Globe Life Q3 2026 net income falls 6.9% to $361M

Quarterly premium growth and a higher per-share dividend accompanied lower net income, while assumption updates produced a $120.5 million pretax gain.

Available on EDGAR 11/04/2026 - 04:37 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:36 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Globe Life Inc. reported third-quarter 2026 revenue of $1,595.9 million, compared with $1,513.0 million a year earlier, an increase of about 5.5%. Total premiums were $1,311.4 million versus $1,231.0 million, including health premiums of $446.9 million versus $386.5 million. Net income was $361.1 million, down about 6.9% from $387.8 million, while diluted earnings per share were $4.62 versus $4.73.

The annual assumption review produced a $120.5 million pretax remeasurement gain, compared with $134.3 million a year earlier; the review resulted in favorable changes to mortality and lapse assumptions for life and health. Globe Life declared a quarterly common dividend of $0.33 per share, versus $0.27 in 2025. It also has a purchase agreement to sell its Stonebridge Building for $34.0 million, with the sale expected in early 2027; the building's book value was approximately $27.9 million as of September 30, 2026.

2 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• Moderate pointThird-quarter revenue increased 5.5% to $1,595.9 million.
• Minor pointQuarterly dividend declared at $0.33 per share, versus $0.27.

Negative

• Moderate pointThird-quarter net income declined 6.9% to $361.1 million.

Filing Explained

The filing records completed share purchases as treasury stock and debt proceeds as borrowing, not equity issuance.

Form 10-Q is an unaudited quarterly report; this filing records $733,147 thousand of treasury-stock acquisitions as a financing cash outflow for the first nine months of 2026. The balance sheet lists 16,155,340 treasury shares at September 30, 2026, and Globe Life reported 75,439,736 common shares outstanding on October 30, 2026.

The cash-flow statement also records $350,000 thousand of proceeds from debt issuance. At September 30, 2026, the balance sheet lists $317,618 thousand of short-term debt and $2,667,769 thousand of long-term debt.

Key Figures

Revenue: $1,595.9 million Net income: $361.1 million Diluted net income per common share: $4.62 per share +4 more

7 metrics

Revenue $1,595.9 million Three months ended September 30, 2026; compared with $1,513.0 million in 2025

Net income $361.1 million Three months ended September 30, 2026; compared with $387.8 million in 2025

Diluted net income per common share $4.62 per share Three months ended September 30, 2026; compared with $4.73 in 2025

Total premium $1,311.4 million Three months ended September 30, 2026; compared with $1,231.0 million in 2025

Common dividend $0.33 per share Declared in the third quarter of 2026; compared with $0.27 in 2025

Net remeasurement gain $120.5 million before tax Third quarter of 2026; compared with $134.3 million in 2025

Stonebridge Building purchase price $34.0 million Sale expected in early 2027

Key Terms

net level premium method, remeasurement gain or loss, available for sale, unfunded commitments

4 terms

net level premium method financial

"determined based on the net level premium method"

remeasurement gain or loss financial

"The total remeasurement gain or loss is within life and health policyholder benefits"

available for sale financial

"Fixed maturities available for sale"

Available for sale describes investments, usually bonds or stocks, that a company intends to keep but may sell before they mature; they are reported at current market value on the balance sheet while any unrealized profit or loss is kept separate from regular earnings. For investors, this matters because changes in market value affect a company’s reported net worth and can become realized gains or losses when sold, similar to how the changing resale value of a collectible affects your net wealth even before you sell it.

unfunded commitments financial

"unfunded commitments totaled $925 million"

Unfunded commitments are promises by investors to provide capital to an investment vehicle or fund that have been agreed upon but not yet called or paid. They matter because they represent future cash obligations and potential buying power—like agreeing to pay for future work on a house—which affects an investor’s liquidity, risk exposure and a fund’s ability to make new investments or meet obligations.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the terms of GL's Stonebridge Building sale?

Globe Life has a purchase agreement to sell the Stonebridge Building for $34.0 million, with the sale expected in early 2027. The building's book value was approximately $27.9 million as of September 30, 2026, and no impairment loss was recognized upon classification.

How much of GL's third-quarter remeasurement gain came from life and health?

The third-quarter pretax remeasurement gains were $96.4 million for life and $24.1 million for health, totaling a $120.5 million net gain. The annual assumption review resulted in favorable changes to mortality and lapse assumptions for life and health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-08052

GLOBE LIFE INC.

(Exact name of registrant as specified in its charter)

Delaware						63-0780404
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

7677 Henneman Way, McKinney, Texas 75070

(Address of principal executive offices) (Zip Code)

(972) 569-4000

(Registrant’s telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $1.00 par value per share			GL			New York Stock Exchange
Common Stock, $1.00 par value per share			GL			NYSE Texas, Inc.
4.250% Junior Subordinated Debentures			GL PRD			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                 Yes    ☒   No   ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                             Yes   ☒   No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐   No   ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class						Outstanding at October 30, 2026
Common Stock, $1.00 Par Value						75,439,736

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Table of Contents

									Page
PART I. FINANCIAL INFORMATION
			Item 1.			Condensed Consolidated Financial Statements
						Condensed Consolidated Balance Sheets			1
						Condensed Consolidated Statements of Operations			2
						Condensed Consolidated Statements of Comprehensive Income (Loss)			3
						Condensed Consolidated Statements of Shareholders' Equity			4
						Condensed Consolidated Statements of Cash Flows			6
						Notes to Condensed Consolidated Financial Statements			7
						Note 1—Significant Accounting Policies			7
						Note 2—New Accounting Standards			8
						Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income (Loss)			9
						Note 4—Investments			11
						Note 5—Commitments and Contingencies			23
						Note 6—Policy Liabilities			25
						Note 7—Deferred Acquisition Costs			44
						Note 8—Liability for Unpaid Claims			47
						Note 9—Postretirement Benefits			48
						Note 10—Earnings Per Share			50
						Note 11—Debt			51
						Note 12—Business Segments			53
						Note 13—Subsequent Events			60
						Cautionary Statements			61
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			62
			Item 3.			Quantitative and Qualitative Disclosures About Market Risk			92
			Item 4.			Controls and Procedures			92
PART II. OTHER INFORMATION
			Item 1.			Legal Proceedings			93
			Item 1A.			Risk Factors			93
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			93
			Item 5.			Other Information			93
			Item 6.			Exhibits			94
Signatures									95

As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.

GL Q3 2026 FORM 10-Q

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

			September 30, 2026						December 31, 2025
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2026—$19,564,388; 2025—$18,820,464, allowance for credit losses: 2026— $3,297; 2025— $3,297)			$	16,873,879					$	17,589,342
Mortgage loans			459,302						428,517
Policy loans			771,652						741,375
Other long-term investments (includes: 2026—$1,060,664; 2025—$1,109,719 under the fair value option)			1,433,301						1,396,064
Short-term investments			95,244						314,711
Total investments			19,633,378						20,470,009
Cash			257,921						144,704
Accrued investment income			296,746						272,818
Other receivables			792,062						768,592
Deferred acquisition costs			7,350,491						6,999,136
Goodwill			490,446						490,446
Other assets			1,749,373						1,667,987
Total assets			$	30,570,417					$	30,813,692
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2026—$18,497,791; 2025—$18,129,506)			$	17,622,629					$	19,169,687
Unearned and advance premium			275,478						270,663
Policy claims and other benefits payable			562,059						540,832
Other policyholders' funds			555,598						532,047
Total policy liabilities			19,015,764						20,513,229
Current and deferred income taxes			995,223						859,628
Short-term debt			317,618						304,656
Long-term debt (estimated fair value: 2026—$2,429,900; 2025—$2,225,320)			2,667,769						2,320,793
Other liabilities			955,559						840,807
Total liabilities			23,951,933						24,839,113
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2026 and 2025			—						—
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2026—92,218,183 issued; 2025—92,218,183 issued)			92,218						92,218
Additional paid-in-capital			550,542						536,363
Accumulated other comprehensive income (loss)			(1,416,943)						(1,771,444)
Retained earnings			9,370,645						8,546,807
Treasury stock, at cost: (2026—16,155,340 shares; 2025—13,125,082 shares)			(1,977,978)						(1,429,365)
Total shareholders' equity			6,618,484						5,974,579
Total liabilities and shareholders' equity			$	30,570,417					$	30,813,692

See accompanying Notes to Condensed Consolidated Financial Statements.

1

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Revenue:
Life premium			$	864,552					$	844,483					$	2,578,524					$	2,513,890
Health premium			446,857						386,524						1,300,620						1,134,414
Total premium			1,311,409						1,231,007						3,879,144						3,648,304
Net investment income			295,895						286,013						879,539						848,796
Realized gains (losses)			(12,612)						(4,987)						(6,952)						(23,476)
Other income			1,245						955						3,555						1,073
Total revenue			1,595,937						1,512,988						4,755,286						4,474,697
Benefits and expenses:
Life policyholder benefits(1)			414,701						381,511						1,447,510						1,410,622
Health policyholder benefits(2)			272,129						227,940						812,875						691,793
Other policyholder benefits			7,268						7,171						21,548						20,970
Total policyholder benefits			694,098						616,622						2,281,933						2,123,385
Amortization of deferred acquisition costs			124,654						114,074						363,473						330,990
Commissions, premium taxes, and non-deferred acquisition costs			174,863						157,494						518,503						479,228
Other operating expense			123,274						111,562						353,260						328,601
Interest expense			37,814						36,134						107,864						106,011
Total benefits and expenses			1,154,703						1,035,886						3,625,033						3,368,215
Income before income taxes			441,234						477,102						1,130,253						1,106,482
Income tax benefit (expense)			(80,127)						(89,259)						(210,873)						(211,327)
Net income			$	361,107					$	387,843					$	919,380					$	895,155
Basic net income per common share			$	4.71					$	4.81					$	11.86					$	10.91
Diluted net income per common share			$	4.62					$	4.73					$	11.64					$	10.77

(1)Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, gain of $116.7 million before tax for the three months ended September 30, 2026 and a total remeasurement gain of $149.5 million before tax for the same period in 2025. Net of total remeasurement gain of $159.1 million before tax for the nine months ended September 30, 2026 and a total remeasurement gain of $174.7 million before tax for the same period in 2025.

(2)Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, gain of $29.1 million before tax for the three months ended September 30, 2026 and a total remeasurement gain of $8.8 million before tax for the same period in 2025. Net of total remeasurement gain of $36.5 million before tax for the nine months ended September 30, 2026 and a total remeasurement gain of $13.2 million before tax for the same period in 2025.

See accompanying Notes to Condensed Consolidated Financial Statements.

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Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Net income			$	361,107					$	387,843					$	919,380					$	895,155
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period			(1,327,667)						432,361						(1,458,440)						513,171
Other reclassification adjustments included in net income			4,062						9,933						(2,123)						17,195
Foreign exchange adjustment on fixed maturities recorded at fair value			202						606						1,176						(1,152)
Total unrealized investment gains (losses)			(1,323,403)						442,900						(1,459,387)						529,214
Less applicable tax (expense) benefit			277,914						(93,009)						306,470						(111,132)
Unrealized gains (losses) on investments, net of tax			(1,045,489)						349,891						(1,152,917)						418,082
Future Policy Benefits:
Change in discount rate on future policy benefits			1,706,586						(423,443)						1,915,230						(470,566)
Less applicable tax (expense) benefit			(358,383)						88,924						(402,198)						98,820
Future policy benefit adjustments, net of tax			1,348,203						(334,519)						1,513,032						(371,746)
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities			2,514						(5,627)						(8,903)						13,094
Less applicable tax (expense) benefit			(527)						1,182						1,871						(2,751)
Foreign exchange translation adjustments, other than securities, net of tax			1,987						(4,445)						(7,032)						10,343
Pension:
Pension adjustments			108						64						1,795						191
Less applicable tax (expense) benefit			(23)						(14)						(377)						(41)
Pension adjustments, net of tax			85						50						1,418						150
Other comprehensive income (loss)			304,786						10,977						354,501						56,829
Comprehensive income (loss)			$	665,893					$	398,820					$	1,273,881					$	951,984

See accompanying Notes to Condensed Consolidated Financial Statements.

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        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

			Preferred Stock						Common Stock						Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings						Treasury Stock						Total Shareholders' Equity
Balance at December 31, 2025			$	—					$	92,218					$	536,363					$	(1,771,444)					$	8,546,807					$	(1,429,365)					$	5,974,579
Comprehensive income (loss)			—						—						—						70,653						270,526						—						341,179
Common dividends declared ($0.3300 per share)			—						—						—						—						(25,697)						—						(25,697)
Acquisition of treasury stock			—						—						—						—						—						(240,465)						(240,465)
Stock-based compensation			—						—						(12,134)						—						—						25,737						13,603
Exercise of stock options			—						—						—						—						(5,244)						26,641						21,397
Balance at March 31, 2026			—						92,218						524,229						(1,700,791)						8,786,392						(1,617,452)						6,084,596
Comprehensive income (loss)			—						—						—						(20,938)						287,747						—						266,809
Common dividends declared ($0.3300 per share)			—						—						—						—						(25,426)						—						(25,426)
Acquisition of treasury stock			—						—						—						—						—						(274,722)						(274,722)
Stock-based compensation			—						—						12,118						—						—						4,856						16,974
Exercise of stock options			—						—						—						—						(11,318)						98,902						87,584
Balance at June 30, 2026			—						92,218						536,347						(1,721,729)						9,037,395						(1,788,416)						6,155,815
Comprehensive income (loss)			—						—						—						304,786						361,107						—						665,893
Common dividends declared ($0.3300 per share)			—						—						—						—						(25,117)						—						(25,117)
Acquisition of treasury stock			—						—						—						—						—						(217,960)						(217,960)
Stock-based compensation			—						—						14,195						—						—						1,215						15,410
Exercise of stock options			—						—						—						—						(2,740)						27,183						24,443
Balance at September 30, 2026			$	—					$	92,218					$	550,542					$	(1,416,943)					$	9,370,645					$	(1,977,978)					$	6,618,484

See accompanying Notes to Condensed Consolidated Financial Statements.

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Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity (Continued)

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

			Preferred Stock						Common Stock						Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings						Treasury Stock						Total Shareholders' Equity
Balance at December 31, 2024			$	—					$	97,218					$	527,795					$	(2,029,720)					$	8,002,521					$	(1,292,294)					$	5,305,520
Comprehensive income (loss)			—						—						—						58,847						254,563						—						313,410
Common dividends declared ($0.2700 per share)			—						—						—						—						(22,383)						—						(22,383)
Acquisition of treasury stock			—						—						—						—						—						(264,544)						(264,544)
Stock-based compensation			—						—						(3,754)						—						—						15,773						12,019
Exercise of stock options			—						—						—						—						(9,753)						91,147						81,394
Balance at March 31, 2025			—						97,218						524,041						(1,970,873)						8,224,948						(1,449,918)						5,425,416
Comprehensive income (loss)			—						—						—						(12,995)						252,749						—						239,754
Common dividends declared ($0.2700 per share)			—						—						—						—						(21,869)						—						(21,869)
Acquisition of treasury stock			—						—						—						—						—						(250,311)						(250,311)
Stock-based compensation			—						—						14,009						—						—						34						14,043
Exercise of stock options			—						—						—						—						(1,935)						13,932						11,997
Balance at June 30, 2025			—						97,218						538,050						(1,983,868)						8,453,893						(1,686,263)						5,419,030
Comprehensive income (loss)			—						—						—						10,977						387,843						—						398,820
Common dividends declared ($0.2700 per share)			—						—						—						—						(21,679)						—						(21,679)
Acquisition of treasury stock			—						—						—						—						—						(173,864)						(173,864)
Stock-based compensation			—						—						14,459						—						—						144						14,603
Exercise of stock options			—						—						—						—						(7,292)						59,470						52,178
Balance at September 30, 2025			$	—					$	97,218					$	552,509					$	(1,972,891)					$	8,812,765					$	(1,800,513)					$	5,689,088

See accompanying Notes to Condensed Consolidated Financial Statements.

5

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)

			Nine Months Ended September 30,
			2026						2025
Cash provided from (used for) operating activities			$	1,060,764					$	1,045,790
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold			526,802						456,567
Fixed maturities available for sale—matured or other redemptions			366,962						217,427
Mortgage loans			123,868						19,742
Other long-term investments			154,839						82,337
Total investments sold or matured			1,172,471						776,073
Acquisition of investments:
Fixed maturities—available for sale			(1,617,320)						(775,630)
Mortgage loans			(153,870)						(118,572)
Other long-term investments			(177,017)						(88,296)
Total investments acquired			(1,948,207)						(982,498)
Net (increase) decrease in policy loans			(30,277)						(29,872)
Net (increase) decrease in short-term investments			219,467						22,211
Additions to property and equipment			(56,346)						(121,979)
Investments in low-income housing interests			(37,268)						(41,709)
Cash provided from (used for) investing activities			(680,160)						(377,774)
Cash provided from (used for) financing activities:
Issuance of common stock			133,424						145,569
Cash dividends paid to shareholders			(72,501)						(64,394)
Proceeds from issuance of debt			350,000						—
Payment for debt issuance costs			(5,544)						(6,399)
Net borrowing from Federal Home Loan Bank (FHLB)			—						65,000
Net borrowing (repayment) of commercial paper			(16,500)						1,870
Proceeds from commercial paper with original maturities greater than 90 days			222,712						442,040
Repayment of commercial paper with original maturities greater than 90 days			(203,250)						(529,962)
Acquisition of treasury stock			(733,147)						(688,719)
Net receipts (payments) from deposit-type products			50,299						107,951
Cash provided from (used for) financing activities			(274,507)						(527,044)
Effect of foreign exchange rate changes on cash			7,120						(3,581)
Net increase (decrease) in cash			113,217						137,391
Cash at beginning of year			144,704						165,325
Cash at end of period			$	257,921					$	302,716

See accompanying Notes to Condensed Consolidated Financial Statements.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

Business: (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (Parent Company).

Globe Life provides a variety of life and supplemental health insurance products to a broad base of customers. The Company is organized into three reportable segments: life insurance, health insurance, and investments.

Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. The Company's distribution channels consist of the following exclusive agencies: American Income Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and the Direct to Consumer Division (DTC).

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at September 30, 2026, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2026 and 2025. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that were included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 25, 2026.

Use of Estimates: The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes.

Held for Sale: In connection with the Company's relocation of its home office operations, management committed to a plan to sell its building located at 3700 Stonebridge Drive, McKinney, Texas (the "Stonebridge Building").

During the second quarter of 2026, management assessed all held-for-sale criteria and concluded that all criteria were satisfied. Accordingly, the Stonebridge Building is classified as an asset held for sale in "Other assets" on the Company's Condensed Consolidated Balance Sheets and depreciation of the asset ceased. Book value of the building, land and improvements was approximately $27.9 million as of September 30, 2026. The asset is measured at the lower of its carrying amount or fair value less costs to sell. The Company has executed a purchase agreement related to the Stonebridge Building for a purchase price of $34.0 million, with the sale expected to occur in early 2027. Based on management's review of the purchase price and estimated selling costs, no impairment loss was recognized upon classification. Operating expenses associated with the Stonebridge Building are expected to continue with the planned wind-down of operations and maintenance activities at the property.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted: ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, adds disclosure requirements to disaggregate information related to an entity's income statement. The disclosures will allow for enhanced transparency of an entity's expenses.

This standard is effective for the Company for annual periods beginning on January 1, 2027 and Interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the standard.

ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, provides guidance for the evaluation of determining whether criteria is met to begin the capitalization of internal-use software costs. ASC 350 (Intangibles—Goodwill and Other) requires the capitalization of internal-use software costs begin when both of the following criteria are met: (1) when management has authorized and committed to funding the software project and (2) the probability that the project will be completed and will be used to perform the function intended. If uncertainty exists under the guidance issued in Subtopic 350-40 then a probable to complete threshold will not exist and any costs would be expensed until uncertainties are resolved.

The updated guidance also requires the application of disclosure requirements in ASC 360 (Property, Plant and Equipment) for all capitalized costs regardless of presentation in the financial statements. This standard is effective for the Company for annual periods beginning on January 1, 2028 and interim periods within the annual reporting periods. The Company is evaluating the standard.

8

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income (Loss)

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2026 and 2025:

			Three Months Ended September 30, 2026
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at July 1, 2026			$	(1,077,410)					$	(656,799)											$	(18,063)					$	30,543					$	(1,721,729)
Other comprehensive income (loss) before reclassifications, net of tax			(1,048,699)						1,348,203												1,987						—						301,491
Reclassifications, net of tax			3,210						—												—						85						3,295
Other comprehensive income (loss)			(1,045,489)						1,348,203												1,987						85						304,786
Balance at September 30, 2026			$	(2,122,899)					$	691,404											$	(16,076)					$	30,628					$	(1,416,943)

			Three Months Ended September 30, 2025
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at July 1, 2025			$	(1,251,427)					$	(746,269)											$	(6,969)					$	20,797					$	(1,983,868)
Other comprehensive income (loss) before reclassifications, net of tax			342,044						(334,519)												(4,445)						—						3,080
Reclassifications, net of tax			7,847						—												—						50						7,897
Other comprehensive income (loss)			349,891						(334,519)												(4,445)						50						10,977
Balance at September 30, 2025			$	(901,536)					$	(1,080,788)											$	(11,414)					$	20,847					$	(1,972,891)

			Nine Months Ended September 30, 2026
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at January 1, 2026			$	(969,982)					$	(821,628)											$	(9,044)					$	29,210					$	(1,771,444)
Other comprehensive income (loss) before reclassifications, net of tax			(1,151,240)						1,513,032												(7,032)						—						354,760
Reclassifications, net of tax			(1,677)						—												—						1,418						(259)
Other comprehensive income (loss)			(1,152,917)						1,513,032												(7,032)						1,418						354,501
Balance at September 30, 2026			$	(2,122,899)					$	691,404											$	(16,076)					$	30,628					$	(1,416,943)

			Nine Months Ended September 30, 2025
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at January 1, 2025			$	(1,319,618)					$	(709,042)											$	(21,757)					$	20,697					$	(2,029,720)
Other comprehensive income (loss) before reclassifications, net of tax			404,498						(371,746)												10,343						—						43,095
Reclassifications, net of tax			13,584						—												—						150						13,734
Other comprehensive income (loss)			418,082						(371,746)												10,343						150						56,829
Balance at September 30, 2025			$	(901,536)					$	(1,080,788)											$	(11,414)					$	20,847					$	(1,972,891)

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        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Reclassification Adjustments: Reclassification adjustments out of accumulated other comprehensive income are presented below for the three and nine month periods ended September 30, 2026 and 2025.

						Three Months Ended September 30,												Nine Months Ended September 30,												Affected line items in the Statements of Operations
Component Line Item						2026						2025						2026						2025
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses						$	6,566					$	11,746					$	4,819					$	23,755					Realized (gains) losses
Amortization of (discount) premium						(2,504)						(1,813)						(6,942)						(6,560)						Net investment income
Total before tax						4,062						9,933						(2,123)						17,195
Tax						(852)						(2,086)						446						(3,611)						Income taxes
Total after-tax						3,210						7,847						(1,677)						13,584
Pension adjustments:
Amortization of prior service cost						253						292						758						876						Other operating expense
Amortization of actuarial (gain) loss						(145)						(228)						1,037						(685)						Other operating expense
Total before tax						108						64						1,795						191
Tax						(23)						(14)						(377)						(41)						Income taxes
Total after-tax						85						50						1,418						150
Total reclassification (after-tax)						$	3,295					$	7,897					$	(259)					$	13,734

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2026 and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."

			At September 30, 2026
			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair  Value(1)						% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	421,482					$	—					$	—					$	(52,397)					$	369,085					2
States, municipalities, and political subdivisions			3,478,392						—						4,507						(759,251)						2,723,648						16
Foreign governments			44,831						—						5						(9,389)						35,447						—
Corporates, by sector:
Industrials			8,179,987						—						32,723						(1,126,238)						7,086,472						42
Financial			5,020,403						—						22,191						(598,853)						4,443,741						26
Utilities			2,202,436						—						10,208						(211,314)						2,001,330						12
Total corporates			15,402,826						—						65,122						(1,936,405)						13,531,543						80
Other asset-backed securities			216,857						(3,297)						834						(238)						214,156						2
Total fixed maturities			$	19,564,388					$	(3,297)					$	70,468					$	(2,757,680)					$	16,873,879					100

(1)Amount reported in the balance sheet.

(2)At fair value.

			At December 31, 2025
			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair  Value(1)						% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	409,170					$	—					$	161					$	(25,478)					$	383,853					2
States, municipalities, and political subdivisions			3,385,433						—						26,955						(531,762)						2,880,626						16
Foreign governments			47,448						—						138						(8,040)						39,546						—
Corporates, by sector:
Industrials			7,787,885						—						175,164						(645,363)						7,317,686						42
Financial			4,982,187						—						134,105						(333,966)						4,782,326						27
Utilities			2,093,010						—						71,582						(93,086)						2,071,506						12
Total corporates			14,863,082						—						380,851						(1,072,415)						14,171,518						81
Other asset-backed securities			115,331						(3,297)						1,877						(112)						113,799						1
Total fixed maturities			$	18,820,464					$	(3,297)					$	409,982					$	(1,637,807)					$	17,589,342					100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $368 million and $313 million in fixed maturities at September 30, 2026 and December 31, 2025, respectively.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2026, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.

			At September 30, 2026
			Amortized Cost, net						Fair Value
Fixed maturities available for sale:
Due in one year or less			$	174,268					$	173,686
Due after one year through five years			785,093						782,679
Due after five years through ten years			1,924,113						1,855,639
Due after ten years through twenty years			8,833,427						7,636,065
Due after twenty years			7,630,625						6,211,649
Mortgage-backed and asset-backed securities			213,565						214,161
			$	19,561,091					$	16,873,879

Analysis of Investment Operations: "Net investment income" for the three and nine month periods ended September 30, 2026 and 2025 is summarized as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2026						2025						% Change						2026						2025						% Change
Fixed maturities available for sale			$	252,332					$	243,444					4						$	746,752					$	730,859					2
Policy loans			14,878						14,123						5						43,815						41,631						5
Mortgage loans			7,473						7,960						(6)						23,333						19,978						17
Other long-term investments(1)			27,141						24,417						11						80,500						68,934						17
Short-term investments			2,485						2,611												7,904						7,146
			304,309						292,555						4						902,304						868,548						4
Less investment expense			(8,414)						(6,542)						29						(22,765)						(19,752)						15
Net investment income			$	295,895					$	286,013					3						$	879,539					$	848,796					4

(1)For the three months ended September 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $21.4 million and $21.6 million in net investment income, respectively. For the nine months ended September 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $64.5 million and $58.9 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Fixed maturities available for sale:
Proceeds from sales(1)			$	451,089					$	184,500					$	526,802					$	456,567
Gross realized gains			7,867						916						8,829						4,011
Gross realized losses			(6,786)						(7,761)						(8,235)						(16,251)

(1)During the three and nine months ended September 30, 2026, the Company had $0 unsettled trades. There were $3.2 million unsettled trades for the same periods in 2025.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

An analysis of "realized gains (losses)" is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)			$	(6,566)					$	(11,686)					$	(4,819)					$	(23,735)
Provision for credit losses			—						(60)						—						(20)
Fair value option—change in fair value			(6,080)						5,958						(3,564)						(147)
Mortgage loans			(198)						(4,526)						(449)						(4,219)
Other investments			117						(1,131)						(1,837)						(2,473)
Realized gains (losses) from investments			(12,727)						(11,445)						(10,669)						(30,594)
Other gains (losses)			115						6,458						3,717						7,118
Total realized gains (losses)			(12,612)						(4,987)						(6,952)						(23,476)
Applicable tax			2,648						1,048						1,460						4,930
Realized gains (losses), net of tax			$	(9,964)					$	(3,939)					$	(5,492)					$	(18,546)

(1)During the three months ended September 30, 2026 and 2025, the Company recorded $82.1 million and $176 thousand of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $176 thousand net realized gains (losses), respectively. During the nine months ended September 30, 2026 and 2025, the Company recorded $111.0 million and $128.5 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.0) million net realized gains (losses), respectively.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2026 and December 31, 2025:

			Fair Value Measurement at September 30, 2026:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	—					$	369,085					$	—					$	369,085
States, municipalities, and political subdivisions			—						2,718,760						4,888						2,723,648
Foreign governments			—						35,447						—						35,447
Corporates, by sector:
Financial			—						4,309,121						134,620						4,443,741
Utilities			—						1,876,041						125,289						2,001,330
Other corporate sectors			—						7,010,451						76,021						7,086,472
Total corporates			—						13,195,613						335,930						13,531,543
Other asset-backed securities			—						1,186						212,970						214,156
Total fixed maturities			$	—					$	16,320,091					$	553,788					$	16,873,879
Percentage of total			—		%				97		%				3		%				100		%

			Fair Value Measurement at December 31, 2025:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	—					$	383,853					$	—					$	383,853
States, municipalities, and political subdivisions			—						2,880,626						—						2,880,626
Foreign governments			—						39,546						—						39,546
Corporates, by sector:
Industrials			—						7,232,179						85,507						7,317,686
Financial			—						4,661,175						121,151						4,782,326
Utilities			—						1,968,840						102,666						2,071,506
Total corporates			—						13,862,194						309,324						14,171,518
Other asset-backed securities			—						27,898						85,901						113,799
Total fixed maturities			$	—					$	17,194,117					$	395,225					$	17,589,342
Percentage of total			—		%				98		%				2		%				100		%

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

			Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			Asset- backed Securities						Collateralized Debt Obligations						States, Municipalities and Political Subdivisions Debt Obligations						Corporates						Total
Balance at January 1, 2026			$	85,901					$	—					$	—					$	309,324					$	395,225
Included in realized gains / losses			—						—						—						746						746
Included in other comprehensive income			288						—						(669)						(17,777)						(18,158)
Acquisitions			128,671						—						5,555						65,663						199,889
Sales			—						—						—						(4,480)						(4,480)
Amortization			—						—						2						(81)						(79)
Other(1)			(1,890)						—						—						(17,465)						(19,355)
Transfers into Level 3(2)			—						—						—						—						—
Transfers out of Level 3(2)			—						—						—						—						—
Balance at September 30, 2026			$	212,970					$	—					$	4,888					$	335,930					$	553,788
Percent of total fixed maturities			1		%				—		%				—		%				2		%				3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments. 

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

			Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			Asset- backed Securities						Collateralized Debt Obligations						States, Municipalities and Political Subdivisions Debt Obligations						Corporates						Total
Balance at January 1, 2025			$	11,183					$	42,866					$	—					$	420,065					$	474,114
Included in realized gains / losses			—						(588)						—						(2,593)						(3,181)
Included in other comprehensive income			320						—						—						9,661						9,981
Acquisitions			52,406						—						—						30,015						82,421
Sales			—						(36,398)						—						(118,379)						(154,777)
Amortization			—						1,893						—						(205)						1,688
Other(1)			—						(7,773)						—						(22,289)						(30,062)
Transfers into Level 3(2)			—						—						—						—						—
Transfers out of Level 3(2)			—						—						—						—						—
Balance at September 30, 2025			$	63,909					$	—					$	—					$	316,275					$	380,184
Percent of total fixed maturities			—		%				—		%				—		%				2		%				2		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments. 

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:

			Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
			Asset- backed Securities						Collateralized Debt Obligations						States, Municipalities and Political Subdivisions Debt Obligations			Corporates						Total
At September 30, 2026			$	288					$	—					$	(669)		$	(17,777)					$	(18,158)
At September 30, 2025			320						—						—			9,661						9,981

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third parties. Transfers out of Level 3 occur when quoted prices in active markets become available for identical assets/liabilities or the ability to corroborate by observable market data.

The following table represents quantitative information about Level 3 fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2026

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted- Average(1)

Corporates

$

335,930

Discounted cash flow

Credit rating

B to AA

A-

States, municipalities and political subdivisions

4,888

Discounted cash flow

Credit rating

AAA

AAA

Asset-backed securities

212,970

Discounted cash flow

Credit rating

CC to AA

BBB

$

553,788

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Level 3 securities are valued based on the contractual cash flows discounted by a rate determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.

			Less than Twelve Months						Twelve Months or Longer						Total
Number of issues (CUSIPs) held:
As of September 30, 2026			1,068						1,534						2,602
As of December 31, 2025			395						1,583						1,978

Globe Life's entire fixed maturity portfolio consisted of 2,642 issues by 1,005 different issuers at September 30, 2026 and 2,576 issues by 1,010 different issuers at December 31, 2025. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of September 30, 2026 and A as of December 31, 2025.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2026 and December 31, 2025.

Analysis of Gross Unrealized Investment Losses

			At September 30, 2026
			Less than Twelve Months												Twelve Months or Longer												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	23,877					$	(1,710)					$	345,202					$	(50,687)					$	369,079					$	(52,397)
States, municipalities, and political subdivisions			1,081,761						(80,912)						1,511,183						(677,949)						2,592,944						(758,861)
Foreign governments			10,410						(583)						22,181						(8,806)						32,591						(9,389)
Corporates, by sector:
Industrials			2,516,273						(192,515)						3,139,860						(863,576)						5,656,133						(1,056,091)
Financial			1,828,821						(141,149)						1,634,560						(439,971)						3,463,381						(581,120)
Utilities			1,026,565						(79,715)						500,580						(122,012)						1,527,145						(201,727)
Total corporates			5,371,659						(413,379)						5,275,000						(1,425,559)						10,646,659						(1,838,938)
Other asset-backed securities			21,568						(127)						1,166						(80)						22,734						(207)
Total investment grade securities			6,509,275						(496,711)						7,154,732						(2,163,081)						13,664,007						(2,659,792)
Below investment grade securities:
States, municipalities, and political subdivisions			—						—						1,568						(390)						1,568						(390)
Industrials			120,800						(16,970)						131,885						(53,177)						252,685						(70,147)
Financial			18,566						(446)						84,479						(17,287)						103,045						(17,733)
Utilities			13,020						(1,000)						34,779						(8,587)						47,799						(9,587)
Total corporates			152,386						(18,416)						251,143						(79,051)						403,529						(97,467)
Other asset-backed securities			10,845						(31)						—						—						10,845						(31)
Total below investment grade securities			163,231						(18,447)						252,711						(79,441)						415,942						(97,888)
Total fixed maturities			$	6,672,506					$	(515,158)					$	7,407,443					$	(2,242,522)					$	14,079,949					$	(2,757,680)

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			At December 31, 2025
			Less than Twelve Months												Twelve Months or Longer												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	4,894					$	(454)					$	368,750					$	(25,024)					$	373,644					$	(25,478)
States, municipalities, and political subdivisions			535,186						(12,491)						1,731,104						(519,061)						2,266,290						(531,552)
Foreign governments			5,616						(26)						25,370						(8,014)						30,986						(8,040)
Corporates, by sector:
Industrials			680,126						(14,131)						3,667,956						(591,006)						4,348,082						(605,137)
Financial			469,436						(29,118)						1,806,739						(294,440)						2,276,175						(323,558)
Utilities			302,325						(4,274)						555,085						(82,694)						857,410						(86,968)
Total corporates			1,451,887						(47,523)						6,029,780						(968,140)						7,481,667						(1,015,663)
Other asset-backed securities			18,217						(62)						1,379						(50)						19,596						(112)
Total investment grade securities			2,015,800						(60,556)						8,156,383						(1,520,289)						10,172,183						(1,580,845)
Below investment grade securities:
States, municipalities, and political subdivisions			—						—						1,751						(210)						1,751						(210)
Corporates, by sector:
Industrials			35,564						(6,631)						141,446						(33,595)						177,010						(40,226)
Financial			6,185						(36)						101,427						(10,372)						107,612						(10,408)
Utilities			5,025						(60)						38,121						(6,058)						43,146						(6,118)
Total corporates			46,774						(6,727)						280,994						(50,025)						327,768						(56,752)
Other asset-backed securities			—						—						—						—						—						—
Total below investment grade securities			46,774						(6,727)						282,745						(50,235)						329,519						(56,962)
Total fixed maturities			$	2,062,574					$	(67,283)					$	8,439,128					$	(1,570,524)					$	10,501,702					$	(1,637,807)

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect the holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Allowance for credit losses beginning balance						$	3,297					$	10,355					$	3,297					$	10,395
Additions to allowance for which credit losses were not previously recorded						—						—						—						—
Additions (reductions) to allowance for fixed maturities that previously had an allowance						—						60						—						20
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period						—						—						—						—
Allowance for credit losses ending balance						$	3,297					$	10,415					$	3,297					$	10,415

As of September 30, 2026, the Company had one fixed maturity security in non-accrual status with an amortized cost of $5.5 million and an allowance of $3.3 million. As of December 31, 2025, the Company had two fixed maturity securities in non-accrual status with an amortized cost of $9.2 million and an allowance of $3.3 million.

Mortgage Loans (commercial mortgage loans): Investments in commercial mortgage loans are made through direct investments and through investment funds. Globe Life has total commercial mortgage loan investments made directly and through investment funds of $1.00 billion at September 30, 2026 and $1.04 billion at December 31, 2025. The commercial mortgage loan summaries provided in this section pertain only to those commercial mortgage loans made directly.

Summaries of commercial mortgage loans by property type and geographical location at September 30, 2026 and December 31, 2025 are as follows:

			September 30, 2026												December 31, 2025
			Carrying Value						% of Total						Carrying Value						% of Total
Property type:
Industrial			$	219,841					48						$	155,208					36
Hospitality			100,936						22						99,492						23
Multi-family			116,330						25						99,212						23
Retail			24,236						5						76,059						18
Office			2,923						1						3,061						1
Total recorded investment			464,266						101						433,032						101
Less allowance for credit losses			(4,964)						(1)						(4,515)						(1)
Carrying value, net of allowance for credit losses			$	459,302					100						$	428,517					100

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			September 30, 2026												December 31, 2025
			Carrying Value						% of Total						Carrying Value						% of Total
Geographic location:
Florida			$	130,732					28						$	88,681					21
Texas			47,554						10						66,597						15
North Carolina			33,591						7						42,358						10
Minnesota			31,133						7						31,084						7
California			29,899						7						28,450						7
Pennsylvania			26,168						6						19,814						5
Other			165,189						36						156,048						36
Total recorded investment			464,266						101						433,032						101
Less allowance for credit losses			(4,964)						(1)						(4,515)						(1)
Carrying value, net of allowance for credit losses			$	459,302					100						$	428,517					100

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ("LTV") ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than or equal to 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equate to higher risk of loss.

			September 30, 2026
			Recorded Investment
			Debt Service Coverage Ratios(1)
			<1.00x						1.00x—1.20x						>1.20x						Total						% of Gross Total
Loan-to-value ratio(2):
Less than 70%			$	66,864					$	51,937					$	344,270					$	463,071					100
70% to 80%			—						—						—						—						—
81% to 90%			—						—						—						—						—
Greater than 90%			1,195						—						—						1,195						—
Total			$	68,059					$	51,937					$	344,270					464,266						100
Less allowance for credit losses																					(4,964)
Total, net of allowance for credit losses																					$	459,302

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			December 31, 2025
			Recorded Investment
			Debt Service Coverage Ratios(1)
			<1.00x						1.00x—1.20x						>1.20x						Total						% of Gross Total
Loan-to-value ratio(2):
Less than 70%			$	61,159					$	50,009					$	313,634					$	424,802					98
70% to 80%			—						—						—						—						—
81% to 90%			—						—						—						—						—
Greater than 90%			8,230						—						—						8,230						2
Total			$	69,389					$	50,009					$	313,634					433,032						100
Less allowance for credit losses																					(4,515)
Total, net of allowance for credit losses																					$	428,517

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

As of September 30, 2026, the Company had 41 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined two loans were collateral dependent or likely to foreclose.

For the nine months ended September 30, 2026, the allowance for credit losses increased by $449 thousand to $5.0 million. The provision for credit losses is included in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Allowance for credit losses beginning balance						$	4,766					$	6,629					$	4,515					$	7,644
Provision (reversal) for credit losses						198						404						449						266
Reduction in allowance due to dispositions						—						(1,400)						—						(2,277)
Allowance for credit losses ending balance						$	4,964					$	5,633					$	4,964					$	5,633

As of September 30, 2026 and December 31, 2025, the Company had two commercial mortgage loans in non-accrual status with a principal balance of $3 million and no delinquent commercial mortgage loans. The Company's unfunded commitment balance to commercial loan borrowers was $21 million as of September 30, 2026.

Other Long-Term Investments: Other long-term investments consist of the following assets:

			September 30, 2026						December 31, 2025
Investment funds			$	1,060,664					$	1,109,719
Company-owned life insurance(1)			333,236						243,721
Other			39,401						42,624
Total			$	1,433,301					$	1,396,064

(1) Company-owned life insurance is reported at cash surrender value.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents additional information about the Company's investment funds as of September 30, 2026 and December 31, 2025 at fair value:

						Fair Value												Unfunded Commitments(2)
Investment Category						September 30, 2026						December 31, 2025						September 30, 2026						Redemption Term/Notice(1)
Commercial mortgage loans						$	536,032					$	614,080					$	535,351					Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit						241,210						223,665						187,927						Fully redeemable and non-redeemable with varying terms.
Infrastructure						207,742						187,964						27,530						Fully redeemable and non-redeemable with varying terms.
Other						75,680						84,010						59,707						Non-redeemable with varying terms
Total investment funds						$	1,060,664					$	1,109,719					$	810,515

(1)Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2)Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of September 30, 2026, unfunded commitments totaled $925 million, including funds past the investment period.

The Company had $98 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $811 million as of September 30, 2026.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 5—Commitments and Contingencies

Guarantees: In connection with the Pre-capitalized Trust Securities agreement signed on July 1, 2025, Globe Life Inc. is required to purchase any treasury securities in default. Management believes it is unlikely the Company will have to make any material payments under this agreement due to default. In addition, Globe Life Inc. has guaranteed letters of credit in connection with its credit facility with a group of banks as disclosed in Note 11—Debt. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary ("TMK Re"), to secure TMK Re's obligation for claims on certain policies reinsured by TMK Re that were sold by other Globe Life Inc. insurance subsidiaries. These letters of credit facilitate TMK Re's ability to reinsure the business of Globe Life Inc.'s insurance subsidiaries. The credit facility was amended and restated on June 26, 2026 and now expires in 2031. The maximum amount of letters of credit available is $250 million. Globe Life Inc. would be liable to the extent that TMK Re does not pay the reinsured party. The amount of letters of credit outstanding at September 30, 2026 was $115 million.

Litigation: The Company, as is common with the insurance industry in general, is subject to litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of Globe Life Inc.'s insurance subsidiaries; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Company, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life Inc.'s financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

On April 30, 2024, a putative securities class action was filed against Globe Life Inc. and six of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint added four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On May 15, 2026, the Lead Plaintiffs moved for class certification. Globe Life Inc. plans to vigorously defend against the lawsuit. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a court rules in a manner that is adverse to the interests of Globe Life Inc. and the individual defendants. However, the amount of any such loss in that outcome cannot be reasonably estimated at this time.

Also pending in the Eastern District of Texas is a consolidated shareholder derivative suit that is closely related to the putative securities class action disclosed above (the “City of Miami Matter”). On November 7, 2024, Globe Life Inc. shareholder Jui Cheng Hsiao (“Hsiao”) filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav (“Jadhav”) filed a shareholder derivative complaint against the same set of defendants. Each shareholder derivative complaint asserts one claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to those made in the City of Miami Matter and derive from certain short seller reports. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

the terms of those indemnification agreements. On January 3, 2025, the Court consolidated the two actions and appointed Hsiao and Jadhav as Lead Plaintiffs and their counsel as Lead Counsel for the consolidated derivative action (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)).

On November 19, 2025, Globe Life Inc. shareholder Plymouth County Retirement Association (“Plymouth”) filed a Verified Shareholder Derivative Action Complaint in the United States District Court for the Eastern District of Texas against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (Plymouth County Retirement Association v. Darden, et al., No. 4:25-cv-01246-ALM (E.D. Tex.)). On November 21, 2025, Globe Life Inc. shareholder Catherine M. Sugarbaker Family Trust (“Sugarbaker”) filed a Verified Shareholder Derivative Action Complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (Catherine M. Sugarbaker Family Trust v. Gary L. Coleman, et al., No. 4:25-cv-01274-ALM (E.D. Tex.)). The allegations in both complaints are substantially similar to those made in the City of Miami Matter and the consolidated federal derivative action and derive from certain short seller reports. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the Plymouth and Sugarbaker litigation, subject to the terms of those indemnification agreements. On April 17, 2026, following briefing on Plymouth's and Sugarbaker's competing leadership motions, the Court appointed Plymouth as Lead Plaintiff and Plymouth's counsel as Lead Counsel. On May 8, 2026, Plymouth filed a consolidated complaint. On June 23, 2026, Defendants filed a motion to dismiss the consolidated complaint.

On September 19, 2025, a shareholder filed a derivative lawsuit in the Business Court for Dallas County, Texas, against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (James E. Walker v. Gary L. Coleman, et al., Case No. 25-BC01B-0041). Like the consolidated shareholder derivative lawsuit disclosed above, this litigation is largely similar to the City of Miami Matter and derives in part from certain short seller reports. The petition asserts three causes of action relating to the 2019 through 2024 time period, including: (i) a breach of fiduciary duty claim for failing to provide adequate oversight to prevent purportedly widespread corporate misconduct including fraud, discrimination and harassment; (ii) a breach of fiduciary duty claim against certain individual defendants who allegedly engaged in insider trading; and (iii) a claim for wasting corporate assets by paying excessive compensation and/or bonuses to certain of its executive officers. The petition alleges that Globe Life Inc. was thus exposed to potential legal liability and costs, and that Globe Life Inc. repurchased shares at an artificially inflated price. The petition seeks monetary damages as well as restitution, governance reforms, and accountability for executives and board members. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Globe Life Inc. intends to mount a robust defense against the litigation. Defendants filed a motion to dismiss the petition on November 20, 2025 for failure to plead demand futility, and a motion to stay the proceedings in the Texas Business Court pending final resolution of the related City of Miami Matter if the Court determines that demand futility is satisfied. On February 5, 2026, the Court cancelled the hearing it had scheduled for February 6, 2026 to hear all of the above motions and stayed the case pending further order of the Court.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders.

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2026 and 2025:

						Life
						Present value of expected future net premiums
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2025						$	4,645,917					$	5,622,906					$	1,048,447					$	440,047					$	11,757,317
Beginning balance at original discount rates						4,656,710						5,504,912						1,047,020						430,276						11,638,918
Effect of changes in assumptions on future cash flows						(136,473)						(89,711)						(52,204)						(5,160)						(283,548)
Effect of actual variances from expected experience						(166,114)						(203,565)						(24,106)						(14,207)						(407,992)
Adjusted balance at January 1, 2025						4,354,123						5,211,636						970,710						410,909						10,947,378
Issuances(1)						554,627						384,426						81,718						18,588						1,039,359
Interest accrual(2)						169,466						215,586						40,194						16,683						441,929
Net premiums collected(3)						(421,703)						(440,708)						(99,565)						(32,654)						(994,630)
Effect of changes in the foreign exchange rate						10,349						—						—						—						10,349
Ending balance at original discount rates						4,666,862						5,370,940						993,057						413,526						11,444,385
Effect of change from original to current discount rates						106,621						259,166						26,011						19,941						411,739
Balance at September 30, 2025						$	4,773,483					$	5,630,106					$	1,019,068					$	433,467					$	11,856,124
Balance at January 1, 2026						$	4,792,153					$	5,542,616					$	1,008,538					$	425,338					$	11,768,645
Beginning balance at original discount rates						4,710,303						5,321,113						988,843						408,949						11,429,208
Effect of changes in assumptions on future cash flows						(223,721)						(59,438)						(13,652)						6,312						(290,499)
Effect of actual variances from expected experience						(163,254)						(225,859)						(30,555)						(8,510)						(428,178)
Adjusted balance at January 1, 2026						4,323,328						5,035,816						944,636						406,751						10,710,531
Issuances(1)						505,008						347,381						83,719						15,730						951,838
Interest accrual(2)						166,430						206,430						37,361						15,939						426,160
Net premiums collected(3)						(426,256)						(424,693)						(94,457)						(32,271)						(977,677)
Effect of changes in the foreign exchange rate						(7,949)						—						—						—						(7,949)
Ending balance at original discount rates						4,560,561						5,164,934						971,259						406,149						11,102,903
Effect of change from original to current discount rates						(226,805)						(182,949)						(48,333)						(16,589)						(474,676)
Balance at September 30, 2026						$	4,333,756					$	4,981,985					$	922,926					$	389,560					$	10,628,227

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

25

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Life
						Present value of expected future net premiums
						American Income						DTC						Liberty National						Other						Total
Balance at July 1, 2025						$	4,818,081					$	5,682,370					$	1,063,162					$	436,784					$	12,000,397
Beginning balance at original discount rates						4,771,460						5,498,605						1,047,994						422,810						11,740,869
Effect of changes in assumptions on future cash flows						(136,473)						(89,711)						(52,204)						(5,160)						(283,548)
Effect of actual variances from expected experience						(53,404)						(90,898)						(10,330)						(5,320)						(159,952)
Adjusted balance at July 1, 2025						4,581,583						5,317,996						985,460						412,330						11,297,369
Issuances(1)						174,415						127,328						27,325						6,475						335,543
Interest accrual(2)						55,825						71,053						13,138						5,472						145,488
Net premiums collected(3)						(140,680)						(145,437)						(32,866)						(10,751)						(329,734)
Effect of changes in the foreign exchange rate						(4,281)						—						—						—						(4,281)
Ending balance at original discount rates						4,666,862						5,370,940						993,057						413,526						11,444,385
Effect of change from original to current discount rates						106,621						259,166						26,011						19,941						411,739
Balance at September 30, 2025						$	4,773,483					$	5,630,106					$	1,019,068					$	433,467					$	11,856,124
Balance at July 1, 2026						$	4,775,137					$	5,398,228					$	992,148					$	412,086					$	11,577,599
Beginning balance at original discount rates						4,751,215						5,260,714						986,429						402,325						11,400,683
Effect of changes in assumptions on future cash flows						(223,721)						(59,438)						(13,652)						6,312						(290,499)
Effect of actual variances from expected experience						(45,323)						(75,291)						(10,088)						(2,037)						(132,739)
Adjusted balance at July 1, 2026						4,482,171						5,125,985						962,689						406,600						10,977,445
Issuances(1)						162,915						110,969						27,576						5,345						306,805
Interest accrual(2)						54,547						67,891						12,357						5,296						140,091
Net premiums collected(3)						(141,996)						(139,911)						(31,363)						(11,092)						(324,362)
Effect of changes in the foreign exchange rate						2,924						—						—						—						2,924
Ending balance at original discount rates						4,560,561						5,164,934						971,259						406,149						11,102,903
Effect of change from original to current discount rates						(226,805)						(182,949)						(48,333)						(16,589)						(474,676)
Balance at September 30, 2026						$	4,333,756					$	4,981,985					$	922,926					$	389,560					$	10,628,227

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

26

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Life
						Present value of expected future policy benefits
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2025						$	9,870,692					$	9,125,112					$	3,377,517					$	3,960,963					$	26,334,284
Beginning balance at original discount rates						9,508,588						8,660,948						3,340,219						3,582,068						25,091,823
Effect of changes in assumptions on future cash flows						(189,172)						(129,189)						(89,154)						(9,081)						(416,596)
Effect of actual variances from expected experience						(184,713)						(223,416)						(32,071)						(21,159)						(461,359)
Adjusted balance at January 1, 2025						9,134,703						8,308,343						3,218,994						3,551,828						24,213,868
Issuances(1)						554,627						384,425						81,716						18,588						1,039,356
Interest accrual(2)						385,316						358,173						133,963						160,848						1,038,300
Benefit payments(3)						(340,667)						(428,849)						(153,840)						(105,916)						(1,029,272)
Effect of changes in the foreign exchange rate						24,400						—						—						—						24,400
Ending balance at original discount rates						9,758,379						8,622,092						3,280,833						3,625,348						25,286,652
Effect of change from original to current discount rates						607,423						695,305						121,891						479,664						1,904,283
Balance at September 30, 2025						$	10,365,802					$	9,317,397					$	3,402,724					$	4,105,012					$	27,190,935
Balance at January 1, 2026						$	10,358,054					$	9,205,616					$	3,371,175					$	4,054,000					$	26,988,845
Beginning balance at original discount rates						9,905,431						8,616,929						3,291,890						3,643,392						25,457,642
Effect of changes in assumptions on future cash flows						(277,896)						(90,827)						(28,172)						9,637						(387,258)
Effect of actual variances from expected experience						(186,298)						(260,792)						(35,783)						(14,688)						(497,561)
Adjusted balance at January 1, 2026						9,441,237						8,265,310						3,227,935						3,638,341						24,572,823
Issuances(1)						505,009						347,379						83,720						15,730						951,838
Interest accrual(2)						394,666						355,033						131,361						163,640						1,044,700
Benefit payments(3)						(356,948)						(396,334)						(156,842)						(125,394)						(1,035,518)
Effect of changes in the foreign exchange rate						(20,096)						—						—						—						(20,096)
Ending balance at original discount rates						9,963,868						8,571,388						3,286,174						3,692,317						25,513,747
Effect of change from original to current discount rates						(518,241)						(216,314)						(218,780)						(12,797)						(966,132)
Balance at September 30, 2026						$	9,445,627					$	8,355,074					$	3,067,394					$	3,679,520					$	24,547,615

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the expected assumptions.

27

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Life
						Present value of expected future policy benefits
						American Income						DTC						Liberty National						Other						Total
Balance at July 1, 2025						$	10,234,154					$	9,278,145					$	3,421,818					$	4,008,385					$	26,942,502
Beginning balance at original discount rates						9,829,535						8,742,750						3,358,803						3,617,306						25,548,394
Effect of changes in assumptions on future cash flows						(189,172)						(129,189)						(89,154)						(9,081)						(416,596)
Effect of actual variances from expected experience						(60,805)						(100,922)						(14,354)						(8,215)						(184,296)
Adjusted balance at July 1, 2025						9,579,558						8,512,639						3,255,295						3,600,010						24,947,502
Issuances(1)						174,414						127,326						27,324						6,475						335,539
Interest accrual(2)						128,559						119,076						44,398						53,827						345,860
Benefit payments(3)						(113,819)						(136,949)						(46,184)						(34,964)						(331,916)
Effect of changes in the foreign exchange rate						(10,333)						—						—						—						(10,333)
Ending balance at original discount rates						9,758,379						8,622,092						3,280,833						3,625,348						25,286,652
Effect of change from original to current discount rates						607,423						695,305						121,891						479,664						1,904,283
Balance at September 30, 2025						$	10,365,802					$	9,317,397					$	3,402,724					$	4,105,012					$	27,190,935

Balance at July 1, 2026						$	10,454,667					$	9,109,087					$	3,339,583					$	4,029,063					$	26,932,400
Beginning balance at original discount rates						10,115,818						8,649,137						3,305,905						3,673,833						25,744,693
Effect of changes in assumptions on future cash flows						(277,896)						(90,827)						(28,172)						9,637						(387,258)
Effect of actual variances from expected experience						(53,155)						(89,000)						(9,853)						(2,970)						(154,978)
Adjusted balance at July 1, 2026						9,784,767						8,469,310						3,267,880						3,680,500						25,202,457
Issuances(1)						162,915						110,968						27,575						5,344						306,802
Interest accrual(2)						131,346						117,844						43,712						54,802						347,704
Benefit payments(3)						(121,835)						(126,734)						(52,993)						(48,329)						(349,891)
Effect of changes in the foreign exchange rate						6,675						—						—						—						6,675
Ending balance at original discount rates						9,963,868						8,571,388						3,286,174						3,692,317						25,513,747
Effect of change from original to current discount rates						(518,241)						(216,314)						(218,780)						(12,797)						(966,132)
Balance at September 30, 2026						$	9,445,627					$	8,355,074					$	3,067,394					$	3,679,520					$	24,547,615

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the expected assumptions.

28

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Life
						Net liability for future policy benefits as of September 30, 2025
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	5,091,517					$	3,251,152					$	2,287,776					$	3,211,822					$	13,842,267
Effect of changes in discount rate assumptions						500,802						436,139						95,880						459,723						1,492,544
Other adjustments(1)						146						—						—						30						176
Net liability for future policy benefits, after other adjustments, at current discount rates						5,592,465						3,687,291						2,383,656						3,671,575						15,334,987
Reinsurance recoverable						(176)						—						(8,049)						(14)						(8,239)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,592,289					$	3,687,291					$	2,375,607					$	3,671,561					$	15,326,748

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

						Life
						Net liability for future policy benefits as of September 30, 2026
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	5,403,307					$	3,406,454					$	2,314,915					$	3,286,168					$	14,410,844
Effect of changes in discount rate assumptions						(291,436)						(33,365)						(170,447)						3,792						(491,456)
Other adjustments(1)						256						65						—						91						412
Net liability for future policy benefits, after other adjustments, at current discount rates						5,112,127						3,373,154						2,144,468						3,290,051						13,919,800
Reinsurance recoverable						(194)						—						(8,285)						(12)						(8,491)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,111,933					$	3,373,154					$	2,136,183					$	3,290,039					$	13,911,309

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

29

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2026 and 2025:

						Health
						Present value of expected future net premiums
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2025						$	3,885,530					$	1,734,875					$	337,119					$	223,247					$	133,377					$	6,314,148
Beginning balance at original discount rates						3,948,856						1,867,873						338,275						225,141						131,919						6,512,064
Effect of changes in assumptions on future cash flows						625,460						(72,130)						29						12,588						25,985						591,932
Effect of actual variances from expected experience						22,236						(40,873)						(20,200)						(13,357)						618						(51,576)
Adjusted balance at January 1, 2025						4,596,552						1,754,870						318,104						224,372						158,522						7,052,420
Issuances(1)						378,649						210,220						41,777						30,425						18,983						680,054
Interest accrual(2)						148,586						59,364						11,959						8,071						5,307						233,287
Net premiums collected(3)						(249,382)						(151,585)						(40,275)						(20,362)						(10,442)						(472,046)
Effect of changes in the foreign exchange rate						—						—						—						991						—						991
Ending balance at original discount rates						4,874,405						1,872,869						331,565						243,497						172,370						7,494,706
Effect of change from original to current discount rates						72,577						(66,388)						6,332						4,731						6,388						23,640
Balance at September 30, 2025						$	4,946,982					$	1,806,481					$	337,897					$	248,228					$	178,758					$	7,518,346
Balance at January 1, 2026						$	5,330,081					$	1,822,012					$	336,843					$	248,400					$	207,323					$	7,944,659
Beginning balance at original discount rates						5,273,275						1,895,803						331,414						245,300						201,449						7,947,241
Effect of changes in assumptions on future cash flows						169,196						(39,327)						(3,719)						(42,615)						2,496						86,031
Effect of actual variances from expected experience						10,918						(24,100)						(19,812)						(10,072)						758						(42,308)
Adjusted balance at January 1, 2026						5,453,389						1,832,376						307,883						192,613						204,703						7,990,964
Issuances(1)						627,558						210,351						37,267						23,515						4,932						903,623
Interest accrual(2)						191,191						60,492						11,298						8,229						6,813						278,023
Net premiums collected(3)						(313,069)						(160,906)						(39,921)						(20,388)						(12,117)						(546,401)
Effect of changes in the foreign exchange rate						—						—						—						(647)						—						(647)
Ending balance at original discount rates						5,959,069						1,942,313						316,527						203,322						204,331						8,625,562
Effect of change from original to current discount rates						(367,005)						(198,985)						(13,269)						(10,723)						(8,850)						(598,832)
Balance at September 30, 2026						$	5,592,064					$	1,743,328					$	303,258					$	192,599					$	195,481					$	8,026,730

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

30

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						Present value of expected future net premiums
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at July 1, 2025						$	4,112,123					$	1,810,846					$	331,851					$	229,830					$	143,068					$	6,627,718
Beginning balance at original discount rates						4,106,142						1,915,617						329,179						229,169						139,486						6,719,593
Effect of changes in assumptions on future cash flows						625,460						(72,130)						29						12,588						25,985						591,932
Effect of actual variances from expected experience						25,322						(13,649)						(2,893)						(3,613)						917						6,084
Adjusted balance at July 1, 2025						4,756,924						1,829,838						326,315						238,144						166,388						7,317,609
Issuances(1)						149,755						74,742						14,888						9,774						7,549						256,708
Interest accrual(2)						53,507						19,669						3,907						2,766						1,904						81,753
Net premiums collected(3)						(85,781)						(51,380)						(13,545)						(6,904)						(3,471)						(161,081)
Effect of changes in the foreign exchange rate						—						—						—						(283)						—						(283)
Ending balance at original discount rates						4,874,405						1,872,869						331,565						243,497						172,370						7,494,706
Effect of change from original to current discount rates						72,577						(66,388)						6,332						4,731						6,388						23,640
Balance at September 30, 2025						$	4,946,982					$	1,806,481					$	337,897					$	248,228					$	178,758					$	7,518,346
Balance at July 1, 2026						$	5,583,238					$	1,854,658					$	322,541					$	246,916					$	206,134					$	8,213,487
Beginning balance at original discount rates						5,593,064						1,947,564						321,835						246,487						202,835						8,311,785
Effect of changes in assumptions on future cash flows						169,196						(39,327)						(3,719)						(42,615)						2,496						86,031
Effect of actual variances from expected experience						27,926						(3,253)						(4,685)						(3,138)						674						17,524
Adjusted balance at July 1, 2026						5,790,186						1,904,984						313,431						200,734						206,005						8,415,340
Issuances(1)						213,812						71,300						12,751						6,094						96						304,053
Interest accrual(2)						65,831						20,313						3,674						2,528						2,255						94,601
Net premiums collected(3)						(110,760)						(54,284)						(13,329)						(6,323)						(4,025)						(188,721)
Effect of changes in the foreign exchange rate						—						—						—						289						—						289
Ending balance at original discount rates						5,959,069						1,942,313						316,527						203,322						204,331						8,625,562
Effect of change from original to current discount rates						(367,005)						(198,985)						(13,269)						(10,723)						(8,850)						(598,832)
Balance at September 30, 2026						$	5,592,064					$	1,743,328					$	303,258					$	192,599					$	195,481					$	8,026,730

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

31

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						Present value of expected future policy benefits
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2025						$	3,960,432					$	3,336,546					$	804,695					$	355,303					$	129,277					$	8,586,253
Beginning balance at original discount rates						4,026,860						3,712,044						791,141						348,711						127,975						9,006,731
Effect of changes in assumptions on future cash flows						622,917						(79,615)						210						16,611						22,160						582,283
Effect of actual variances from expected experience						16,726						(46,994)						(19,140)						(16,697)						672						(65,433)
Adjusted balance at January 1, 2025						4,666,503						3,585,435						772,211						348,625						150,807						9,523,581
Issuances(1)						377,636						210,219						41,259						30,423						18,932						678,469
Interest accrual(2)						151,323						117,696						30,993						13,607						5,307						318,926
Benefit payments(3)						(284,450)						(121,671)						(73,919)						(17,710)						(12,216)						(509,966)
Effect of changes in the foreign exchange rate						—						—						—						1,822						—						1,822
Ending balance at original discount rates						4,911,012						3,791,679						770,544						376,767						162,830						10,012,832
Effect of change from original to current discount rates						66,338						(230,187)						32,570						16,990						5,871						(108,418)
Balance at September 30, 2025						$	4,977,350					$	3,561,492					$	803,114					$	393,757					$	168,701					$	9,904,414
Balance at January 1, 2026						$	5,345,453					$	3,586,908					$	793,855					$	393,599					$	196,732					$	10,316,547
Beginning balance at original discount rates						5,296,183						3,845,648						765,964						380,082						191,272						10,479,149
Effect of changes in assumptions on future cash flows						183,353						(49,935)						(3,493)						(61,113)						2,288						71,100
Effect of actual variances from expected experience						447						(29,945)						(17,796)						(13,317)						(923)						(61,534)
Adjusted balance at January 1, 2026						5,479,983						3,765,768						744,675						305,652						192,637						10,488,715
Issuances(1)						626,596						210,351						36,783						23,515						4,909						902,154
Interest accrual(2)						192,005						123,146						29,543						13,954						6,813						365,461
Benefit payments(3)						(355,412)						(133,534)						(71,519)						(19,569)						(13,571)						(593,605)
Effect of changes in the foreign exchange rate						—						—						—						(1,306)						—						(1,306)
Ending balance at original discount rates						5,943,172						3,965,731						739,482						322,246						190,788						11,161,419
Effect of change from original to current discount rates						(368,120)						(571,998)						(26,694)						(11,582)						(7,567)						(985,961)
Balance at September 30, 2026						$	5,575,052					$	3,393,733					$	712,788					$	310,664					$	183,221					$	10,175,458

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.

32

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						Present value of expected future policy benefits
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at July 1, 2025						$	4,154,306					$	3,491,041					$	795,244					$	367,366					$	137,532					$	8,945,489
Beginning balance at original discount rates						4,153,056						3,815,188						772,935						357,412						134,276						9,232,867
Effect of changes in assumptions on future cash flows						622,917						(79,615)						210						16,611						22,160						582,283
Effect of actual variances from expected experience						23,354						(16,123)						(3,885)						(4,492)						796						(350)
Adjusted balance at July 1, 2025						4,799,327						3,719,450						769,260						369,531						157,232						9,814,800
Issuances(1)						149,526						74,742						14,728						9,773						7,540						256,309
Interest accrual(2)						54,254						39,426						10,197						4,656						1,904						110,437
Benefit payments(3)						(92,095)						(41,939)						(23,641)						(6,584)						(3,846)						(168,105)
Effect of changes in the foreign exchange rate						—						—						—						(609)						—						(609)
Ending balance at original discount rates						4,911,012						3,791,679						770,544						376,767						162,830						10,012,832
Effect of change from original to current discount rates						66,338						(230,187)						32,570						16,990						5,871						(108,418)
Balance at September 30, 2025						$	4,977,350					$	3,561,492					$	803,114					$	393,757					$	168,701					$	9,904,414

Balance at July 1, 2026						$	5,568,127					$	3,661,884					$	764,438					$	391,257					$	193,054					$	10,578,760
Beginning balance at original discount rates						5,585,580						3,955,977						748,734						382,235						190,039						10,862,565
Effect of changes in assumptions on future cash flows						183,353						(49,935)						(3,493)						(61,113)						2,288						71,100
Effect of actual variances from expected experience						23,568						(4,466)						(5,803)						(4,770)						225						8,754
Adjusted balance at July 1, 2026						5,792,501						3,901,576						739,438						316,352						192,552						10,942,419
Issuances(1)						213,554						71,299						12,585						6,094						95						303,627
Interest accrual(2)						65,990						41,505						9,711						4,348						2,254						123,808
Benefit payments(3)						(128,873)						(48,649)						(22,252)						(5,084)						(4,113)						(208,971)
Effect of changes in the foreign exchange rate						—						—						—						536						—						536
Ending balance at original discount rates						5,943,172						3,965,731						739,482						322,246						190,788						11,161,419
Effect of change from original to current discount rates						(368,120)						(571,998)						(26,694)						(11,582)						(7,567)						(985,961)
Balance at September 30, 2026						$	5,575,052					$	3,393,733					$	712,788					$	310,664					$	183,221					$	10,175,458

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.

33

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						Net liability for future policy benefits as of September 30, 2025
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						$	36,607					$	1,918,810					$	438,979					$	133,270					$	(9,540)					$	2,518,126
Effect of changes in discount rate assumptions						(6,239)						(163,799)						26,238						12,259						(517)						(132,058)
Other adjustments(1)						53,954						44						12,362						848						10,753						77,961
Net liability for future policy benefits, after other adjustments, at current discount rates						84,322						1,755,055						477,579						146,377						696						2,464,029
Reinsurance recoverable						(2,288)						—						(711)						—						—						(2,999)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	82,034					$	1,755,055					$	476,868					$	146,377					$	696					$	2,461,030

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

						Health
						Net liability for future policy benefits as of September 30, 2026
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						(15,897)						2,023,418						422,955						118,924						(13,543)						2,535,857
Effect of changes in discount rate assumptions						(1,115)						(373,013)						(13,425)						(859)						1,283						(387,129)
Other adjustments(1)						81,495						5,223						13,185						1,874						12,795						114,572
Net liability for future policy benefits, after other adjustments, at current discount rates						64,483						1,655,628						422,715						119,939						535						2,263,300
Reinsurance recoverable						(1,628)						—						(622)						—						—						(2,250)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	62,855					$	1,655,628					$	422,093					$	119,939					$	535					$	2,261,050

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

Remeasurement Gain or Loss—In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is within life and health policyholder benefits included on the Consolidated Statements of Operations.

34

        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience for the three and nine month periods ended September 30, 2026 and 2025:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Life Remeasurement Gain (Loss)—Experience:
American Income			$	6,999					$	6,322					$	21,995					$	17,173
Direct to Consumer			12,909						8,200						33,743						17,789
Liberty National			(87)						1,854						2,552						3,468
Other			514						2,173						4,468						5,389
Total Life Remeasurement Gain (Loss)—Experience			20,335						18,549						62,758						43,819
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income			54,624						52,731						54,624						52,731
Direct to Consumer			31,382						39,480						31,382						39,480
Liberty National			13,968						35,068						13,968						35,068
Other			(3,601)						3,647						(3,601)						3,647
Total Life Remeasurement Gain (Loss)—Assumption Updates(1)			96,373						130,926						96,373						130,926
Total Life Remeasurement Gain (Loss)			116,708						149,475						159,131						174,745
Health Remeasurement Gain (Loss)—Experience:
United American			1,662						1,073						3,415						(809)
Family Heritage			906						2,252						5,465						5,728
Liberty National			1,381						1,171						781						1,533
American Income			1,035						962						2,566						3,300
Direct to Consumer			9						25						76						53
Total Health Remeasurement Gain (Loss)—Experience			4,993						5,483						12,303						9,805
Health Remeasurement Gain (Loss)—Assumption Updates:
United American			(3,743)						279						(3,743)						279
Family Heritage			10,424						7,492						10,424						7,492
Liberty National			230						(339)						230						(339)
American Income			17,243						(4,094)						17,243						(4,094)
Direct to Consumer			(7)						19						(7)						19
Total Health Remeasurement Gain (Loss)—Assumption Updates(1)			24,147						3,357						24,147						3,357
Total Health Remeasurement Gain (Loss)			$	29,140					$	8,840					$	36,450					$	13,162

The Company performed its annual review of assumptions during the third quarter which resulted in favorable changes to its mortality and lapse assumptions on life and health. The assumption review process of the life and health segments resulted in a $120.5 million net remeasurement gain ($96.4 million and $24.1 million gains related to life and health, respectively) before tax as compared to a $134.3 million net remeasurement gain ($130.9 million and $3.4 million gains related to life and health, respectively) before tax in the year-ago quarter.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Life assumption changes reflect continued favorable mortality experience along with slightly higher lapse rates while health assumption changes reflect favorable claim experience, both resulting in lower policy obligations compared to our previously anticipated assumptions.

Excluding the impact of annual assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $25.3 million net remeasurement gain ($20.3 million and $5.0 million gains related to life and health, respectively) before tax and a $24.0 million net remeasurement gain ($18.5 million and $5.5 million gains related to life and health, respectively) before tax for the three months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026, the Company's results for actual variances from experience for both life and health produced a $75.1 million net remeasurement gain ($62.8 million and $12.3 million gains related to life and health, respectively) compared to a $53.6 million net remeasurement gain ($43.8 million and $9.8 million gains) before tax for the same period in 2025.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of September 30, 2026 and 2025:

						At Original Discount Rates												At Current Discount Rates
						As of September 30,												As of September 30,
						2026						2025						2026						2025
Life:
American Income						$	5,403,404					$	5,091,655					$	5,112,127					$	5,592,465
Direct to Consumer						3,406,483						3,251,154						3,373,154						3,687,291
Liberty National						2,314,915						2,287,776						2,144,468						2,383,656
Other						3,286,189						3,211,850						3,290,051						3,671,575
Net liability for future policy benefits—long duration life						14,410,991						13,842,435						13,919,800						15,334,987
Health:
United American						66,536						84,212						64,483						84,322
Family Heritage						2,023,508						1,918,844						1,655,628						1,755,055
Liberty National						436,207						450,490						422,715						477,579
American Income						120,533						134,125						119,939						146,377
Direct to Consumer						531						669						535						696
Net liability for future policy benefits—long duration health						2,647,315						2,588,340						2,263,300						2,464,029
Deferred profit liability						189,066						184,563						189,066						184,563
Deferred annuity						537,383						595,506						537,383						595,506
Interest sensitive life						704,281						714,012						704,281						714,012
Other						8,755						8,870						8,799						8,868
Total future policy benefits						$	18,497,791					$	17,933,726					$	17,622,629					$	19,301,965

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        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2026 and 2025:

						As of September 30,
						2026												2025
						Original discount rate						Current discount rate						Original discount rate						Current discount rate
Life
American Income						5.7		%				6.0		%				5.7		%				5.3		%
Direct to Consumer						5.9		%				6.0		%				6.0		%				5.3		%
Liberty National						5.6		%				6.1		%				5.6		%				5.3		%
Other						6.2		%				6.2		%				6.2		%				5.4		%
Health
United American						5.1		%				5.9		%				5.1		%				5.1		%
Family Heritage						4.3		%				6.0		%				4.2		%				5.2		%
Liberty National						5.8		%				6.2		%				5.8		%				5.1		%
American Income						5.8		%				5.9		%				5.8		%				5.1		%
Direct to Consumer						5.1		%				5.9		%				5.1		%				5.1		%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of September 30, 2026 and 2025:

						As of September 30,
						2026												2025
						At original discount rates						At current discount rates						At original discount rates						At current discount rates
Life
American Income						21.63						21.22						22.42						22.32
Direct to Consumer						18.28						18.65						18.83						19.74
Liberty National						15.39						14.77						15.29						15.27
Other						15.17						15.22						15.65						16.46
Health
United American						12.34						10.74						12.44						11.27
Family Heritage						16.14						14.34						16.27						15.04
Liberty National						9.61						9.04						9.48						9.39
American Income						13.15						12.66						13.26						13.29
Direct to Consumer						12.34						10.74						12.44						11.27

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        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized on the Condensed Consolidated Statements of Operations for the three and nine month periods ended September 30, 2026 and 2025:

						Life
						Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
						Gross Premiums						Required Interest Expense						Gross Premiums						Required Interest Expense
American Income						$	1,394,869					$	228,237					$	1,333,578					$	215,850
Direct to Consumer						723,710						148,565						728,565						142,531
Liberty National						299,979						93,745						288,920						93,372
Other						147,083						147,701						150,017						143,689
Total						$	2,565,641					$	618,248					$	2,501,080					$	595,442

						Life
						Three Months Ended September 30, 2026												Three Months Ended September 30, 2025
						Gross Premiums						Interest Expense						Gross Premiums						Interest Expense
American Income						$	470,008					$	76,800					$	450,840					$	72,734
Direct to Consumer						240,443						49,945						242,123						48,005
Liberty National						101,147						31,265						97,289						31,148
Other						48,593						49,506						49,909						48,356
Total						$	860,191					$	207,516					$	840,161					$	200,243

						Health
						Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
						Gross Premiums						Required Interest Expense						Gross Premiums						Required Interest Expense
United American						$	458,757					$	1,558					$	364,762					$	2,567
Family Heritage						378,037						62,654						346,850						58,331
Liberty National						141,118						18,356						142,340						18,954
American Income						89,263						5,739						89,394						5,536
Direct to Consumer						15,311						8						12,671						—
Total						$	1,082,486					$	88,315					$	956,017					$	85,388

						Health
						Three Months Ended September 30, 2026												Three Months Ended September 30, 2025
						Gross Premiums						Interest Expense						Gross Premiums						Interest Expense
United American						$	162,399					$	975					$	125,340					$	700
Family Heritage						128,625						21,192						118,640						19,757
Liberty National						46,444						6,196						47,119						6,264
American Income						29,674						1,833						29,851						1,890
Direct to Consumer						5,129						8						4,321						—
Total						$	372,271					$	30,204					$	325,271					$	28,611

Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the undiscounted and discounted expected future gross premiums, expected future net premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of September 30, 2026 and 2025:

						Life
						As of September 30, 2026																		As of September 30, 2025
						Not discounted						At original discount rates						At current discount rates						Not discounted						At original discount rates						At current discount rates
American Income
PV of expected future gross premiums						$	26,463,842					$	14,993,412					$	14,337,650					$	26,374,505					$	14,878,294					$	15,314,060
PV of expected future net premiums						8,056,442						4,560,561						4,333,756						8,272,473						4,666,862						4,773,483
PV of expected future policy benefits						33,176,714						9,963,868						9,445,627						32,774,486						9,758,379						10,365,802
DTC
PV of expected future gross premiums						17,043,178						8,951,602						8,622,559						17,362,014						9,081,677						9,507,072
PV of expected future net premiums						9,777,414						5,164,934						4,981,985						10,211,558						5,370,940						5,630,106
PV of expected future policy benefits						25,268,770						8,571,388						8,355,074						25,655,289						8,622,092						9,317,397
Liberty National
PV of expected future gross premiums						5,099,634						2,942,124						2,767,909						4,948,417						2,880,523						2,914,411
PV of expected future net premiums						1,733,343						971,259						922,926						1,753,665						993,057						1,019,068
PV of expected future policy benefits						9,166,963						3,286,174						3,067,394						8,975,235						3,280,833						3,402,724
Other
PV of expected future gross premiums						3,334,164						1,734,578						1,718,088						3,508,043						1,799,893						1,942,685
PV of expected future net premiums						824,941						406,149						389,560						847,850						413,526						433,467
PV of expected future policy benefits						11,979,274						3,692,317						3,679,520						12,306,339						3,625,348						4,105,012
Total
PV of expected future gross premiums						$	51,940,818					$	28,621,716					$	27,446,206					$	52,192,979					$	28,640,387					$	29,678,228
PV of expected future net premiums						$	20,392,140					$	11,102,903					$	10,628,227					$	21,085,546					$	11,444,385					$	11,856,124
PV of expected future policy benefits						$	79,591,721					$	25,513,747					$	24,547,615					$	79,711,349					$	25,286,652					$	27,190,935

The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $16.8 billion and $17.8 billion, as of September 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

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        GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						As of September 30, 2026																		As of September 30, 2025
						Not discounted						At original discount rates						At current discount rates						Not discounted						At original discount rates						At current discount rates
United American
PV of expected future gross premiums						$	14,477,258					$	8,662,599					$	8,127,409					$	11,818,419					$	7,092,508					$	7,196,611
PV of expected future net premiums						9,966,861						5,959,069						5,592,064						8,133,104						4,874,405						4,946,982
PV of expected future policy benefits						9,963,795						5,943,172						5,575,052						8,216,151						4,911,012						4,977,350
Family Heritage
PV of expected future gross premiums						7,983,990						4,596,431						4,140,236						7,399,117						4,325,529						4,188,178
PV of expected future net premiums						3,361,100						1,942,313						1,743,328						3,189,479						1,872,869						1,806,481
PV of expected future policy benefits						7,894,514						3,965,731						3,393,733						7,398,497						3,791,679						3,561,492
Liberty National
PV of expected future gross premiums						1,945,363						1,236,012						1,198,750						2,007,219						1,278,863						1,326,836
PV of expected future net premiums						474,860						316,527						303,258						491,892						331,565						337,897
PV of expected future policy benefits						1,310,488						739,482						712,788						1,350,299						770,544						803,114
American Income
PV of expected future gross premiums						1,912,172						1,022,917						990,936						1,994,296						1,055,588						1,104,323
PV of expected future net premiums						378,761						203,322						192,599						458,318						243,497						248,228
PV of expected future policy benefits						695,177						322,246						310,664						813,952						376,767						393,757
Direct to Consumer
PV of expected future gross premiums						433,039						257,902						247,290						365,728						216,063						224,492
PV of expected future net premiums						344,267						204,331						195,481						293,021						172,370						178,758
PV of expected future policy benefits						311,929						190,788						183,221						268,352						162,830						168,701
Total
PV of expected future gross premiums						$	26,751,822					$	15,775,861					$	14,704,621					$	23,584,779					$	13,968,551					$	14,040,440
PV of expected future net premiums						$	14,525,849					$	8,625,562					$	8,026,730					$	12,565,814					$	7,494,706					$	7,518,346
PV of expected future policy benefits						$	20,175,903					$	11,161,419					$	10,175,458					$	18,047,251					$	10,012,832					$	9,904,414

The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $6.7 billion and $6.5 billion as of September 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

41

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2026 and 2025:

						Policyholders' Account Balances
						2026																		2025
						Interest Sensitive Life						Deferred Annuity(1)						Other Policy-holders' Funds						Interest Sensitive Life						Deferred Annuity(1)						Other Policy-holders' Funds
Balance at January 1,						$	711,687					$	580,669					$	532,047					$	723,389					$	656,573					$	468,604
Issuances						—						808						—						—						535						—
Premiums and deposits received						14,399						9,369						317,534						15,179						9,629						180,189
Policy charges						(8,405)						—						—						(8,833)						—						—
Surrenders and withdrawals						(16,631)						(40,485)						(296,940)						(17,803)						(50,347)						(129,685)
Benefit payments						(20,855)						(26,466)						—						(24,292)						(35,642)						—
Interest credited						20,176						14,028						17,328						20,582						15,653						16,736
Other						3,910						(540)						(14,371)						5,790						(895)						(13,711)
Balance at September 30,						$	704,281					$	537,383					$	555,598					$	714,012					$	595,506					$	522,133

(1) At September 30, 2026 and 2025, $366 million and $411 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

						Policyholders' Account Balances
						2026																		2025
						Interest Sensitive Life						Deferred Annuity(1)						Other Policy-holders' Funds						Interest Sensitive Life						Deferred Annuity(1)						Other Policy-holders' Funds
Balance at July 1,						$	706,527					$	550,688					$	577,940					$	717,140					$	615,897					$	492,146
Issuances						—						335						—						—						188						—
Premiums and deposits received						4,517						2,397						61,604						4,779						2,676						31,669
Policy charges						(2,841)						—						—						(2,955)						—						—
Surrenders and withdrawals						(5,120)						(12,580)						(84,997)						(5,729)						(18,282)						(2,777)
Benefit payments						(7,041)						(7,818)						—						(7,960)						(9,716)						—
Interest credited						6,658						4,547						5,915						6,824						5,092						5,833
Other						1,581						(186)						(4,864)						1,913						(349)						(4,738)
Balance at September 30,						$	704,281					$	537,383					$	555,598					$	714,012					$	595,506					$	522,133

Weighted-average credit rate						3.83		%				3.39		%				4.24		%				3.87		%				3.41		%				4.68		%
Net amount at risk						$	1,489,572					N/A						N/A						$	1,584,392					N/A						N/A
Cash surrender value						$	660,613					$	537,379					$	555,598					$	668,706					$	595,506					$	522,133

(1)At September 30, 2026 and 2025, $366 million and $411 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policyholders and the respective guaranteed minimums as of September 30, 2026 and 2025:

						At September 30, 2026
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity(1)						Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%						$	—					$	2,067					$	463,394
3.00%-3.99%						29,394						366,658						3,167
4.00%-4.99%						585,852						168,658						54,726
Greater than 5.00%						89,035						—						34,311
Total						$	704,281					$	537,383					$	555,598

(1)At September 30, 2026, $366 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

						At September 30, 2025
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity(1)						Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%						$	—					$	2,181					$	428,558
3.00%-3.99%						29,433						419,069						3,100
4.00%-4.99%						595,212						174,256						55,168
Greater than 5.00%						89,367						—						35,307
Total						$	714,012					$	595,506					$	522,133

(1)At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 2026 and 2025:

						Life
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2025						$	2,900,229					$	1,781,230					$	728,790					$	290,506					$	5,700,755
Capitalizations						405,232						108,408						90,524						9,319						613,483
Amortization expense						(152,732)						(77,604)						(46,071)						(9,010)						(285,417)
Foreign exchange adjustment						6,735						—						—						—						6,735
Balance at September 30, 2025						$	3,159,464					$	1,812,034					$	773,243					$	290,815					$	6,035,556
Balance at January 1, 2026						$	3,248,907					$	1,818,120					$	790,987					$	289,736					$	6,147,750
Capitalizations						414,466						108,187						99,498						9,364						631,515
Amortization expense						(172,535)						(79,963)						(50,727)						(12,591)						(315,816)
Foreign exchange adjustment						(5,774)						—						—						—						(5,774)
Balance at September 30, 2026						$	3,485,064					$	1,846,344					$	839,758					$	286,509					$	6,457,675

						Life
						American Income						DTC						Liberty National						Other						Total
Balance at July 1, 2025						$	3,078,370					$	1,803,138					$	757,696					$	291,844					$	5,931,048
Capitalizations						136,757						35,007						31,266						3,147						206,177
Amortization expense						(52,577)						(26,111)						(15,719)						(4,176)						(98,583)
Foreign exchange adjustment						(3,086)						—						—						—						(3,086)
Balance at September 30, 2025						$	3,159,464					$	1,812,034					$	773,243					$	290,815					$	6,035,556
Balance at July 1, 2026						$	3,402,808					$	1,837,987					$	822,821					$	287,913					$	6,351,529
Capitalizations						140,459						35,300						34,363						2,810						212,932
Amortization expense						(59,888)						(26,943)						(17,426)						(4,214)						(108,471)
Foreign exchange adjustment						1,685						—						—						—						1,685
Balance at September 30, 2026						$	3,485,064					$	1,846,344					$	839,758					$	286,509					$	6,457,675

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2025						$	70,530					$	496,119					$	148,920					$	76,319					$	1,533					$	793,421
Capitalizations						2,230						58,565						15,474						10,968						1						87,238
Amortization expense						(4,144)						(24,581)						(11,764)						(3,902)						(106)						(44,497)
Foreign exchange adjustment						—						—						—						287						—						287
Balance at September 30, 2025						$	68,616					$	530,103					$	152,630					$	83,672					$	1,428					$	836,449
Balance at January 1, 2026						$	67,952					$	543,379					$	152,210					$	86,446					$	1,399					$	851,386
Capitalizations						2,845						65,986						9,511						10,977						1						89,320
Amortization expense						(3,965)						(27,964)						(11,533)						(4,112)						(83)						(47,657)
Foreign exchange adjustment						—						—						—						(233)						—						(233)
Balance at September 30, 2026						$	66,832					$	581,401					$	150,188					$	93,078					$	1,317					$	892,816

						Health
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at July 1, 2025						$	69,073					$	518,183					$	152,822					$	81,545					$	1,459					$	823,082
Capitalizations						878						20,461						3,753						3,565						1						28,658
Amortization expense						(1,335)						(8,541)						(3,945)						(1,284)						(32)						(15,137)
Foreign exchange adjustment						—						—						—						(154)						—						(154)
Balance at September 30, 2025						$	68,616					$	530,103					$	152,630					$	83,672					$	1,428					$	836,449
Balance at July 1, 2026						$	67,028					$	568,538					$	150,863					$	90,868					$	1,343					$	878,640
Capitalizations						1,154						22,417						3,140						3,579						—						30,290
Amortization expense						(1,350)						(9,554)						(3,815)						(1,438)						(26)						(16,183)
Foreign exchange adjustment						—						—						—						69						—						69
Balance at September 30, 2026						$	66,832					$	581,401					$	150,188					$	93,078					$	1,317					$	892,816

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of September 30, 2026 and 2025:

						September 30,
						2026						2025
Life
American Income						$	3,485,064					$	3,159,464
Direct to Consumer						1,846,344						1,812,034
Liberty National						839,758						773,243
Other						286,509						290,815
Total DAC—Life						6,457,675						6,035,556
Health
United American						66,832						68,616
Family Heritage						581,401						530,103
Liberty National						150,188						152,630
American Income						93,078						83,672
Direct to Consumer						1,317						1,428
Total DAC—Health						892,816						836,449
Annuity						—						337
Total						$	7,350,491					$	6,872,342

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 8—Liability for Unpaid Claims

Activity in the liability for unpaid health claims is summarized as follows:

			September 30, 2026						December 31, 2025
Balance at beginning of period			$	225,237					$	210,994
Less reinsurance recoverables			(1,233)						(1,521)
Net balance at beginning of period			224,004						209,473
Incurred related to:
Current year			776,221						851,946
Prior years			1,831						(1,831)
Total incurred			778,052						850,115
Paid related to:
Current year			565,488						659,556
Prior years			175,921						176,028
Total paid			741,409						835,584
Net balance at end of period			260,647						224,004
Plus reinsurance recoverables			1,125						1,233
Balance at end of period			$	261,772					$	225,237

Below is the reconciliation of the liability of "Policy claims and other benefits payable" on the Condensed Consolidated Balance Sheets.

			September 30, 2026						December 31, 2025
Policy claims and other benefits payable:
Life insurance			$	300,287					$	315,595
Health insurance			261,772						225,237
Total			$	562,059					$	540,832

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 9—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (the "Pension Plans") and contributory savings plans that cover substantially all employees. There is also a non-qualified non-contributory supplemental executive retirement plan ("SERP") that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.

Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2026 and December 31, 2025.

Pension Assets by Component at September 30, 2026

			Fair Value Determined by:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Amount						% of Total
Exchange traded fund(4)			$	48,258					$	—					$	—					$	48,258					7
Equity exchange traded fund(1)			367,729						—						—						367,729						52
U.S. Government and Agency			—						174,891						—						174,891						25
Other bonds			—						2						—						2						—
Guaranteed annuity contract(2)			—						48,543						—						48,543						7
Short-term investments			1,267						—						—						1,267						—
Other			407						—						—						407						—
			$	417,661					$	223,436					$	—					641,097						91
Other long-term investments(3)																					60,295						9
Total pension assets																					$	701,392					100

(1)A fund including marketable securities that mirror the S&P 500 index.

(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of September 30, 2026, the Globe Life Inc. Pension Plan owned less than 1% of four long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

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Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Pension Assets by Component at December 31, 2025

			Fair Value Determined by:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Amount						% of Total
Exchange traded fund(4)			$	53,437					$	—					$	—					$	53,437					8
Equity exchange traded fund(1)			344,409						—						—						344,409						50
U.S. Government and Agency			—						180,974						—						180,974						26
Other bonds			—						3						—						3						—
Guaranteed annuity contract(2)			—						46,341						—						46,341						7
Short-term investments			6,957						—						—						6,957						1
Other			3,747						—						—						3,747						1
			$	408,550					$	227,318					$	—					635,868						93
Other long-term investments(3)																					48,411						7
Total pension assets																					$	684,279					100

(1)A fund including marketable securities that mirror the S&P 500 index.

(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Insurance Company Collective Bargaining Agreement Employees Pension Plan.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2025, the Globe Life Inc. Pension Plan owned less than 1% of three long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

SERP: The following table presents investments of the Rabbi Trust at September 30, 2026 and December 31, 2025.

			September 30, 2026						December 31, 2025
Total investments:
COLI			$	59,699					$	59,008
Exchange traded funds			119,468						111,470
			$	179,167					$	170,478

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2026 and December 31, 2025.

			September 30, 2026						December 31, 2025
Pension Plans			$	605,162					$	597,695
SERP			80,126						79,093
Benefit obligation			$	685,288					$	676,788

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and nine month periods ended September 30, 2026 and 2025.

Components of Net Periodic Benefit Cost

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Service cost—benefits earned during the period			$	6,838					$	6,245					$	20,509					$	18,730
Interest cost on projected benefit obligation			9,613						9,024						28,836						27,073
Expected return on assets			(12,338)						(11,563)						(37,015)						(34,689)
Amortization:
Prior service cost			253						292						758						876
Actuarial (gain) loss			—						—						—						—
Net periodic benefit cost			$	4,366					$	3,998					$	13,088					$	11,990

Note 10—Earnings Per Share

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Basic weighted average shares outstanding			76,591,750						80,692,558						77,510,495						82,019,029
Weighted average dilutive options outstanding			1,632,890						1,322,888						1,492,769						1,078,133
Diluted weighted average shares outstanding			78,224,640						82,015,446						79,003,264						83,097,162
Antidilutive shares			—						—						—						783,124

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 11—Debt

The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues

																					As of
																					September 30, 2026																								December 31, 2025
Instrument			Issue Date						Maturity Date						Coupon Rate						Par Value						Unamortized Discount & Issuance Costs						Book Value						Fair Value						Book Value
Senior notes			09/27/2018						09/15/2028						4.550%						$	550,000					$	(1,663)					$	548,337					$	541,690					$	547,748
Senior notes			08/21/2020						08/15/2030						2.150%						400,000						(2,033)						397,967						350,384						397,604
Senior notes(1)			05/19/2022						06/15/2032						4.800%						400,000						(7,244)						392,756						377,112						246,692
Senior notes			08/23/2024						09/15/2034						5.850%						450,000						(4,460)						445,540						437,949						445,218
Junior subordinated debentures			11/17/2017						11/17/2057						5.275%						125,000						(1,525)						123,475						87,538						123,461
Junior subordinated debentures			06/14/2021						06/15/2061						4.250%						325,000						(7,462)						317,538						186,940						317,472
Term loan(2)			05/11/2023						06/26/2029						5.324%						450,000						(1,713)						448,287						448,287						248,890
Subtotal																					2,700,000						(26,100)						2,673,900						2,429,900						2,327,085
Unamortized issuance costs(3)																					—						(6,131)						(6,131)						—						(6,292)
Total long-term debt																					2,700,000						(32,231)						2,667,769						2,429,900						2,320,793
FHLB borrowings																					10,000						—						10,000						10,000						—
Commercial paper																					309,000						(1,382)						307,618						307,618						304,656
Total short-term debt																					319,000						(1,382)						317,618						317,618						304,656
Total debt																					$	3,019,000					$	(33,613)					$	2,985,387					$	2,747,518					$	2,625,449

(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.

The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures and the term loan are payable quarterly while all other long-term debt is payable semi-annually.

Credit Facility: Globe Life has in place a credit facility which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The credit facility was amended on June 26, 2026 and now matures on June 26, 2031, and may be extended up to a one-year period upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date.

The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $1 billion, less any letters of credit issued. Interest is charged at

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of September 30, 2026, the Company was in full compliance with these covenants.

Pre-capitalized Trust Securities: On July 1, 2025, the Company entered into a 30-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $500 million par of Pre-Capitalized Trust Securities ("P-CAPS"), conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities"). P-CAPS provide the Company with a source of liquidity, the proceeds of which, if drawn, would be used for general corporate purposes.

Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $500 million of its 6.580% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.789% per annum on the unexercised portion of the facility. These fees are recorded in "Interest expense" on the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. The Issuance Right will be exercised automatically in full upon (i) our failure to pay the facility fee or to purchase any Strips required to be purchased under the Facility, if the failure to pay is not cured within 30 days, or (ii) certain bankruptcy events involving the Company. We are also required to exercise the Issuance Right in full if our consolidated stockholders’ equity (excluding accumulated other comprehensive income ("AOCI") falls below $1.85 billion, subject to certain adjustments. As of September 30, 2026, the Company had no senior note issuances under the Facility Agreement.

Commercial Paper: The following tables present selected information concerning our commercial paper borrowings.

Credit Facility—Commercial Paper

			As of
			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

			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
Commercial paper issued during period (par value)			1,847,300						1,678,250
Commercial paper matured during period (par value)			(1,844,300)						(1,766,250)
Net commercial paper issued (matured) during period (par value)			3,000						(88,000)

Federal Home Loan Bank: FHLB membership provides certain of our insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings. Globe Life owned $31.1 million in FHLB common stock as of September 30, 2026 and $32.5 million as of December 31, 2025. The FHLB stock is restricted from redemption or repurchases for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

long-term investments" on the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life.

As of September 30, 2026, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $986 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.7 billion. As of September 30, 2026, $462 million in funding agreements were outstanding with the FHLB, compared to $437 million as of December 31, 2025. This amount is included in "Other policyholders' funds" on the Condensed Consolidated Balance Sheets. The Company had $10 million and $65 million in short-term borrowings from the FHLB as of September 30, 2026 and 2025, respectively.

Note 12—Business Segments

Globe Life is organized into three operating segments: life, health, and investments.

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance and supplemental health insurance. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments. The Company's chief operating decision makers (the "CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products.

The following tables present segment premium revenue by each of Globe Life's distribution channels.

Premium Income by Distribution Channel
						Three Months Ended September 30, 2026
						Life												Health																		Total
Distribution Channel						Amount						% of Total						Amount						% of Total																		Amount						% of Total
American Income						$	470,362					55						$	31,491					7																		$	501,853					38
Direct to Consumer						243,083						28						20,844						5																		263,927						20
Liberty National						102,000						12						46,557						10																		148,557						11
United American						1,596						—						219,340						49																		220,936						17
Family Heritage						2,211						—						128,625						29																		130,836						10
Other						45,300						5						—						—																		45,300						4
Total						$	864,552					100						$	446,857					100																		$	1,311,409					100

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Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Three Months Ended September 30, 2025
						Life												Health																		Total
Distribution Channel						Amount						% of Total						Amount						% of Total																		Amount						% of Total
American Income						$	451,214					53						$	31,693					8																		$	482,907					39
Direct to Consumer						244,828						29						19,186						5																		264,014						21
Liberty National						98,190						12						47,270						12																		145,460						12
United American						1,542						—						169,735						44																		171,277						14
Family Heritage						1,896						—						118,640						31																		120,536						10
Other						46,813						6						—						—																		46,813						4
Total						$	844,483					100						$	386,524					100																		$	1,231,007					100

Premium Income by Distribution Channel
						Nine Months Ended September 30, 2026
						Life												Health																		Total
Distribution Channel						Amount						% of Total						Amount						% of Total																		Amount						% of Total
American Income						$	1,395,896					54						$	93,415					7																		$	1,489,311					38
Direct to Consumer						731,526						29						62,447						5																		793,973						21
Liberty National						302,401						12						141,539						11																		443,940						11
United American						4,909						—						625,182						48																		630,091						16
Family Heritage						6,410						—						378,037						29																		384,447						10
Other						137,382						5						—						—																		137,382						4
Total						$	2,578,524					100						$	1,300,620					100																		$	3,879,144					100

						Nine Months Ended September 30, 2025
						Life												Health																		Total
Distribution Channel						Amount						% of Total						Amount						% of Total																		Amount						% of Total
American Income						$	1,334,591					53						$	93,806					8																		$	1,428,397					39
Direct to Consumer						736,651						29						57,374						5																		794,025						22
Liberty National						291,635						12						142,823						13																		434,458						12
United American						4,704						—						493,561						43																		498,265						14
Family Heritage						5,418						—						346,850						31																		352,268						9
Other						140,891						6						—						—																		140,891						4
Total						$	2,513,890					100						$	1,134,414					100																		$	3,648,304					100

Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.

The measure of profitability established by the CODMs for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance segment) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The measure of profitability for the Investment segment is excess investment income, representing the net income earned on the investment portfolio in excess of policy requirements. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.

Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments.

These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. All of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

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Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.

			Three Months Ended September 30, 2026
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	864,552					$	446,857					$	—					$	1,311,409
Net investment income			—						—						295,895						295,895
Segment revenue			864,552						446,857						295,895						1,607,304
Realized gains (losses)																					(12,612)
Other income																					1,245
Total consolidated revenue																					$	1,595,937
Expenses:
Policy obligations(1)			414,701						272,129						5,837						692,667
Required interest on reserves			(219,759)						(30,203)						252,113						2,151
Amortization of acquisition costs			108,471						16,183						—						124,654
Commissions			44,392						48,587						—						92,979
Premium taxes			18,801						8,786						—						27,587
Non-deferred acquisition costs			39,778						15,738						—						55,516
Segment profit or (loss)			$	458,168					$	115,637					$	37,945					611,750
Insurance administrative expenses:
Salaries																					35,107
Other employee costs																					10,398
Information technology costs																					24,212
Legal costs																					3,144
Other administrative costs																					22,296
Parent expense																					2,875
Stock-based compensation expense																					15,410
Interest expense																					37,814
Legal proceedings																					8,643
Other expenses																					1,189
Annuity																					(1,939)
Total expenses																					1,154,703
Income before income taxes per Condensed Consolidated Statements of Operations																					$	441,234

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Three Months Ended September 30, 2025
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	844,483					$	386,524					$	—					$	1,231,007
Net investment income			—						—						286,013						286,013
Segment revenue			844,483						386,524						286,013						1,517,020
Realized gains (losses)																					(4,987)
Other income																					955
Total consolidated revenue																					$	1,512,988
Expenses:
Policy obligations(1)			381,511						227,940						5,787						615,238
Required interest on reserves			(212,454)						(28,517)						243,343						2,372
Amortization of acquisition costs			98,583						15,137						—						113,720
Commissions			42,924						42,699						—						85,623
Premium taxes			16,928						7,281						—						24,209
Non-deferred acquisition costs			35,383						13,610						—						48,993
Segment profit or (loss)			$	481,608					$	108,374					$	36,883					626,865
Insurance administrative expenses:
Salaries																					34,265
Other employee costs																					10,056
Information technology costs																					21,795
Legal costs																					4,854
Other administrative costs																					18,797
Parent expense																					4,105
Stock-based compensation expense																					14,603
Interest expense																					36,134
Legal proceedings																					2,589
Other expenses																					498
Annuity																					(1,965)
Total expenses																					1,035,886
Income before income taxes per Condensed Consolidated Statements of Operations																					$	477,102

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Nine Months Ended September 30, 2026
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	2,578,524					$	1,300,620					$	—					$	3,879,144
Net investment income			—						—						879,539						879,539
Segment revenue			2,578,524						1,300,620						879,539						4,758,683
Realized gains (losses)																					(6,952)
Other income																					3,555
Total consolidated revenue																					$	4,755,286
Expenses:
Policy obligations(1)			1,447,510						812,875						17,165						2,277,550
Required interest on reserves			(654,837)						(88,036)						749,460						6,587
Amortization of acquisition costs			315,816						47,657						—						363,473
Commissions			132,099						143,522						—						275,621
Premium taxes			54,834						25,337						—						80,171
Non-deferred acquisition costs			116,526						49,839						—						166,365
Segment profit or (loss)			$	1,166,576					$	309,426					$	112,914					1,588,916
Insurance administrative expenses:
Salaries																					104,826
Other employee costs																					32,677
Information technology costs																					70,691
Legal costs																					10,253
Other administrative costs																					62,442
Parent expense																					10,977
Stock-based compensation expense																					45,987
Interest expense																					107,864
Legal proceedings																					14,127
Other expenses																					1,280
Annuity																					(5,858)
Total expenses																					3,625,033
Income before income taxes per Condensed Consolidated Statement of Operations																					$	1,130,253

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Nine Months Ended September 30, 2025
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	2,513,890					$	1,134,414					$	—					$	3,648,304
Net investment income			—						—						848,796						848,796
Segment revenue			2,513,890						1,134,414						848,796						4,497,100
Realized gains (losses)																					(23,476)
Other income																					1,073
Total consolidated revenue																					$	4,474,697
Expenses:
Policy obligations(1)			1,410,622						691,793						16,591						$	2,119,006
Required interest on reserves			(632,150)						(85,194)						724,624						7,280
Amortization of acquisition costs			285,417						44,497						—						329,914
Commissions			130,848						127,551						—						258,399
Premium taxes			51,621						22,423						—						74,044
Non-deferred acquisition costs			108,586						42,192						—						150,778
Segment profit or (loss)			$	1,158,946					$	291,152					$	107,581					1,557,679
Insurance administrative expenses:
Salaries																					102,630
Other employee costs																					29,764
Information technology costs																					62,286
Legal costs																					16,930
Other administrative costs																					51,753
Parent expense																					10,710
Stock-based compensation expense																					40,665
Interest expense																					106,011
Legal proceedings																					13,365
Other expenses																					498
Annuity																					(5,818)
Total expenses																					3,368,215
Income before income taxes per Condensed Consolidated Statement of Operations																					$	1,106,482

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Assets for each segment are reported based on a specific identification basis. The insurance segments’ assets contain DAC. The investment segment includes the investment portfolio, cash, and accrued investment income. Goodwill is assigned to the insurance segments at the time of purchase. All other assets are included in the annuity and other corporate category. The tables below reconcile segment assets to total assets as reported on the Condensed Consolidated Balance Sheets.

Assets by Segment

			September 30, 2026
			Life						Health						Investment						Consolidated
Cash and invested assets			$	—					$	—					$	19,891,299					$	19,891,299
Accrued investment income			—						—						296,746						296,746
Deferred acquisition costs			6,457,675						892,816						—						7,350,491
Goodwill			309,609						180,837						—						490,446
Total segment assets			$	6,767,284					$	1,073,653					$	20,188,045					28,028,982
Annuity and other corporate																					2,541,435
Total assets																					$	30,570,417

			December 31, 2025
			Life						Health						Investment						Consolidated
Cash and invested assets			$	—					$	—					$	20,614,713					$	20,614,713
Accrued investment income			—						—						272,818						272,818
Deferred acquisition costs			6,147,750						851,386						—						6,999,136
Goodwill			309,609						180,837						—						490,446
Total segment assets			$	6,457,359					$	1,032,223					$	20,887,531					28,377,113
Annuity and other corporate																					2,436,579
Total assets																					$	30,813,692

Note 13—Subsequent Events

Subsequent to September 30, 2026, the Company approved a residential mortgage loan investment program through its insurance subsidiaries, with an initial commitment of up to $250 million. Residential mortgage loans acquired under the program will be held for investment and carried at amortized cost. The Company intends to pledge a portion of the acquired loans to the Federal Home Loan Bank as collateral for advances.

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CAUTIONARY STATEMENTS

We caution readers regarding certain forward-looking statements contained in the foregoing discussion and elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in future filings with the Securities and Exchange Commission. Any statement that is not a historical fact, or that might otherwise be considered an opinion or projection concerning the Company or its business, whether express or implied, is meant as and should be considered a forward-looking statement. Such statements represent management's opinions concerning future operations, strategies, financial results or other developments. We specifically disclaim any obligation to update or revise any forward-looking statement because of new information, future developments, or otherwise.

Forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control. If these estimates or assumptions prove to be incorrect, the actual results of Globe Life may differ materially from the forward-looking statements made on the basis of such estimates or assumptions. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1.Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, a prolonged government shutdown, and other governmental actions which affect the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and/or utilization of health care services that differ from Globe Life's assumptions;

2.Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that affect Medicare Supplement insurance sales, claims utilization or use);

3.Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that affect the sales of traditional Medicare Supplement insurance;

4.Ratings changes with respect to our financial performance and condition;

5.Interest rate changes that affect product sales, financing costs, and/or investment yields;

6.General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may comprise part of our investment portfolio) that affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;

7.Changes in the competitiveness of the Company's products and pricing;

8.Litigation results and regulatory actions;

9.Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);

10.The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;

11.The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;

12.The customer response to new products and marketing initiatives;

13.Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;

14.Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;

15.The Company's ability to attract and retain agents;

16.The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity, level of claims, and demand for our products; and

17.Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described under Item 1A. Risk Factors.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Item 2. 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

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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

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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.

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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.

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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.

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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.

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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

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Table of Contents

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.

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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.

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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.

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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.

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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.

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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

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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

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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-

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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.

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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.

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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

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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.

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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. See Note 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.

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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.

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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.

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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.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no quantitative or qualitative changes with respect to market risk exposure during the nine months ended September 30, 2026.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures: Globe Life Inc., under the direction of the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, has established disclosure controls and procedures that are designed to ensure that information required to be disclosed by Globe Life in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to Globe Life's management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

As of the end of the fiscal period completed September 30, 2026, an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon their evaluation, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-Q. In compliance with Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-Q.

Changes in Internal Control over Financial Reporting: During the period ended September 30, 2026, there were no changes to Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect the internal control over financial reporting subsequent to the date of their evaluation which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.  

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Part II—Other Information

Item 1. Legal Proceedings

Discussion regarding litigation is provided in Note 5—Commitments and Contingencies.

Item 1A. Risk Factors

The Company had no material changes to its risk factors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Certain Equity Securities by the Issuer and Others for the Third Quarter of 2026

Period						(a) Total Number of Shares Purchased						(b) Average Price Paid Per Share						(c) Total Number of Shares Purchased as  Part of Publicly Announced Plans or Programs						(d) Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs
July 1-31, 2026						353,745						$	178.79					353,745						—
August 1-31, 2026						568,400						177.37						568,400						—
September 1-30, 2026						306,149						170.56						306,149						—

Item 5. Other Information

(c) Trading arrangements

During the nine months ended September 30, 2026, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined under Item 408(a) of Regulation S-K.

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Item 6. Exhibits

 

Exhibit No.						Description
10.1						Form of Seven Year Stock Option under Globe Life Inc. 2026 Incentive Plan
10.2						Form of Seven Year Stock Option under Globe Life Inc. 2026 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions
10.3						Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2026 Incentive Plan
10.4						Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2026 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions
10.5						Form of Performance Share Award Certificate under Globe Life Inc. 2026 Incentive Plan
31.1						Rule 13a-14(a)/15d-14(a) Certification by J. Matthew Darden
31.2						Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda
31.3						Rule 13a-14(a)/15d-14(a) Certification by Thomas P. Kalmbach
32.1						Section 1350 Certification by J. Matthew Darden, Frank M. Svoboda, and Thomas P. Kalmbach
101.INS						XBRL Instance Document- the instance document does not appear in the Interactive Data file because the XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

									GLOBE LIFE INC.
Date: November 4, 2026									/s/ J. Matthew Darden
									J. Matthew Darden
									Co-Chairman and Chief Executive Officer
Date: November 4, 2026									/s/ Frank M. Svoboda
									Frank M. Svoboda
									Co-Chairman and Chief Executive Officer
Date: November 4, 2026									/s/ Thomas P. Kalmbach
									Thomas P. Kalmbach
									Executive Vice President and Chief Financial Officer

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