GLGlobe Life
Globe Life's website is: www.globelifeinsurance.com. 10-K, Item 1
- Headquarters
- Mckinney, TX
- Next results
- around Feb 3, 2027
5 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 26, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Our investment portfolio contains certain alternative investments that may be illiquid and volatile, which could negatively affect our investment income and liquidity.
Over the past several years, we have increased our investment in alternative investments, such as limited partnerships. These and other similar investments may have different, more significant risk characteristics than investments in fixed maturity securities, may be more volatile and may be illiquid due to restrictions on sales, transfers and redemption terms, all of which could negatively affect our investment income and overall portfolio liquidity.
These alternative investments may not meet regulatory admissibility requirements or may result in increased regulatory capital charges to the insurance subsidiaries that hold these investments, which could limit those subsidiaries’ ability to pay dividends and negatively impact our liquidity.
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Under an intercompany reinsurance agreement initiated in 2025, we have ceded approximately $1.2 billion of our life statutory reserves from Liberty National Life Insurance Company, Globe Life And Accident Insurance Company, and American Income Life Insurance Company to GL Re, as of December 31, 2025. Future regulatory changes made by the BMA or other events may impact the capital efficiency of the reinsurance structure and could require the holding company to contribute additional capital to GL Re or our U.S. insurance subsidiaries to recapture ceded business.
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transmit, store, and retrieve valuable data. In addition, in the event that a significant number of our management were unavailable following a disaster, the achievement of our strategic objectives could be negatively impacted.
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New in the latest 10-Q
10 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
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.
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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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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.
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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.
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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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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.
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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.
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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.
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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.
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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.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.
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