GL — GLOBE LIFE INC. SEC Filings

What Changed

Risk factors · Feb 26, 2025 → Feb 25, 2026

451 added · 173 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

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 21 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
We remove items such as these that relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods. 23 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
In 2025, underwriting margin in the health segment increased to $390 million due to increased sales and rate increases in our Medicare supplement business, compared with $372 million in 2024 and $378 million in 2023. 24 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
Life Insurance Summary of Results (Dollar amounts in thousands) 2025 2024 2023 Amount % of Premium Amount % of Premium Amount % of Premium Premium and policy charges $ 3,363,470 100 $ 3,261,347 100 $ 3,137,244 100 Policy obligations 1,924,929 57 2,000,977 62 2,050,789 65 Required interest on reserves (845,875) (25) (811,147) (25) (772,701) (24) Net policy obligations 1,079,054 32 1,189,830 37 1,278,088 41 Amortization of acquisition costs 386,450 12 356,223 11 327,426 10 Commission expense 174,029 5 159,703 5 145,678 5 Premium taxes 68,132 2 68,360 2 64,571 2 Non-deferred acquisition costs 146,444 4 134,634 4 128,509 4 Total expense 1,854,109 55 1,908,750 59 1,944,272 62 Insurance underwriting margin $ 1,509,361 45 $ 1,352,597 41 $ 1,192,972 38 Net policy obligations amounted to 32% of premiums for the year ended December 31, 2025, compared to 37% in 2024 and 41% in 2023.
This increase in normalized life underwriting margin in the current year reflects improved underlying mortality and persistency experience and favorable expense efficiency across our Divisions. 27 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
Life Insurance Net Sales by Distribution Channel (Dollar amounts in thousands) 2025 2024 2023 Amount % of Total Amount % of Total Amount % of Total American Income $ 393,681 64 $ 381,945 64 $ 322,658 59 Direct to Consumer 112,027 18 106,310 18 116,454 21 Liberty National 99,252 16 98,162 16 95,459 18 Other 9,965 2 8,936 2 9,701 2 Total $ 614,925 100 $ 595,353 100 $ 544,272 100 28 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
The juvenile insurance market is an important source of sales as well as a vehicle to reach the parents and grandparents of existing juvenile insureds, who are more likely to respond favorably to a direct to consumer solicitation for life insurance 29 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
Health Insurance Summary of Results (Dollar amounts in thousands) 2025 2024 2023 Amount % of Premium Amount % of Premium Amount % of Premium Premium $ 1,526,750 100 $ 1,404,925 100 $ 1,318,773 100 Policy obligations 931,141 61 851,577 61 776,362 59 Required interest on reserves (113,832) (8) (110,342) (8) (106,516) (8) Net policy obligations 817,309 53 741,235 53 669,846 51 Amortization of acquisition costs 59,897 4 52,224 3 50,598 4 Commission expense 173,490 11 158,869 11 150,192 11 Premium taxes 29,825 2 28,421 2 26,440 2 Non-deferred acquisition costs 56,101 4 51,753 4 43,760 3 Total expense 1,136,622 74 1,032,502 73 940,836 71 Insurance underwriting margin $ 390,128 26 $ 372,423 27 $ 377,937 29 Health premium increased 9% in 2025 as compared to 2024.
This Division includes different units: • UA General Agency, which primarily sells individual Medicare Supplement insurance through independent agents; • Special Markets, which markets retiree health insurance to employer and union groups through brokers; and • Globe Life Group Benefits, which offers group worksite supplemental limited benefit health insurance through brokers. 33 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
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. 34 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
(3) During the year ended December 31, 2023, the Company incurred a $52 million after-tax realized loss due to the disposal of holdings in Signature Bank New York and First Republic Bank as a result of the banks entering receivership. 37 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
Fixed Maturities by Sector December 31, 2025 (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 $ 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. and foreign) — — — — 456,618 299 (33,518) 423,399 2 2 Collateralized debt obligations — — — — — — — — — — 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 40 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.

No longer disclosed

The Company may be adversely affected by a third-party vendor who 8 GL 2024 FORM 10-K Table of Contents operates in a poorly controlled manner or fails to deliver contracted services, which could lower revenues, increase costs, reduce profits, disrupt business, or damage the Company’s reputation.
An increase in interest rates could result in certain policyholders surrendering their life or annuity policies for cash, thereby potentially requiring our insurance subsidiaries to liquidate invested assets if other sources of liquidity are 9 GL 2024 FORM 10-K Table of Contents not available to meet their obligations.
A downgrade or other negative action by a rating agency with respect to the financial strength ratings of our insurance subsidiaries could negatively affect us by limiting or restricting the ability of our insurance subsidiaries to pay dividends to us and reducing our sales by adversely affecting our ability to sell insurance products through independent insurance agencies. 11 GL 2024 FORM 10-K Table of Contents Obtaining timely and appropriate premium rate increases for certain supplemental health insurance policies is critical.
Climate change may also influence investor sentiment with respect to the Company and investments in our portfolio. 12 GL 2024 FORM 10-K Table of Contents Legal, Regulatory, and Compliance Risks Recent volatility in the trading price of our common stock has and can be expected to result in securities class action litigation.
(Refer to Note 1—Significant Accounting Policies under the caption Accounting Pronouncements Yet to be Adopted ) 13 GL 2024 FORM 10-K Table of Contents Non-compliance with laws or regulations related to customer and consumer privacy and information security, including a failure to ensure that third parties with access to sensitive customer and consumer information maintain its confidentiality, could materially adversely affect our reputation and business operations.
Changes to the Internal Revenue Code, administrative rulings, or court decisions affecting the insurance industry, including the products insurers offer, could increase our effective tax rate and lower our net income, adversely impact our insurance subsidiaries' capital, or limit the ability of our insurance subsidiaries to sell certain of their products. 14 GL 2024 FORM 10-K Table of Contents Damage to the brand and reputation of Globe Life or its subsidiaries could affect our ability to conduct business.

Date	Insider	Action	Shares	Price	Value
Mar 31, 2026	Zorn Rebecca EEVP & Chief Talent Officer	Sell	4,724	$136.71	$646K
Mar 31, 2026	Zorn Rebecca EEVP & Chief Talent Officer	Sell	2,126	$135.66	$288K
Mar 31, 2026	Zorn Rebecca EEVP & Chief Talent Officer	Sell	1,950	$137.40	$268K
Mar 4, 2026

GLOBE LIFE INC.

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What Changed

Insider Activity