in recent periods. While the agency will continue to focus on life sales, it is currently implementing updates to its sales presentation to reinvigorate health sales going forward.
While both the American Income Division and the Direct to Consumer Division sell life insurance, they also market health products. The American Income Division primarily markets accident plans. The Direct to Consumer Division primarily markets Medicare Supplement insurance to employer or union-sponsored groups. On a combined basis, these other channels accounted for 12% of health premium for the nine months ended September 30, 2026 and 13% for the same period in 2025.
INVESTMENTS
We manage our capital resources, including investments and cash flow, through the investment segment. Excess investment income represents the profit margin attributable to investment operations and is the measure that we use to evaluate the performance of the investment segment as described in Note 12-Business Segments. It is defined as net investment income less the required interest attributable to policy liabilities.
Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid for many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations. Our core investment strategy is to primarily invest in high-quality fixed maturities containing an adequate yield to provide for the cost of carrying these long-term insurance product obligations. As a result, fixed maturities are generally held for long periods to support these obligations. Expected yields on these investments are taken into account when setting insurance premium rates and product profitability expectations. We also invest in commercial mortgage loans and other long-term investments to diversify risks and enhance risk-adjusted, capital-adjusted returns.
Management views excess investment income per diluted common share as an important and useful measure to evaluate the performance of the investment segment. It is defined as excess investment income divided by the total diluted weighted-average shares outstanding, representing the contribution by the investment segment to the consolidated earnings per share of the Company.
Excess Investment Income. The following table summarizes Globe Life's net investment income, excess investment income, and excess investment income per diluted common share.
Analysis of Excess Investment Income
(Dollar amounts in thousands, except for per share data)
Nine Months Ended
September 30, 		Change
2026 2025 Amount %
Net investment income $ 879,539 $ 848,796 $ 30,743 4
Required interest on policy liabilities(1)
(766,625) (741,215) (25,410) 3
Excess investment income
$ 112,914 $ 107,581 $ 5,333 5
Excess investment income per diluted share
$ 1.43 $ 1.29 $ 0.14 11
Mean invested assets (at amortized cost) $ 22,014,081 $ 21,507,145 $ 506,936 2
Average insurance policy liabilities 18,519,626 17,807,273 712,353 4
(1)Required interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.
Excess investment income increased $5 million, or 5%, compared with the year-ago period. Excess investment income per diluted common share was $1.43 for the nine months ended September 30, 2026, an increase of 11% from the prior-year period. Excess investment income per diluted common share generally increases or decreases at a different pace than excess investment income because the number of diluted shares outstanding generally decreases from year to year as a result of our share repurchase program.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
Net investment income for the nine months ended September 30, 2026 was $880 million, or 4% greater than the prior year quarter period. Mean invested assets increased 2% during the first nine months of 2026 over the same period last year. Net investment income increased faster than the increase in mean invested assets in the current period due to higher earned yields on fixed maturities, commercial mortgage loans and other long-term investments compared to the prior year period. The effective annual yield earned on the fixed maturity portfolio was 5.32% in the first nine months of 2026, compared to 5.27% for the comparable period in 2025. The earned yield on total long-term invested assets, which includes our fixed maturity, commercial mortgage loan and other long-term non-fixed maturity investments, was 5.51% for the first nine months of 2026 compared to 5.45% for the comparable period of 2025.
While our core investments are fixed maturities, the Company also invests in commercial mortgage loans and limited partnerships with debt-like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the Company's commercial mortgage loans for the nine months ended September 30, 2026 was 7.00% compared with 6.11% in the prior-year period. The higher earned yield on commercial mortgage loans is primarily due to a lower number of non-accrual loans in the first nine months compared to the prior-year period. The earned yield on limited partnership investments for the nine months ended September 30, 2026 was 8.07%, compared with 7.99% in the comparable prior-year period. See additional information in Note 4-Investments.
Globe Life's net investment income benefits from higher interest rates on new investments. While increasing interest rates have resulted in a net unrealized loss from our available-for-sale debt securities included in accumulated other comprehensive income (loss) as of September 30, 2026, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, the fixed maturities prior to their anticipated recovery.
Required interest on insurance policy liabilities reduces excess investment income, as it is the amount of net investment income necessary to cover the interest-related growth on insurance policy liabilities. As such, it is reclassified from the insurance segment to the investment segment. As discussed in Note 12-Business Segments, management regards this as a more meaningful analysis of the investment and insurance segments. Required interest is based on the original discount rate assumptions for our insurance policies in force.
The vast majority of our life and health insurance policies are fixed interest rate protection policies, not investment products, and are accounted for under current GAAP accounting guidance for long-duration insurance products which mandates that interest rate assumptions for a particular block of business be "locked in" for the life of that block of business. Each calendar year, we set the original discount rate to be used to calculate the benefit reserve liability for all insurance policies issued that year. The liability reported on the Condensed Consolidated Balance Sheets is updated in subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to other comprehensive income.
The discount rate used for policies issued in the current year has no impact on the in force policies issued in prior years, as the rates of all prior issue years are also locked in for purposes of recognizing income. As such, the overall original discount rate for the entire in force block of 5.5% is a weighted average of the discount rates being used from all issue years. Changes in the overall weighted-average discount rate over time are caused by changes in the mix of the reserves on the entire block of in force business. Business issued in the current year has little impact on the overall weighted-average original discount rate due to the size of our in force business.
In comparison to the year-ago period, required interest on insurance policy liabilities increased $25 million, or 3%, to $767 million, generally consistent with the 4% growth in average interest-bearing insurance policy liabilities.
Realized Gains and Losses. Despite our intent to hold fixed maturity investments for a long period of time, investments are occasionally sold, exchanged, called, or experience a credit loss event, resulting in a realized gain or loss. Gains or losses are only secondary to our core insurance operations of providing insurance coverage to policyholders. In a bond exchange offer, bondholders may consent to exchange their existing bonds for another class of debt securities. The Company also has investments in certain limited partnerships, held under the fair value option, with fair value changes recognized in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
Realized gains and losses can be significant in relation to the earnings from core insurance operations, and as a result, can have a material positive or negative impact on net income. The significant fluctuations caused by gains and losses can cause period-to-period trends of net income that are not indicative of historical core operating results or predictive of the future trends of core operations. Accordingly, they have no bearing on core insurance operations or segment results as we view operations. For these reasons, and in line with industry practice, we remove the effects of realized gains and losses when evaluating overall insurance operating results.
The following table summarizes our tax-effected realized gains (losses) by component.
Analysis of Realized Gains (Losses), Net of Tax
(Dollar amounts in thousands, except for per share data)
Nine Months Ended September 30,
2026 2025
Amount Per Share Amount Per Share
Fixed maturities:
Sales $ 469 $ 0.01 $ (9,670) $ (0.12)
Matured or other redemptions(1)
(4,276) (0.05) (9,080) (0.11)
Provision for credit losses - - (17) -
Fair value option-change in fair value (2,816) (0.04) (116) -
Mortgages
(355) (0.01) (3,333) (0.04)
Other investments
(1,450) (0.02) (1,953) (0.02)
Total realized gains (losses)-investments
(8,428) (0.11) (24,169) (0.29)
Other gains (losses)(2)
2,936 0.04 5,623 0.07
Total realized gains (losses)
$ (5,492) $ (0.07) $ (18,546) $ (0.22)
(1)During the nine months ended September 30, 2026 and 2025, the Company recorded $111.0 million and $128.5 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in net realized gains (losses) of $0 and $(2.3) million net of tax, respectively.
(2)Other realized gains (losses) are primarily a result of changes in the fair value for assets held in rabbi trust.
Investment Acquisitions. Globe Life's investment policy calls for a core investment strategy of investing primarily in investment grade fixed maturities that meet the Company's quality and yield objectives. We generally invest in securities with longer-term maturities because they more closely match the long-term nature of our life and health policy liabilities. We believe this strategy is appropriate since our expected future cash flows are generally stable and predictable and the likelihood that we will need to sell invested assets to raise cash is low.
The following table summarizes selected information for fixed maturity investments. The effective annual yield shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to maturity date.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
Fixed Maturity Acquisitions Selected Information
(Dollar amounts in thousands)
Nine Months Ended
September 30,
2026 2025
Cost of acquisitions:
Investment-grade corporate securities $ 1,359,306 $ 617,929
Investment-grade municipal securities 155,218 113,496
Other securities
135,912 56,005
Total fixed maturity acquisitions(1)
$ 1,650,436 $ 787,430
Effective annual yield (one year compounded)(2)
6.33 % 6.39 %
Average life (in years, to next call) 34.6 30.8
Average life (in years, to maturity) 37.0 35.1
Average rating A A
(1)Fixed maturity acquisitions included unsettled trades of $33 million in 2026 and $15 million in 2025.
(2)Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.
For investments in callable bonds, the actual life of the investment will depend on whether the issuer calls the investment prior to the maturity date. Given our investments in callable bonds, the actual average life of our investments cannot be known at the time of the investment. Absent sales and "make-whole calls," however, the average life will not be less than the average life to next call and will not exceed the average life to maturity. Data for both of these average life measures is provided in the above chart.
During the nine months of 2026 and 2025, acquisitions consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the nine months ended September 30, 2026, we invested primarily in the industrial, financial, and utility sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.32%, up approximately 5 basis points from the yield in nine months ended September 30, 2025. The increase in taxable equivalent effective yield was primarily due to new purchases at yields exceeding the yield on dispositions and the average portfolio yield. For the remainder of 2026, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while striving to maximize the risk-adjusted, capital-adjusted return.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
In addition to the fixed maturity acquisitions, Globe Life invested in commercial mortgage loans and in other long-term investments. See Note-4 Investments for further discussion.
The following table summarizes Globe Life's other investment acquisitions of the following assets.
Other Investment Acquisitions
(Dollar amounts in thousands)
Nine Months Ended
September 30,
2026 2025
Commercial mortgage loans:
Directly held
$ 153,870 $ 118,722
Limited partnerships
39,685 28,679
Total commercial mortgage loans
193,555 147,401
Other long-term investments:
Limited partnerships
58,565 58,280
Company-owned life insurance 75,000 -
Total other long-term investments
133,565 58,280
Common stock
4,884 2,596
Total
$ 332,004 $ 208,277
Since fixed maturities represent such a significant portion of our investment portfolio, 88% of total amortized cost, net of allowance for credit losses, at September 30, 2026, the remainder of the discussion of portfolio composition will focus on fixed maturities. Selected information concerning the fixed maturity portfolio is as follows:
Fixed Maturity Portfolio Selected Information
At
September 30,
2026 		December 31, 2025 September 30,
2025
Average annual effective yield(1)
5.34% 5.29% 5.28%
Average life, in years, to:
Next call(2)
16.5 15.2 15.3
Maturity(2)
20.7 19.4 19.5
Effective duration to:
Next call(2,3)
8.4 8.7 8.8
Maturity(2,3)
10.2 10.5 10.6
(1)Weighted average annual effective yield as of the end of the period, on a tax-equivalent basis. The yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.
(2)Globe Life calculates the average life and duration of the fixed maturity portfolio two ways:
(a) based on the next call date which is the next call date for callable bonds and the maturity date for non-callable bonds; and
(b) based on the maturity date of all bonds, whether callable or not.
(3)Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
Credit Risk Sensitivity. The following tables summarize certain information about the major corporate sectors and security types held in our fixed maturity portfolio at September 30, 2026 and December 31, 2025.
Fixed Maturities by Sector
September 30, 2026
(Dollar amounts in thousands)
Below Investment Grade Total Fixed Maturities
% of Total
Fixed Maturities
Amortized
Cost, net 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair
Value 		Amortized
Cost, net 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair
Value 		At Amortized Cost, net At Fair Value
Corporates:
Financial
Insurance - life, health, P&C $ - $ - $ - $ - $ 2,921,782 $ 11,846 $ (330,544) $ 2,603,084 15 15
Banks 60,148 179 (2,333) 57,994 950,489 8,431 (79,805) 879,115 5 5
Other financial 74,976 - (15,400) 59,576 1,148,132 1,914 (188,504) 961,542 6 6
Total financial 135,124 179 (17,733) 117,570 5,020,403 22,191 (598,853) 4,443,741 26 26
Industrial
Energy 44,437 - (5,682) 38,755 1,256,916 12,212 (100,789) 1,168,339 6 7
Basic materials 41,654 - (11,050) 30,604 1,118,886 4,751 (137,695) 985,942 6 6
Consumer, non-cyclical 38,957 - (7,345) 31,612 2,342,225 2,776 (367,508) 1,977,493 12 12
Other industrials 25,000 - (4,895) 20,105 1,222,990 4,809 (152,676) 1,075,123 6 6
Communications 20,111 154 (3,734) 16,531 853,958 4,101 (140,369) 717,690 4 4
Transportation - - - - 671,073 3,245 (65,690) 608,628 4 4
Consumer, cyclical
105,073 - (35,325) 69,748 357,093 828 (67,505) 290,416 2 2
Technology 50,263 - (2,116) 48,147 356,846 1 (94,006) 262,841 2 1
Total industrial 325,495 154 (70,147) 255,502 8,179,987 32,723 (1,126,238) 7,086,472 42 42
Utilities 57,385 - (9,587) 47,798 2,202,436 10,208 (211,314) 2,001,330 11 12
Total corporates
518,004 333 (97,467) 420,870 15,402,826 65,122 (1,936,405) 13,531,543 79 80
States, municipalities, and political divisions:
General obligations - - - - 907,615 410 (243,164) 664,861 5 4
Revenues 1,958 - (390) 1,568 2,570,777 4,097 (516,087) 2,058,787 13 12
Total states, municipalities, and political divisions
1,958 - (390) 1,568 3,478,392 4,507 (759,251) 2,723,648 18 16
Other fixed maturities:
Government (U.S. and foreign) - - - - 466,313 5 (61,786) 404,532 2 2
Other asset-backed securities 52,649 331 (31) 52,949 213,560 834 (238) 214,156 1 2
Total fixed maturities
$ 572,611 $ 664 $ (97,888) $ 475,387 $ 19,561,091 $ 70,468 $ (2,757,680) $ 16,873,879 100 100
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
Fixed Maturities by Sector
December 31, 2025
(Dollar amounts in thousands)
Below Investment Grade Total Fixed Maturities
% of Total
Fixed Maturities
Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair
Value 		Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair
Value 		At Amortized Cost, net At Fair Value
Corporates:
Financial
Insurance - life, health, P&C $ 7,978 $ 119 $ - $ 8,097 $ 2,898,137 $ 80,468 $ (175,533) $ 2,803,072 16 16
Banks 60,268 278 (2,738) 57,808 916,529 31,873 (37,643) 910,759 5 5
Other financial 74,975 - (7,670) 67,305 1,167,521 21,764 (120,790) 1,068,495 6 6
Total financial 143,221 397 (10,408) 133,210 4,982,187 134,105 (333,966) 4,782,326 27 27
Industrial
Energy 44,500 55 (3,120) 41,435 1,313,734 50,113 (56,624) 1,307,223 7 7
Basic materials 41,620 - (9,835) 31,785 1,116,746 29,964 (91,011) 1,055,699 6 6
Consumer, non-cyclical - - - - 2,092,995 23,547 (198,498) 1,918,044 11 11
Other industrials 25,000 - (4,187) 20,813 1,096,807 27,723 (78,215) 1,046,315 6 6
Communications 20,258 263 (3,709) 16,812 800,452 16,981 (80,227) 737,206 4 4
Transportation - - - - 618,817 15,863 (30,939) 603,741 3 4
Consumer, cyclical
104,813 133 (19,375) 85,571 407,404 6,353 (44,746) 369,011 2 2
Technology 50,270 3,545 - 53,815 340,930 4,620 (65,103) 280,447 2 2
Total industrial 286,461 3,996 (40,226) 250,231 7,787,885 175,164 (645,363) 7,317,686 41 42
Utilities 58,199 110 (6,118) 52,191 2,093,010 71,582 (93,086) 2,071,506 11 12
Total corporates 487,881 4,503 (56,752) 435,632 14,863,082 380,851 (1,072,415) 14,171,518 79 81
States, municipalities, and political divisions:
General obligations - - - - 917,006 5,961 (179,707) 743,260 5 4
Revenues 1,961 - (210) 1,751 2,468,427 20,994 (352,055) 2,137,366 13 12
Total states, municipalities, and political divisions
1,961 - (210) 1,751 3,385,433 26,955 (531,762) 2,880,626 18 16
Other fixed maturities:
Government (U.S., municipal, and foreign) - - - - 456,618 299 (33,518) 423,399 2 2
Other asset-backed securities 31,490 136 - 31,626 112,034 1,877 (112) 113,799 1 1
Total fixed maturities $ 521,332 $ 4,639 $ (56,962) $ 469,009 $ 18,817,167 $ 409,982 $ (1,637,807) $ 17,589,342 100 100
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
Corporate securities, which consist of bonds and redeemable preferred stocks, were the largest component of the fixed-maturity portfolio as of September 30, 2026, representing 79% of amortized cost, net, and 80% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At September 30, 2026, the total fixed maturity portfolio consisted of 1,005 issuers.
Fixed maturities had a fair value of $16.9 billion at September 30, 2026, compared to $17.6 billion at December 31, 2025. The net unrealized loss position in the fixed-maturity portfolio increased from $1.2 billion at December 31, 2025 to $2.7 billion at September 30, 2026 due to a change in market rates during the period.
For more information about our fixed-maturity portfolio by component at September 30, 2026 and December 31, 2025, including a discussion of allowance for credit losses, an analysis of unrealized investment losses, and a schedule of maturities, see Note 4-Investments.
An analysis of the fixed-maturity portfolio by composite quality rating at September 30, 2026 and December 31, 2025, is shown in the following tables. The company uses the NAIC designation for credit quality ratings. The NAIC designation is generally determined using the second lowest rating available from nationally recognized statistical rating organizations ("NRSRO") when three or more ratings are available and the lowest rating when two or fewer rating are available. When NRSRO ratings are unavailable the rating may be assigned by the Securities Valuation Office ("SVO") of the NAIC.
Fixed Maturities by Rating
At September 30, 2026
(Dollar amounts in thousands)
Amortized Cost, net % of Total Fair
Value 		% of Total Average Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA $ 1,003,214 5 $ 849,393 5
AA 3,852,724 20 3,048,800 18
A 6,466,881 33 5,693,482 34
BBB+ 3,578,071 18 3,166,146 19
BBB 2,923,939 15 2,624,209 15
BBB- 1,163,651 6 1,016,462 6
Total investment grade
18,988,480 97 16,398,492 97 A
Below investment grade:
BB 499,531 3 427,966 3
B 68,924 - 43,655 -
Below B 4,156 - 3,766 -
Total below investment grade
572,611 3 475,387 3 BB
$ 19,561,091 100 $ 16,873,879 100
Weighted average composite quality rating
A-
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
Fixed Maturities by Rating
At December 31, 2025
(Dollar amounts in thousands)
Amortized
Cost, net 		% of Total
Fair
Value
% of Total Average Composite Quality Rating on Amortized Cost
Investment grade:
AAA $ 955,561 5 $ 872,139 5
AA 3,455,082 18 2,941,349 16
A 6,016,228 32 5,778,006 33
BBB+ 3,133,353 17 3,007,623 17
BBB 3,717,938 20 3,554,535 20
BBB- 1,017,673 5 966,681 6
Total investment grade
18,295,835 97 17,120,333 97 A
Below investment grade:
BB 452,809 3 410,286 3
B 64,364 - 54,774 -
Below B 4,159 - 3,949 -
Total below investment grade
521,332 3 469,009 3 BB
Total fixed maturities by rating
$ 18,817,167 100 $ 17,589,342 100
Weighted average composite quality rating
A-
The overall quality rating of the portfolio is A-, the same as of year-end 2025. Fixed maturities rated BBB are 39% of the total portfolio at September 30, 2026, down from 42% at December 31, 2025. While this ratio may be high relative to our peers, it is at its lowest level since 2003 and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of September 30, 2026. Of our fixed maturity purchases, BBB securities generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets. Our allocation to BBB rated bonds has decreased over the past few years as we have found better risk-adjusted, capital-adjusted value in higher-rated bonds.
An analysis of changes in our portfolio of below-investment grade fixed maturities at amortized cost, net of allowance for credit losses, is as follows:
Below-Investment Grade Fixed Maturities
(Dollar amounts in thousands)
Nine Months Ended
September 30,
2026 2025
Balance at beginning of period
$ 521,332 $ 529,120
Downgrades by rating agencies 55,097 69,109
Upgrades by rating agencies (7,946) (30,565)
Dispositions
(17,572) (124,940)
Acquisitions
21,158 20,033
Provision for credit losses - (20)
Amortization and other 542 (7,514)
Balance at end of period
$ 572,611 $ 455,223
Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, the balance of below-investment grade issues is primarily the result of ratings downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit losses, were 3% of total fixed maturities at amortized cost as of September 30, 2026.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
OPERATING EXPENSES
Operating expenses are classified into two categories: insurance administrative expenses and expenses of the Parent Company. Insurance administrative expenses generally include expenses incurred after a policy has been issued. As these expenses relate to premium for a given period, management measures the expenses as a percentage of premium income. The Company also views stock-based compensation expense as a Parent Company expense. Expenses associated with the issuance of our insurance policies are reflected as acquisition expenses and included in the determination of underwriting margin.
An analysis of operating expenses is shown below.
Operating Expenses Selected Information
(Dollar amounts in thousands)
Nine Months Ended September 30, Increase
2026 2025 (Decrease)
Amount % of
Premium 		Amount % of
Premium 		Amount %
Insurance administrative expenses:
Salaries $ 104,826 2.7 $ 102,630 2.8 $ 2,196 2
Other employee costs 32,677 0.8 29,764 0.8 2,913 10
Information technology costs 70,691 1.8 62,286 1.7 8,405 13
Legal costs 10,253 0.3 16,930 0.5 (6,677) (39)
Other administrative costs 62,442 1.6 51,753 1.4 10,689 21
Total insurance administrative expenses 280,889 7.2 263,363 7.2 17,526 7
Parent company expense 10,977 10,710 267
Stock compensation expense 45,987 40,665 5,322
Legal proceedings 14,127 13,365 762
Other expenses 1,280 498 782
Total operating expenses, per Condensed Consolidated Statements of Operations
$ 353,260 $ 328,601 $ 24,659 8
Total operating expenses for September 30, 2026 increased in comparison with the prior year primarily due to increases in insurance administrative expenses. Insurance administrative expenses increased $18 million primarily due to higher information technology costs and other administrative expenses. Insurance administrative expenses as a percent of premium were 7.2% for the nine months ended September 30, 2026 and 2025.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
SHARE REPURCHASES
Globe Life has an ongoing share repurchase program that began in 1986. The share repurchase program is reviewed with the Board of Directors quarterly, and continues indefinitely unless and until the Board of Directors decides to suspend, terminate or modify the program. On August 5, 2026, the Board of Directors authorized up to $2.5 billion under the Company's existing share repurchase program. Management generally determines the amount of repurchases based on the amount of excess cash flows and other available sources after the payment of dividends to the Parent Company shareholders, general market conditions, and other alternative uses. At September 30, 2026, we had $2.4 billion remaining under the authorization to repurchase. Since implementing our share repurchase program in 1986, we have used $11.6 billion to repurchase Globe Life Inc. common shares, after determining that the repurchases provide a greater risk-adjusted after-tax return than other alternatives and we expect to continue this program into the future.
Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt and other limited operating activities. Additionally, when stock options are exercised, proceeds from these exercises and the resulting tax benefit are used to repurchase additional shares on the open market to minimize dilution as a result of the option exercises. Share repurchases were made in the current period with anticipation of the expected cashflows for the year.
The following table summarizes share repurchases for the nine month periods ended September 30, 2026 and 2025.
Analysis of Share Repurchases
(Amounts in thousands, except per share data)
Nine Months Ended September 30,
2026 2025
Purchases with:
Shares Amount Average
Price 		Shares Amount Average
Price
Excess cash flow at the Parent Company(1)
3,628 $ 563,501 $ 155.30 4,157 $ 515,340 $ 123.97
Option exercise proceeds 1,026 165,021 160.85 1,316 168,818 128.34
Total 4,654 $ 728,522 $ 156.52 5,473 $ 684,158 $ 125.02
(1)Excludes excise tax on the repurchase of treasury stock of $4.8 million and $4.6 million for the nine months ended September 30, 2026 and 2025, respectively.
FINANCIAL CONDITION
Liquidity. Liquidity provides Globe Life with the ability to meet on demand the cash commitments required to support our business operations and meet our financial obligations. Our liquidity is primarily derived from multiple sources: positive cash flow from operations, a portfolio of marketable securities, pre-capitalized trust securities facility, a revolving credit facility, commercial paper, and advances from the Federal Home Loan Bank.
Insurance Subsidiary Liquidity. The operations of our insurance subsidiaries have historically generated substantial cash inflows in excess of immediate cash needs. Cash inflows for the insurance subsidiaries primarily include premium and investment income. In addition to investment income, maturities and scheduled repayments in the investment portfolio are cash inflows. Cash outflows from operations include policy benefit payments, commissions, administrative expenses, and taxes. A portion of cash inflows in the current year will provide for the payment of future policy benefits and are invested primarily in long-term fixed maturities as they better match the long-term nature of these obligations. While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have the entire available-for-sale fixed-maturity portfolio available to create additional cash flows if required.
Four of our insurance subsidiaries are members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. While not the only
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
source of liquidity, the FHLB could provide the insurance subsidiaries with an additional source of liquidity, if needed. Refer to Note 11-Debt for further details.
Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.
Nine Months Ended
September 30, 		Twelve Months Ended
December 31,
2026 2025 Projected 2026 2025
Liquidity Sources:
Dividends from Subsidiaries $ 554,909 $ 482,091
$815,000-$865,000
$ 815,741
Excess Cash Flows(1)
519,359 590,006
$775,000-$825,000
890,311
(1)Excess cash flows are reported gross of shareholder dividends. For the nine months ended September 30, 2026 and 2025, shareholder dividends were $73 million and $64 million, respectively. For the twelve months ended December 31, 2026, we project approximately $95 million in shareholder dividends, compared to the $86 million paid in 2025.
Our U.S. subsidiaries' dividends are generally paid in amounts equal to the subsidiaries' prior year statutory net income excluding net realized capital gains. For our Bermuda regulated subsidiaries, dividends cannot exceed 25% of the prior year's statutory capital and surplus and cannot cause the reinsurer to drop below the minimum solvency margin. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, debt markets, term loans, and a revolving credit facility.
The Company has access to a P-CAP Facility Agreement that provides us with the right to sell at any time to the Trust up to $500 million par of our 6.580% Senior Notes due 2055 (the "6.580% Senior Notes") in exchange for a corresponding amount of the Strips held by the Trust (the "Issuance Right"). Our capacity under the agreement is based on the value of the Strips which was $447 million as of September 30, 2026. We agreed to pay a semi-annual facility fee of 1.789% per annum on the unexercised portion of the Issuance Right.
The Company can redeem the 6.580% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At September 30, 2026, the Company had no senior note issuances under the Facility Agreement.
Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders. The five-year credit agreement was amended on June 26, 2026, resulting in an extended maturity date of June 26, 2031. The facility allows for unsecured borrowings and stand-by letters of credit up to $1 billion, which could be increased up to $1.25 billion. While the Parent Company may request the increase, it is not guaranteed. Up to $250 million in letters of credit can be issued against the facility. The facility serves as a backup line of credit for a commercial paper program under which commercial paper may be issued at any time, with total commercial paper outstanding not to exceed the facility maximum less any letters of credit issued. Interest charged on the commercial paper program resembles variable rate debt due to its short-term nature. As of September 30, 2026, we had available $576 million of additional borrowing capacity under this facility, compared to $554 million a year earlier. As of September 30, 2026, the Parent Company was in full compliance with all covenants related to the aforementioned debt.
As a part of the credit facility, Globe Life has stand-by letters of credit. These letters of credit are issued on behalf of our insurance subsidiaries.
GL Q3 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis
The following tables present certain information about our commercial paper borrowings.
Credit Facility-Commercial Paper
(Dollar amounts in thousands)
At
September 30,
2026 		December 31, 2025 September 30,
2025
Balance of commercial paper at end of period (par value) $ 309,000 $ 306,000 $ 331,000
Annualized interest rate 4.17 % 4.05 % 4.60 %
Letters of credit outstanding $ 115,000 $ 115,000 $ 115,000
Remaining amount available under credit line $ 576,000 $ 579,000 $ 554,000
Credit Facility-Commercial Paper Activity
(Dollar amounts in thousands)
Nine Months Ended September 30,
2026 2025
Average balance of commercial paper outstanding during period (par value) $ 345,878 $ 430,732
Daily-weighted average interest rate (annualized) 4.03 % 4.90 %
Maximum daily amount outstanding during period (par value) $ 559,250 $ 605,500
The Company increased commercial paper borrowings by $3 million since year end.
The Parent Company expects to have readily available funds for 2026 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries. In the unlikely event that more liquidity is needed, the Company could generate additional funds through multiple sources including, but not limited to the issuance of debt and intercompany borrowings. The Parent Company had access to $111 million of liquid assets available as of September 30, 2026. This liquidity is available to the Company in the event additional funds are needed to support the targeted capital levels within our insurance subsidiaries.
Consolidated Liquidity. Consolidated net cash inflows from operations were $1.06 billion in the nine months ended September 30, 2026, compared with $1.05 billion in the same period of 2025. The increase is attributable to routine fluctuations in the settlement of operating activities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale, mortgage loans, and other long-term investments in the amount of $1.17 billion during the nine months ended September 30, 2026. The Parent Company has in place a revolving credit facility and a P-CAPS facility. SeeNote 11-Debt for further details. The insurance companies have no additional outstanding credit facilities.
Cash and short-term investments were $353 million at September 30, 2026, compared with $459 million at December 31, 2025. In addition to these liquid assets, $17 billion (fair value at September 30, 2026) of fixed income securities are available for sale in the event of an unexpected need. Approximately $1.7 billion, at fair value, is pledged for outstanding FHLB advances and reinsurance. Further, approximately 97% of our fixed income securities are publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. While our fixed income securities are classified as available for sale, we have the ability and general intent to hold any securities to recovery or maturity. Our strong cash flows from operations, on-going investment maturities, and available liquidity under our credit facility, FHLB and P-CAPS facility make any need to sell securities for liquidity highly unlikely.
Capital Resources. The Parent Company's capital structure consists of short-term debt (the commercial paper facility and current maturities of long-term debt), long-term debt, and shareholders' equity. It does not include short-term FHLB borrowings, which are obligations of the insurance subsidiaries and typically repaid over the course of the year.
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Long-Term Borrowings. At September 30, 2026, the outstanding long-term debt at book value was $2.7 billion compared with $2.3 billion at December 31, 2025.
Selected Information about Debt Issues
As of September 30, 2026
(Dollar amounts in thousands)
Instrument Issue Date Maturity Date Coupon Rate Interest Payment Dates Par
Value 		Book
Value 		Fair
Value
Senior notes 09/27/2018 09/15/2028 4.550% semiannual $ 550,000 $ 548,337 $ 541,690
Senior notes 08/21/2020 08/15/2030 2.150% semiannual 400,000 397,967 350,384
Senior notes(1)
05/19/2022 06/15/2032 4.800% semiannual 400,000 392,756 377,112
Senior notes
08/23/2024 09/15/2034 5.850% semiannual 450,000 445,540 437,949
Junior subordinated debentures 11/17/2017 11/17/2057 5.275% semiannual 125,000 123,475 87,538
Junior subordinated debentures 06/14/2021 06/15/2061 4.250% quarterly 325,000 317,538 186,940
Term loan(2)
05/11/2023 06/26/2029 5.324% quarterly 450,000 448,287 448,287
Subtotal
2,700,000 2,673,900 2,429,900
Unamortized issuance costs(3)
- (6,131) -
Total long-term debt
2,700,000 2,667,769 2,429,900
FHLB borrowings 10,000 10,000 10,000
Commercial paper 309,000 307,618 307,618
Total short-term debt
319,000 317,618 317,618
Total debt
$ 3,019,000 $ 2,985,387 $ 2,747,518
(1)The $150 million 4.80% Senior Notes, previously held by two insurance subsidiaries, were sold and issued to a third party at a discount of $4.2 million during the quarter ended June 30, 2026.
(2)The term loan was amended and restated on June 26, 2026, extending the maturity date from August 15, 2027 to June 26, 2029 and increasing the principal amount from $250 million to $450 million.
(3)Unamortized issuance costs for P-CAPS facility agreement.
Financing costs consist primarily of interest on our various debt instruments. The table below presents the components of financing costs and reconciles interest expense per the Condensed Consolidated Statements of Operations.
Analysis of Financing Costs
(Dollar amounts in thousands)
Nine Months Ended
September 30, 		Increase
(Decrease)
2026 2025 Amount %
Interest on funded debt $ 73,905 $ 70,805 $ 3,100 4
Interest on term loans 12,886 11,520 1,366 12
Interest on short-term debt 14,076 21,335 (7,259) (34)
Other 6,997 2,351 4,646
Financing costs
$ 107,864 $ 106,011 $ 1,853 2
During the nine months ended September 30, 2026, financing costs increased slightly compared to the prior year. More information on our debt transactions is disclosed in the Financial Condition section of this report.
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Subsidiary Capital: The National Association of Insurance Commissioners has established a risk-based factor approach for determining threshold risk-based capital levels for all U.S. insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital ratio is typically calculated by dividing adjusted total statutory capital by the amount of RBC determined using the NAIC's factors.
If a company's RBC ratio approaches two times the RBC amount, the company must file a plan with the NAIC for improving its capital levels (this level is commonly referred to as "Company Action Level" RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.
Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current ratings. We target a consolidated Company Action Level RBC ratio of 300% to 320% for our U.S. insurance subsidiaries. The Company has concluded that this capital level is more than adequate and sufficient to support its current ratings, given the nature of its business and its risk profile. For 2025, our consolidated Company Action Level RBC ratio was 316%. The Parent Company is committed to maintaining the targeted consolidated RBC ratio at its insurance subsidiaries and has sufficient liquidity available to provide additional capital if necessary.
In addition, our Bermuda-based insurance subsidiaries are subject to regulation in Bermuda. The Bermuda Monetary Authority ("BMA") has capital requirements and solvency standards including limitations on dividends or distributions to shareholders. Our Bermuda subsidiaries' level of capitalization exceeded the required minimum solvency margins for the year ended 2025.
Shareholders' Equity: Shareholders' equity was $6.6 billion at September 30, 2026. This compares with $6.0 billion at December 31, 2025 and $5.7 billion at September 30, 2025. During the nine months since December 31, 2025, shareholders' equity increased as a result of net income of $919 million in 2026, but was offset by share repurchases of $564 million and an additional $165 million in share repurchases to offset the dilution from stock option exercises. Additionally, the change in the balance of AOCI increased shareholders' equity $355 million primarily due to changes in interest rates and discount rates over the period.
On August 6, 2026, the Parent Company announced that it had declared a quarterly dividend of $0.33 per share, an increase of 22% from the previous amount of $0.27 per share. This dividend was paid on October 30, 2026.
We plan to use excess cash available at the Parent Company as efficiently as possible in the future. Excess cash flow, as we define it, results primarily from the dividends received by the Parent Company from its insurance subsidiaries less the interest paid on debt. The cash received by the Parent Company from our insurance subsidiaries is after they have made substantial investments during the year to grow the business. Possible uses of excess cash flow include, but are not limited to, share repurchases, acquisitions, shareholder dividend payments, subsidiary capital contributions, investments in securities, or repayment of short-term debt. We will determine the best use of excess cash after ensuring that targeted capital levels are maintained in our insurance subsidiaries. If market conditions are favorable, we currently expect that share repurchases will continue to be a primary use of those funds.
Future policy benefits are computed using current discount rates with the impact of changes in discount rates included in accumulated other comprehensive income. Additionally, the liability for future policy benefits is calculated using net premiums rather than gross premiums. Given that gross premiums are considerably higher than net premiums for our business, as seen in Note 6-Policy Liabilities, the measurement of the liability is higher than what it would be had it been computed using gross premiums. This is an important consideration when analyzing shareholders' equity.
We maintain a significant available-for-sale fixed maturity portfolio to support our insurance policy liabilities. Current accounting guidance requires that we revalue our portfolio to fair market value at the end of each accounting period. The period-to-period changes in fair value, net of their associated impact on income tax, are reflected directly in shareholders' equity in AOCI. Changes in the fair value of the portfolio can result from changes in market rates.
GL Q3 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
While a majority of invested assets are revalued, accounting rules do not permit interest-bearing insurance policy liabilities to be valued at fair value in a consistent manner as that of assets, with changes in value applied directly to shareholders' equity. Due to the size of our policy liabilities in relation to our shareholders' equity, an inconsistency exists in measurement, which may have a material impact on the reported value of shareholders' equity. Fluctuations in interest rates cause undue volatility in the period-to-period presentation of our shareholders' equity, capital structure, and financial ratios. Due to the long-term nature of our fixed maturity investments and liabilities and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our securities to maturity. As such, we do not expect to incur losses due to fluctuations in market value of fixed maturities caused by market rate changes and temporarily illiquid markets. Accordingly, our management, credit rating agencies, lenders, many industry analysts, and certain other financial statement users prefer to remove the effects of AOCI when analyzing our balance sheet, capital structure, and financial ratios.
GL Q3 2026 FORM 10-Q
Globe Life Inc. published this content on November 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 04, 2026 at 22:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]