0000320335false00003203352024-10-232024-10-230000320335us-gaap:CommonStockMember2024-10-232024-10-230000320335us-gaap:SubordinatedDebtMember2024-10-232024-10-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 23, 2024
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 001-0805263-0780404
(State or other jurisdiction
of incorporation)
 
(Commission
File No.)
(I.R.S. Employer
ID No.)
3700 South Stonebridge Drive, McKinney, Texas 75070
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (972) 569-4000
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareGLNew York Stock Exchange
4.250% Junior Subordinated DebenturesGL PRDNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
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.☐



Item 2.02    Results of Operations and Financial Condition.
On October 23, 2024, Globe Life Inc. issued a press release announcing its third quarter 2024 financial results. A copy of the press release is incorporated herein by reference and is provided as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information included or incorporated in this report (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01    Financial Statement and Exhibits.
(a)Financial Statements of businesses or funds acquired.
Not applicable.
(b)Pro forma financial information.
Not applicable.
(c)Shell company transactions.
Not applicable
(d)Exhibits.
(104) Cover Page Interactive Data File (embedded within the Inline XBRL document)





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 hereunto duly authorized.
 
 
Date: October 23, 2024
 GLOBE LIFE INC.
 /s/ Christopher T. Moore
 Christopher T. Moore

Corporate Senior Vice President,
Associate Counsel and Corporate Secretary



globelifeheadera.gif

GLOBE LIFE INC. REPORTS
Third Quarter 2024 Results


McKinney, TX, October 23, 2024—Globe Life Inc. (NYSE: GL) reported today that for the quarter ended September 30, 2024, net income was $3.44 per diluted common share, compared with $2.68 per diluted common share for the year-ago quarter. Net operating income for the quarter was $3.49 per diluted common share, compared with $2.71 per diluted common share for the year-ago quarter.

HIGHLIGHTS:
l
Net income as an ROE(1) was 22.4% for the nine months ended September 30, 2024. Net operating income as an ROE(1) excluding accumulated other comprehensive income (AOCI) was 15.3% for the same period.
l
Net income(1) increased 18% and net operating income increased 19% over the year-ago quarter.
l
At the American Income Life Division, life net sales and life premiums increased over the year-ago quarter by 19% and 7%, respectively. Additionally, the average producing agent count increased 10% over the year-ago quarter.
l
At the Liberty National Division, the average producing agent count increased 14% over the year-ago quarter and life premiums increased 6%.
l
At the Family Heritage Division, health net sales increased 16% and health premiums increased 8% over the year-ago quarter. Additionally, the average producing agent count increased 8% over the year-ago quarter.
l
Total underwriting margin(1) increased 19% over the year-ago quarter.
l
Net investment income grew 7% over the year-ago quarter.
l
5.8 million shares of Globe Life Inc. common stock at a total cost of $580 million were repurchased during the quarter.



(1) Includes a $46.3 million remeasurement gain due to the unlocking of assumptions in the third quarter of 2024, as compared to a $3.2 million remeasurement gain due to the unlocking of assumptions in the year-ago quarter. These amounts, along with the experience-related adjustments, are included within the remeasurement gain or loss in the Consolidated Statement of Operations.







Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
1
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

RESULTS OF OPERATIONS

Net operating income, a non-GAAP(1) financial measure, has been used consistently by Globe Life’s 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 net income primarily because it excludes certain non-operating items such as realized investment gains and losses and certain 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.

The following table represents Globe Life's operating summary for the three months ended September 30, 2024 and 2023:
Operating Summary
Per Share
Three Months Ended
September 30,		Three Months Ended
September 30,
20242023%
Chg.		20242023%
Chg.
Insurance underwriting income(2)
$4.40 $3.38 30$387,444 $324,330 19
Excess investment income(2)
0.45 0.35 2939,503 33,918 16
Interest on debt(0.36)(0.27)33(31,388)(25,955)21
Parent company expense
(0.04)(0.03)(3,210)(2,581)
Income tax expense(0.87)(0.67)30(76,887)(63,903)20
Stock compensation benefit (expense), net of tax(0.09)(0.06)(7,603)(6,096)
Net operating income 3.49 2.71 29307,859 259,713 19
Reconciling items, net of tax:
Realized gain (loss)—investments(0.02)(0.02)(1,732)(1,732)
Non-operating expenses(0.01)(0.01)(503)(898)
Legal costs and proceedings
(0.03)— (2,630)— 
Net income(3)
$3.44 $2.68 $302,994 $257,083 
Weighted average diluted shares outstanding 88,087 95,818 
(1)GAAP is defined as accounting principles generally accepted in the United States of America.
(2)Definitions included within this document.
(3)A GAAP-basis condensed consolidated statement of operations is included in the appendix of this report.


Note: Tables in this earnings release may not sum due to rounding.

2
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
MANAGEMENT VS. GAAP MEASURES

Shareholders' equity, excluding AOCI, and book value per share, excluding AOCI, are non-GAAP measures that are utilized by management to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. Management views the business in this manner because it creates more meaningful and easily identifiable trends, as we exclude fluctuations resulting from changes in interest rates. Shareholders' equity and book value per share are the most directly comparable GAAP measures.
Nine Months Ended
September 30,
20242023
Net income
$815,566 $695,953 
Net operating income
843,175 759,231 
Net income as an ROE(1)
22.4 %22.6 %
Net operating income as an ROE (excluding AOCI)(1)
15.3 %14.7 %
September 30,
20242023
Shareholders' equity$4,638,625 $4,623,131 
Impact of adjustment to exclude AOCI2,484,743 2,458,974 
Shareholders' equity, excluding AOCI$7,123,368 $7,082,105 
Book value per share$54.65 $48.51 
Impact of adjustment to exclude AOCI29.27 25.80 
Book value per share, excluding AOCI$83.92 $74.31 
(1) Calculated using average shareholders' equity for the measurement period.

INSURANCE OPERATIONS:

Life insurance accounted for 81% of the Company’s insurance underwriting margin for the quarter and 70% of total premium revenue.

Health insurance accounted for 18% of the Company's insurance underwriting margin for the quarter and 30% of total premium revenue.

Net sales of life insurance increased 10% for the quarter, and net health sales increased 8%.

The following table summarizes Globe Life's premium revenue by product type for the three months ended September 30, 2024 and 2023:
Insurance Premium Revenue
Quarter Ended
September 30, 2024September 30, 2023%
Chg.
Life insurance$818,638 $788,099 4
Health insurance353,955 331,236 7
Annuity— — 
Total$1,172,593 $1,119,335 5

3
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
INSURANCE UNDERWRITING INCOME

Insurance underwriting margin is management’s measure of profitability of the Company's life, health, and annuity segments’ underwriting performance, and consists of premiums less policy obligations (excluding interest on policy liabilities), commissions and other acquisition expenses. Insurance underwriting income is the sum of the insurance underwriting margins of the life, health, and annuity segments, plus other income, less administrative expenses. It excludes the investment segment, interest on debt, Parent Company expense, stock compensation expense and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of underwriting results by distribution channel. Insurance underwriting income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Results of Operations section above.

The following table summarizes Globe Life's insurance underwriting income by segment for the three months ended September 30, 2024 and 2023:
Insurance Underwriting Income
Quarter Ended
September 30, 2024% of
Premium		September 30, 2023% of
Premium		%
Chg.
Insurance underwriting margins:
Life$387,183 47$300,088 3829
Health86,963 2596,700 29(10)
Annuity1,721 2,077 
475,867 398,865 19
Other income42 50 
Administrative expenses(88,465)(74,585)
Insurance underwriting income$387,444 $324,330 19
Per share$4.40 $3.38 30

The ratio of administrative expenses to premium was 7.5%, compared with 6.7% for the year-ago quarter.

4
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL

Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (Direct to Consumer).

Total premium, underwriting margins, first-year collected premium and net sales by all distribution channels are shown at https://investors.globelifeinsurance.com at "Financial Reports and Other Financial Information."
Life Underwriting Margin
Quarter Ended
September 30,
20242023
Amount% of PremiumAmount% of Premium% Chg.
American Income $221,246 52 $181,098 45 22
Direct to Consumer 88,279 36 63,058 25 40
Liberty National 44,701 48 27,426 31 63
Other 32,957 65 28,506 55 16
Total$387,183 47 $300,088 38 29
Life Premium
Quarter Ended
September 30,
20242023%
Chg.
American Income $427,839 $400,214 7
Direct to Consumer 246,425 247,858 (1)
Liberty National 93,625 88,199 6
Other 50,749 51,828 (2)
Total$818,638 $788,099 4
Life Net Sales(1)
Quarter Ended
September 30,
20242023%
Chg.
American Income $96,739 $81,066 19
Direct to Consumer 24,074 26,497 (9)
Liberty National 24,352 24,165 1
Other 2,259 2,469 (9)
Total$147,424 $134,197 10
(1)Net sales is calculated as annualized premium issued, net of cancellations in the first thirty 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 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.

5
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Health Underwriting Margin
Quarter Ended
September 30,
20242023
Amount% of PremiumAmount% of Premium% Chg.
United American $14,023 9 $15,473 11 (9)
Family Heritage 34,032 32 35,605 36 (4)
Liberty National 26,109 55 25,082 54 4
American Income 10,840 35 19,033 62 (43)
Direct to Consumer1,959 11 1,507 9 30
Total$86,963 25 $96,700 29 (10)
Health Premium
Quarter Ended
September 30,
20242023%
Chg.
United American $149,510 $137,077 9
Family Heritage 107,819 99,828 8
Liberty National 47,277 46,643 1
American Income 31,277 30,535 2
Direct to Consumer 18,072 17,153 5
Total$353,955 $331,236 7
Health Net Sales(1)
Quarter Ended
September 30,
20242023%
Chg.
United American $15,529 $15,740 (1)
Family Heritage 29,326 25,312 16
Liberty National 8,122 8,652 (6)
American Income 5,566 4,673 19
Direct to Consumer 663 516 28
Total$59,206 $54,893 8
(1)Net sales is calculated as annualized premium issued, net of cancellations in the first thirty 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 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.

6
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY DISTRIBUTION CHANNEL

Quarterly Average
Producing Agent Count(1)
Quarter EndedQuarter Ended
September 30,June 30,
20242023% Chg.2024
American Income12,031 10,983 10 11,869 
Liberty National 3,794 3,339 14 3,700 
Family Heritage 1,429 1,323 8 1,361 

(1) The quarterly average producing agent count is based on the actual count at the beginning and end of each week during the period.


INVESTMENTS

Management uses excess investment income as the measure to evaluate the performance of the investment segment. It is defined as net investment income less the required interest attributable to policy liabilities. We also view excess investment income per diluted common share as an important and useful measure to evaluate performance of the investment segment, since it takes into consideration our stock repurchase program.

The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.
Excess Investment Income
Quarter Ended
September 30,
20242023%
Chg.
Net investment income$284,964 $266,926 7
Interest on policy liabilities(1)
(245,461)(233,008)5
Excess investment income$39,503 $33,918 16
Per share$0.45 $0.35 29
(1)Interest on policy liabilities, at original discount rates, is a component of total policyholder benefits, a GAAP measure.

Net investment income increased 7% and average invested assets increased 5%. Required interest on policy liabilities increased 5% and average policy liabilities increased 5%.

7
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The composition of the investment portfolio at book value at September 30, 2024 is as follows:
Investment Portfolio
As of
September 30, 2024
Amount% of Total
Fixed maturities at fair value(1)
$18,334,570 88 
Mortgage loans
381,315 2 
Policy loans691,072 3 
Other long-term investments(2)
1,221,888 6 
Short-term investments100,501 — 
Total$20,729,346 
(1) As of September 30, 2024, fixed maturities at amortized cost were $19.1 billion, net of $7.1 million of allowance for credit losses.
(2) Includes $979 million of investments accounted for under the fair value option which have a cost of $967 million as of September 30, 2024.

Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of September 30, 2024 are as follows:
Fixed Maturity Portfolio by Sector
As of
September 30, 2024
Investment GradeBelow Investment GradeTotal Amortized Cost, net
Corporate bonds$14,752,056 $511,426 $15,263,482 
Municipals3,253,819 — 3,253,819 
Government, agencies, and GSEs(1)
439,763 — 439,763 
Collateralized debt obligations— 36,685 36,685 
Other asset-backed securities75,821 7,752 83,573 
Total$18,521,459 $555,863 $19,077,322 
(1) Government-Sponsored Enterprises

Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at September 30, 2024 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).
As of
Amortized
Cost		Allowance for Credit LossesNet Unrealized Gains (Losses)Fair
 Value
September 30, 2024
$19,084,454 $(7,132)$(742,752)$18,334,570 

At amortized cost, net of allowance for credit losses, 97% of fixed maturities (97% at fair value) were rated “investment grade.” The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.25% during the third quarter of 2024, compared with 5.19% in the year-ago quarter.

Globe Life is not a party to any credit default swaps and does not participate in securities lending.


8
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Comparable information for acquisitions of fixed maturity and other investments is as follows:
Fixed Maturity Acquisitions
Quarter Ended
September 30,
20242023
Amount$81,569 $426,867 
Average annual effective yield6.2 %6.1 %
Average ratingA-A+
Average life (in years) to:
Next call18.3 16.6 
Maturity30.1 26.6 

Other Investment Acquisitions
Quarter Ended
September 30,
20242023
Limited partnerships
$77,225 $70,008 
Mortgage loans
42,500 29,559 
Common stock
3,775 7,453 
Company owned life insurance
200,000 — 
Total$323,500 $107,020 

SHARE REPURCHASE:

During the quarter, the Company repurchased 5.8 million shares of Globe Life Inc. common stock at a total cost of $580 million and an average share price of $100.34.

LIQUIDITY/CAPITAL:

Globe Life's operations consist primarily of writing basic protection life and supplemental health insurance policies which generate strong and stable cash flows. These cash flows are not impacted by volatile equity markets. Liquidity at the Parent Company is sufficient to meet additional capital needs of the insurance companies.

EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2024 and 2025:

Globe Life projects net operating income between $12.20 to $12.40 per diluted common share for the year ending December 31, 2024. For the year ending December 31, 2025, we estimate that net operating income per share will be in the range of $13.20 to $13.90.

NON-GAAP MEASURES:

In this news release, Globe Life includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. Globe Life's definitions of non-GAAP measures may differ from other companies' definitions. More detailed financial information, including various GAAP and non-GAAP measurements, is located at https://investors.globelifeinsurance.com on the Investors page under “Financial Reports and Other Financial Information."


9
GL Q3 2024 Earnings Release

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. 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 continued impact of inflation, geopolitical events, and the recent pandemic on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and 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 would affect Medicare Supplement);
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 could affect the sales of traditional Medicare Supplement insurance;
4) Interest rate changes that affect product sales, financing costs, and/or investment yields;
5) General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may compromise part of our investment portfolio) that may 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;
6) Changes in the competitiveness of the Company's products and pricing;
7) Litigation results;
8) 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);
9) The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10) The customer response to new products and marketing initiatives;
11) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12) 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;
13) The impact of any reputational damage on the Company including the impact on the Company's ability to attract and retain agents;

14) 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 and demand for our products; and
15) 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. Globe Life specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

10
GL Q3 2024 Earnings Release

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

Globe Life will provide a live audio webcast of its third quarter 2024 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, October 24, 2024. Access to the live webcast and replay will be available at https://investors.globelifeinsurance.com on the Calls and Meetings page, at the Conference Calls on the Web icon. Immediately following this press release, supplemental financial reports will be available before the conference call on the Investors page menu of the Globe Life website at “Financial Reports.”
For additional information contact:
Mike Majors, Executive Vice President - Policy Acquisition and Chief Strategy Officer
Globe Life Inc.
3700 South Stonebridge Drive
P. O. Box 8080
McKinney, Texas 75070-8080
Phone: 972-569-3627 or email: investors@globe.life
Website: https://investors.globelifeinsurance.com

11
GL Q3 2024 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
APPENDIX

GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Revenue:
Life premium$818,638 $788,099 $2,438,385 $2,342,429 
Health premium353,955 331,236 1,046,617 982,916 
Other premium— — — — 
Total premium1,172,593 1,119,335 3,485,002 3,325,345 
Net investment income284,964 266,926 853,178 785,275 
Realized gains (losses)(2,192)(2,193)(26,580)(78,963)
Other income42 50 192 185 
Total revenue1,455,407 1,384,118 4,311,792 4,031,842 
Benefits and expenses:
Life policyholder benefits(1)
454,502 515,676 1,493,165 1,536,317 
Health policyholder benefits(2)
221,926 193,790 629,676 580,676 
Other policyholder benefits11,756 9,578 32,830 27,488 
Total policyholder benefits688,184 719,044 2,155,671 2,144,481 
Amortization of deferred acquisition costs104,310 95,757 305,703 282,159 
Commissions, premium taxes, and non-deferred acquisition costs149,693 138,677 447,605 414,933 
Other operating expense104,874 85,870 297,196 256,074 
Interest expense31,388 25,955 91,413 76,640 
Total benefits and expenses1,078,449 1,065,303 3,297,588 3,174,287 
Income before income taxes376,958 318,815 1,014,204 857,555 
Income tax benefit (expense)(73,964)(61,732)(198,638)(161,602)
Net income$302,994 $257,083 $815,566 $695,953 
Basic net income per common share$3.45 $2.72 $8.96 $7.29 
Diluted net income per common share$3.44 $2.68 $8.93 $7.20 
(1)Net of total remeasurement including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $70.6 million for the three months ended September 30, 2024, and a total remeasurement gain of $11.3 million for the same period in 2023. Net of a total remeasurement gain of $87.8 million for the nine months ended September 30, 2024, and a total remeasurement gain of $16.5 million for the same period in 2023.
(2)Net of a total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a loss of $9.6 million for the three months ended September 30, 2024, and a total remeasurement gain of $7.8 million for the same period in 2023. Net of a total remeasurement loss of $3.1 million for the nine months ended September 30, 2024, and a total remeasurement gain of $8.3 million for the same period in 2023.
12
GL Q3 2024 Earnings Release
v3.24.3
Cover page
Oct. 23, 2024
Entity Listings [Line Items]  
Document Type 8-K
Document Period End Date Oct. 23, 2024
Entity Registrant Name GLOBE LIFE INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-08052
Entity Tax Identification Number 63-0780404
Entity Address, Address Line One 3700 South Stonebridge Drive
Entity Address, City or Town McKinney
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75070
City Area Code 972
Local Phone Number 569-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000320335
Amendment Flag false
Common Stock, $1.00 par value per share  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock, $1.00 par value per share
Trading Symbol GL
Security Exchange Name NYSE
4.250% Junior Subordinated Debentures  
Entity Listings [Line Items]  
Title of 12(b) Security 4.250% Junior Subordinated Debentures
Trading Symbol GL PRD
Security Exchange Name NYSE
Globe Life (NYSE:GL)
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