← Filings of GL
Tables in the 10-K of GLOBE LIFE INC.
174 tables with numbers, filed Feb 25, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| | | Page |
| PART I. | | | |
| Item 1. | Business | 1 |
| Item 1A. | Risk Factors | 8 |
| Item 1B. | Unresolved Staff Comments | 16 |
| Item 1C. | Cybersecurity | 16 |
| Item 2. | Properties | 18 |
| Item 3. | Legal Proceedings | 18 |
First 8 of 50 rows. The CSV has all of them.
| Primary Distribution Method | Underwriting Company | Products and Target Markets | Distribution |
| Direct to Consumer Division | Globe Life And Accident Insurance Company McKinney, Texas | Individual life and supplemental health limited-benefit insurance including juvenile and senior life coverage and Medicare Supplement to lower middle-income to middle-income Americans. | Nationwide distribution through direct to consumer channels: including direct mail, electronic media, and insert media. |
| American Income Life Division | American Income Life Insurance Company Waco, Texas | Individual life and supplemental health limited-benefit insurance marketed to working families. | 11,920 average producing agents in the U.S., Canada, and New Zealand. |
| Liberty National Division | Liberty National Life Insurance Company McKinney, Texas | Life and supplemental health limited-benefit insurance distributed through in-home and worksite channels. | 3,846 average producing agents in the U.S. |
| Family Heritage Division | Family Heritage Life Insurance Company of America Cleveland, Ohio | Supplemental limited-benefit health insurance to lower middle-income to middle-income families. | 1,527 average producing agents in the U.S. |
| United American Division | United American Insurance Company McKinney, Texas | Supplemental health Medicare coverage to beneficiaries and, to a lesser extent, supplemental limited-benefit coverage to people under age 65. | 4,396 independent producing agents in the U.S. |
| Agents of American Income Life, Liberty National and Family Heritage are independent contractors that exclusively sell for Globe Life. | | | | |
Table 3 after “—The distribution channels for life insurance products include direct to consumer, exclusive independent agents, and general agency independ”
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| Annualized Premium in Force(1)(Dollar amounts in thousands) | | | | |
| 2025 | 2024 | | 2023 | |
| Direct to Consumer | $924,242 | | $922,508 | | $933,057 |
| Exclusive agents: | | | | | |
| American Income | 1,869,082 | | 1,761,713 | | 1,654,197 |
| Liberty National | 428,124 | | 410,912 | | 390,693 |
| Independent agents: | | | | | |
| United American | 6,010 | | 6,499 | | 6,958 |
First 8 of 10 rows. The CSV has all of them.
Table 4 after “Globe Life's insurance subsidiaries write a variety of nonparticipating ordinary life insurance products. These include traditional whole li”
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| Annualized Premium in Force(Dollar amounts in thousands) | | | | | | | | | |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % of Total | | Amount | % of Total | Amount | | % of Total | | |
| Whole life: | | | | | | | | | | |
| Traditional | $2,422,449 | | 71 | | $2,321,947 | | 70 | | $2,213,816 | 69 |
| Interest-sensitive | 26,291 | | 1 | | 28,105 | | 1 | | 29,929 | 1 |
| Term | 753,774 | | 22 | | 745,231 | | 23 | | 753,261 | 24 |
| Other | 218,629 | | 6 | | 203,978 | | 6 | | 188,739 | 6 |
First 8 of 9 rows. The CSV has all of them.
Table 5 after “Globe Life's insurance subsidiaries write a variety of nonparticipating ordinary life insurance products. These include traditional whole li”
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| Policy Count and Average Face Amount Per Policy(Dollar amounts in thousands) | | | | | | | | | |
| 2025 | 2024 | | 2023 | | | | | | |
| Policy Count | Average Face Amount per Policy | | Policy Count | Average Face Amount per Policy | Policy Count | | Average Face Amount per Policy | | |
| Whole life: | | | | | | | | | | |
| Traditional | 9,085,450 | | $16.5 | | 9,092,122 | | $16.2 | | 9,050,091 | $16.0 |
| Interest-sensitive | 161,883 | | 20.4 | | 169,054 | | 20.4 | | 176,339 | 20.4 |
| Term | 4,531,580 | | 15.1 | | 4,600,839 | | 15.2 | | 4,680,364 | 15.1 |
| Other | 505,876 | | 18.9 | | 495,894 | | 18.1 | | 479,664 | 17.3 |
First 8 of 9 rows. The CSV has all of them.
Table 6 after “—The following table presents Globe Life's health insurance annualized premium in force for the three years ended December 31, 2025 by distr”
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| Annualized Premium in Force(Dollar amounts in thousands) | | | | |
| 2025 | 2024 | | 2023 | |
| Direct to Consumer | $81,040 | | $74,815 | | $70,249 |
| Exclusive agents: | | | | | |
| Liberty National | 200,815 | | 201,874 | | 200,160 |
| American Income | 121,903 | | 119,986 | | 116,962 |
| Family Heritage | 495,750 | | 454,725 | | 418,693 |
| Independent agents and brokers: | | | | | |
First 8 of 10 rows. The CSV has all of them.
Table 7 after “The following table presents supplemental health annualized premium in force information for the three years ended December 31, 2025 by prod”
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| Annualized Premium in Force(Dollar amounts in thousands) | | | | | | | | | |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % of Total | | Amount | % of Total | Amount | | % of Total | | |
| Limited-benefit plans | $896,994 | | 54 | | $824,844 | | 56 | | $782,424 | 56 |
| Medicare Supplement | 752,676 | | 46 | | 651,002 | | 44 | | 602,877 | 44 |
| $1,649,670 | | 100 | | $1,475,846 | | 100 | | $1,385,301 | 100 |
Table 8 after “Purchases of Certain Equity Securities by the Issuer and affiliated purchasers for the Fourth Quarter 2025”
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| (a) | (b) | | (c) | (d) | |
| Period | Total Number of Shares Purchased | Average Price Paid Per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs | |
| October 1-31, 2025 | 801,407 | | $135.13 | | 801,407 | — |
| November 1-30, 2025 | 462,070 | | 132.58 | | 462,070 | — |
| December 1-31, 2025 | 152,969 | | 137.97 | | 152,969 | — |
| 2025 | 2024 | | 2023 | 2025 Change | % | | 2024 Change | % | | | | |
| Life insurance underwriting margin | $1,509,361 | | $1,352,597 | | $1,192,972 | | $156,764 | | | 12 | | $159,625 | 13 |
| Health insurance underwriting margin | 390,128 | | 372,423 | | 377,937 | | 17,705 | | | 5 | | (5,514) | (1) |
| Excess investment income | 138,393 | | 164,404 | | 130,382 | | (26,011) | | | (16) | | 34,022 | 26 |
| Segment profit or (loss) | 2,037,882 | | 1,889,424 | | 1,701,291 | | 148,458 | | | 8 | | 188,133 | 11 |
| Annuity and other income | 9,470 | | 7,636 | | 8,800 | | 1,834 | | | 24 | | (1,164) | (13) |
| Administrative expense | (355,595) | | (342,430) | | (301,161) | | (13,165) | | | 4 | | (41,269) | 14 |
| Other corporate expense | (208,758) | | (179,610) | | (143,918) | | (29,148) | | | 16 | | (35,692) | 25 |
First 8 of 16 rows. The CSV has all of them.
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % ofPremium | | Amount | % ofPremium | Amount | | % ofPremium | | |
| Premium and policy charges | $3,363,470 | | 100 | | $3,261,347 | | 100 | | $3,137,244 | 100 |
| Policy obligations | 1,924,929 | | 57 | | 2,000,977 | | 62 | | 2,050,789 | 65 |
| Required interest on reserves | (845,875) | | (25) | | (811,147) | | (25) | | (772,701) | (24) |
| Net policy obligations | 1,079,054 | | 32 | | 1,189,830 | | 37 | | 1,278,088 | 41 |
| Amortization of acquisition costs | 386,450 | | 12 | | 356,223 | | 11 | | 327,426 | 10 |
| Commission expense | 174,029 | | 5 | | 159,703 | | 5 | | 145,678 | 5 |
First 8 of 12 rows. The CSV has all of them.
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % of Premium | | Amount | % of Premium | Amount | | % of Premium | | |
| American Income | $870,088 | | 49 | | $799,946 | | 47 | | $719,378 | 45 |
| Direct to Consumer | 320,613 | | 33 | | 281,948 | | 29 | | 234,893 | 24 |
| Liberty National | 171,343 | | 44 | | 140,136 | | 38 | | 114,646 | 33 |
| Other(1) | 147,317 | | 73 | | 130,567 | | 64 | | 124,055 | 60 |
| Total | $1,509,361 | | 45 | | $1,352,597 | | 41 | | $1,192,972 | 38 |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % of Total | | Amount | % of Total | Amount | | % of Total | | |
| American Income | $1,791,356 | | 53 | | $1,698,209 | | 52 | | $1,588,702 | 51 |
| Direct to Consumer | 981,006 | | 29 | | 988,522 | | 30 | | 991,406 | 31 |
| Liberty National | 390,094 | | 12 | | 371,061 | | 12 | | 349,736 | 11 |
| Other | 201,014 | | 6 | | 203,555 | | 6 | | 207,400 | 7 |
| Total | $3,363,470 | | 100 | | $3,261,347 | | 100 | | $3,137,244 | 100 |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % of Total | | Amount | % of Total | Amount | | % of Total | | |
| American Income | $393,681 | | 64 | | $381,945 | | 64 | | $322,658 | 59 |
| Direct to Consumer | 112,027 | | 18 | | 106,310 | | 18 | | 116,454 | 21 |
| Liberty National | 99,252 | | 16 | | 98,162 | | 16 | | 95,459 | 18 |
| Other | 9,965 | | 2 | | 8,936 | | 2 | | 9,701 | 2 |
| Total | $614,925 | | 100 | | $595,353 | | 100 | | $544,272 | 100 |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % of Total | | Amount | % of Total | Amount | | % of Total | | |
| American Income | $317,492 | | 69 | | $305,165 | | 67 | | $266,429 | 63 |
| Direct to Consumer | 61,222 | | 13 | | 67,452 | | 15 | | 77,570 | 19 |
| Liberty National | 76,481 | | 16 | | 74,553 | | 16 | | 67,618 | 16 |
| Other | 7,988 | | 2 | | 7,678 | | 2 | | 8,542 | 2 |
| Total | $463,183 | | 100 | | $454,848 | | 100 | | $420,159 | 100 |
Table 15 after “Below is the average producing agent count as of the indicated periods for the American Income Division. The average producing agent count i”
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| 2025 | 2024 | | 2023 | 2025 Change | % | | 2024 Change | % | | | |
| American Income | 11,920 | | 11,741 | | 10,579 | | 179 | | | 2 | 1,162 | 11 |
Table 16 after “Below is the average producing agent count as of the indicated periods for the Liberty National Division. The average producing agent count ”
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| 2025 | 2024 | | 2023 | 2025 Change | % | | 2024 Change | % | | | |
| Liberty National | 3,846 | | 3,664 | | 3,229 | | 182 | | | 5 | 435 | 13 |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % ofPremium | | Amount | % ofPremium | Amount | | % ofPremium | | |
| Premium | $1,526,750 | | 100 | | $1,404,925 | | 100 | | $1,318,773 | 100 |
| Policy obligations | 931,141 | | 61 | | 851,577 | | 61 | | 776,362 | 59 |
| Required interest on reserves | (113,832) | | (8) | | (110,342) | | (8) | | (106,516) | (8) |
| Net policy obligations | 817,309 | | 53 | | 741,235 | | 53 | | 669,846 | 51 |
| Amortization of acquisition costs | 59,897 | | 4 | | 52,224 | | 3 | | 50,598 | 4 |
| Commission expense | 173,490 | | 11 | | 158,869 | | 11 | | 150,192 | 11 |
First 8 of 12 rows. The CSV has all of them.
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % of Premium | | Amount | % of Premium | Amount | | % of Premium | | |
| United American | $38,012 | | 6 | | $47,964 | | 8 | | $57,344 | 11 |
| Family Heritage | 174,942 | | 37 | | 146,478 | | 34 | | 135,691 | 34 |
| Liberty National | 102,399 | | 54 | | 106,033 | | 56 | | 105,317 | 56 |
| American Income | 72,348 | | 58 | | 67,912 | | 55 | | 74,668 | 62 |
| Direct to Consumer | 2,427 | | 3 | | 4,036 | | 6 | | 4,917 | 7 |
| Total | $390,128 | | 26 | | $372,423 | | 27 | | $377,937 | 29 |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % ofTotal | | Amount | % ofTotal | Amount | | % ofTotal | | |
| United American | $666,758 | | 44 | | $591,774 | | 42 | | $545,723 | 42 |
| Family Heritage | 468,063 | | 31 | | 427,654 | | 30 | | 396,209 | 30 |
| Liberty National | 190,468 | | 12 | | 190,381 | | 14 | | 187,934 | 14 |
| American Income | 124,947 | | 8 | | 123,123 | | 9 | | 120,332 | 9 |
| Direct to Consumer | 76,514 | | 5 | | 71,993 | | 5 | | 68,575 | 5 |
| Total | $1,526,750 | | 100 | | $1,404,925 | | 100 | | $1,318,773 | 100 |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % ofTotal | | Amount | % ofTotal | Amount | | % ofTotal | | |
| United American | $154,476 | | 46 | | $80,296 | | 33 | | $72,208 | 32 |
| Family Heritage | 120,311 | | 36 | | 105,623 | | 43 | | 96,093 | 43 |
| Liberty National | 32,741 | | 10 | | 33,001 | | 13 | | 33,155 | 15 |
| American Income | 18,937 | | 6 | | 21,103 | | 9 | | 18,124 | 8 |
| Direct to Consumer | 6,706 | | 2 | | 5,004 | | 2 | | 3,993 | 2 |
| Total | $333,171 | | 100 | | $245,027 | | 100 | | $223,573 | 100 |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | % ofTotal | | Amount | % ofTotal | Amount | | % ofTotal | | |
| United American | $98,635 | | 41 | | $87,190 | | 40 | | $66,002 | 36 |
| Family Heritage | 90,828 | | 38 | | 79,934 | | 36 | | 72,362 | 39 |
| Liberty National | 27,536 | | 11 | | 28,114 | | 13 | | 25,608 | 14 |
| American Income | 18,939 | | 8 | | 19,740 | | 9 | | 17,633 | 9 |
| Direct to Consumer | 5,222 | | 2 | | 4,064 | | 2 | | 3,683 | 2 |
| Total | $241,160 | | 100 | | $219,042 | | 100 | | $185,288 | 100 |
Table 22 after “Below is the average producing agent count as of the indicated periods for the Family Heritage Division. The average producing agent count i”
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| 2025 | 2024 | | 2023 | 2025 Change | % | | 2024 Change | % | | | |
| Family Heritage | 1,527 | | 1,399 | | 1,334 | | 128 | | | 9 | 65 | 5 |
Table 23 after “(Dollar amounts in thousands except per share data)”
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| 2025 | 2024 | | 2023 | |
| Net investment income | $1,130,198 | | $1,135,631 | | $1,056,884 |
| Interest on policy liabilities(1) | (991,805) | | (971,227) | | (926,502) |
| Excess investment income | $138,393 | | $164,404 | | $130,382 |
| Excess investment income per diluted common share | $1.68 | | $1.83 | | $1.35 |
| Mean invested assets (at amortized cost) | $21,534,153 | | $21,337,531 | | $20,411,093 |
| Average insurance policy liabilities | 17,920,587 | | 17,527,857 | | 16,772,861 |
Table 24 after “. The following chart presents the growth in net investment income and the growth in mean invested assets.”
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| 2025 | 2024 | | 2023 | |
| Growth in net investment income | (0.5)% | | 7.5% | | 6.6% |
| Growth in mean invested assets (at amortized cost) | 0.9% | | 4.5% | | 3.5% |
| RequiredInterest | Average NetInsurancePolicy Liabilities(2) | | AverageDiscountRate(1) | |
| 2025: | | | | | |
| Life and Health | $959,707 | | $17,243,734 | | 5.6% |
| Annuity | 9,683 | | 191,270 | | 5.1 |
| FHLB Funding Agreement | 18,367 | | 397,731 | | 4.6 |
| Deposit Funds | 4,048 | | 87,852 | | 4.6 |
| Total | $991,805 | | $17,920,587 | | 5.5 |
| Increase in 2025 | 2.1% | | 2.2% | | |
First 8 of 21 rows. The CSV has all of them.
Table 26 after “(Dollar amounts in thousands, except for per share data)”
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| Year Ended December 31, | | | | | | | | | |
| 2025 | 2024 | | 2023 | | | | | | |
| Amount | PerShare | | Amount | Per Share | Amount | | Per Share | | |
| Fixed maturities: | | | | | | | | | | |
| Sales(3) | $(9,617) | | $(0.12) | | $(9,290) | | $(0.10) | | $(59,463) | $(0.62) |
| Matured or other redemptions(1) | (8,726) | | (0.10) | | 155 | | — | | (1,604) | (0.02) |
| Provision for credit losses | (103) | | — | | (2,590) | | (0.03) | | (5,621) | (0.06) |
| Fair value option—change in fair value | (7,958) | | (0.10) | | (13,206) | | (0.15) | | 11,931 | 0.12 |
First 8 of 13 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Cost of acquisitions: | | | | | |
| Investment-grade corporate securities | $727,259 | | $1,258,203 | | $967,588 |
| Investment-grade municipal securities | 114,621 | | 94,658 | | 572,654 |
| Other securities | 76,259 | | 29,577 | | — |
| Total fixed maturity acquisitions(1) | $918,139 | | $1,382,438 | | $1,540,242 |
| Effective annual yield (one year compounded)(2) | 6.37% | | 5.93% | | 6.13% |
First 8 of 11 rows. The CSV has all of them.
| Year Ended December 31, | | |
| 2025 | 2024 | |
| Limited partnerships | $210,532 | | $238,812 |
| Commercial mortgage loans | 139,967 | | 174,517 |
| Common stock | 3,197 | | 19,869 |
| Convertible notes | — | | 2,850 |
| Company-owned life insurance | 35,000 | | 200,000 |
| Total | $388,696 | | $636,048 |
Table 29 after “Fixed Maturity Portfolio Selected Information”
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| At December 31, | |
| 2025 | 2024 |
| Average annual effective yield(1) | 5.29% | 5.25% |
| Average life, in years, to: | | |
| Next call(2) | 15.2 | 15.1 |
| Maturity(2) | 19.4 | 19.3 |
| Effective duration to: | | |
| Next call(2,3) | 8.7 | 8.8 |
First 8 of 9 rows. The CSV has all of them.
| Below Investment Grade | | Total Fixed Maturities | | % of Total Fixed Maturities | | | | | | | | | | | | |
| Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | At Amortized Cost, net | At Fair Value | | | | | |
| Corporates: | | | | | | | | | | | | | | | | | |
| Financial | | | | | | | | | | | | | | | | | |
| Insurance - life, health, P&C | $7,978 | | $119 | | $— | | $8,097 | | | $2,898,137 | | $80,468 | $(175,533) | $2,803,072 | 16 | | 16 |
| Banks | 60,268 | | 278 | | (2,738) | | 57,808 | | | 916,529 | | 31,873 | (37,643) | 910,759 | 5 | | 5 |
| Other financial | 74,975 | | — | | (7,670) | | 67,305 | | | 1,167,521 | | 21,764 | (120,790) | 1,068,495 | 6 | | 6 |
| Total financial | 143,221 | | 397 | | (10,408) | | 133,210 | | | 4,982,187 | | 134,105 | (333,966) | 4,782,326 | 27 | | 27 |
First 8 of 29 rows. The CSV has all of them.
| 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 | $38,584 | | $32 | | $(7,801) | | $30,815 | | | $2,817,161 | | $49,928 | $(206,943) | $2,660,146 | 15 | | 15 |
| Banks | 65,718 | | 254 | | (3,506) | | 62,466 | | | 1,026,367 | | 17,023 | (59,795) | 983,595 | 6 | | 6 |
| Other financial | 74,973 | | — | | (14,917) | | 60,056 | | | 1,162,847 | | 15,647 | (146,305) | 1,032,189 | 6 | | 6 |
| Total financial | 179,275 | | 286 | | (26,224) | | 153,337 | | | 5,006,375 | | 82,598 | (413,043) | 4,675,930 | 27 | | 27 |
First 8 of 29 rows. The CSV has all of them.
| Amortized Cost, net | % of Total | | Fair Value | % of Total | Average Composite Quality Rating on Amortized Cost, net | | |
| 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 | |
First 8 of 16 rows. The CSV has all of them.
| Amortized Cost, net | % of Total | | FairValue | % of Total | Average Composite Quality Rating on Amortized Cost | | |
| Investment grade: | | | | | | | | |
| AAA | $968,220 | | 5 | | $855,165 | | 5 | |
| AA | 3,225,044 | | 17 | | 2,691,908 | | 15 | |
| A | 5,508,446 | | 29 | | 5,147,203 | | 30 | |
| BBB+ | 3,267,101 | | 17 | | 3,040,313 | | 18 | |
| BBB | 4,087,323 | | 22 | | 3,799,696 | | 22 | |
| BBB- | 1,240,160 | | 7 | | 1,159,042 | | 7 | |
First 8 of 16 rows. The CSV has all of them.
| Year Ended December 31, | | |
| 2025 | 2024 | |
| Balance at beginning of period | $529,120 | | $529,511 |
| Downgrades by rating agencies | 130,225 | | 101,018 |
| Upgrades by rating agencies | (30,565) | | (76,754) |
| Dispositions | (126,293) | | (40,907) |
| Acquisitions | 26,735 | | 20,292 |
| Provision for credit losses | (130) | | (3,280) |
First 8 of 10 rows. The CSV has all of them.
| 2025 | | 2024 | | 2023 | | | | | | | |
| Amount | | % of Premium | | Amount | | % of Premium | Amount | | % of Premium | | |
| Insurance administrative expenses: | | | | | | | | | | | | |
| Salaries | $137,015 | | | 2.8 | | | $129,369 | | 2.8 | | $119,699 | 2.7 |
| Other employee costs | 41,609 | | | 0.8 | | | 36,176 | | 0.8 | | 35,905 | 0.8 |
| Information technology costs | 82,573 | | | 1.7 | | | 80,555 | | 1.7 | | 64,998 | 1.5 |
| Legal costs | 22,510 | | | 0.5 | | | 30,478 | | 0.6 | | 15,335 | 0.3 |
| Other administrative costs | 71,888 | | | 1.5 | | | 65,852 | | 1.4 | | 65,224 | 1.5 |
First 8 of 18 rows. The CSV has all of them.
| 2025 | 2024 | | 2023 | | | | | | |
| Purchases with: | Shares | Amount | | Shares | Amount | Shares | | Amount | | |
| Excess cash flow at the Parent Company(1) | 5,420 | | $685,151 | | 10,086 | | $945,637 | | 3,369 | $380,103 |
| Option exercise proceeds | 1,469 | | 189,669 | | 501 | | 48,026 | | 1,080 | 127,155 |
| Total | 6,889 | | $874,820 | | 10,587 | | $993,663 | | 4,449 | $507,258 |
Table 37 after “An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout th”
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| Year Ended December 31, | | | | | |
| (Amounts in Thousands) | | | | | |
| Projected 2026 | 2025 | | 2024 | 2023 | |
| Liquidity Sources: | | | | | | |
| Dividends from Subsidiaries | $719,000 | | $815,741 | | $692,690 | $459,535 |
| Excess Cash Flows(1) | 650,000 | | 890,311 | | 455,013 | 416,081 |
| 2025 | 2024 | | 2023 | |
| Interest on funded debt | $94,431 | | $77,258 | | $72,641 |
| Interest on term loan | 15,240 | | 13,823 | | 7,684 |
| Interest on short-term debt | 26,900 | | 35,979 | | 21,958 |
| Other | 4,650 | | 32 | | 33 |
| Financing costs | $141,221 | | $127,092 | | $102,316 |
Table 39 after “Globe Life has continually increased the quarterly dividend on its common shares over the past three years.”
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| Year Ended December 31, | | | | | |
| Projected 2026 | 2025 | | 2024 | 2023 | |
| Quarterly dividend by annual year | $0.3300 | | $0.2700 | | $0.2400 | $0.2250 |
Table 40 after “The following table illustrates the sensitivity of our liability for future policy benefits, including the corresponding pre-tax impact on O”
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| At December 31, 2025 | | | | | | |
| (Dollar amounts in thousands) | | | | | | |
| Assumptions | Sensitivity | Future policy benefits | OCI(1) | | Net Income | |
| Mortality | 1% increase | $48,504 | | $(1,337) | | $(47,167) |
| 1% decrease | (48,640) | | (328) | | 48,967 |
| Morbidity | 5% increase | 65,040 | | 3,611 | | (68,651) |
| 5% decrease | (51,319) | | (4,846) | | 56,165 |
| Lapses | 10% increase | (111,575) | | 15,880 | | 95,695 |
First 8 of 9 rows. The CSV has all of them.
| At December 31, |
| Change in Discount Rates(1) | 2025 |
| (200) | $27,523,393 |
| (100) | 22,707,449 |
| (50) | 20,809,077 |
| 0 | 19,169,687 |
| 50 | 17,744,418 |
| 100 | 16,497,497 |
First 8 of 9 rows. The CSV has all of them.
| At December 31, |
| Change in Interest Rates(1) | 2025 |
| (200) | $21,383,000 |
| (100) | 19,376,000 |
| 0 | 17,589,000 |
| 100 | 15,992,000 |
| 200 | 14,561,000 |
| Assumption | Change(1) | Impact on Expense | | Impact on Projected Benefit Obligation | |
| Discount Rate(2): | | | | | |
| Increase | 25 | | $(962) | | $(20,826) |
| Decrease | (25) | | 858 | | 21,944 |
| Expected Return(3): | | | | | |
| Increase | 25 | | (1,673) | | — |
| Decrease | (25) | | 1,673 | | — |
Table 44 after “Consolidated Financial Statements Index”
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| Page |
| Report of Independent Registered Public Accounting Firm (PCAOB No. 34) | 55 |
| Consolidated Financial Statements: | |
| Consolidated Balance Sheets at December 31, 2025, and 2024 | 57 |
| Consolidated Statements of Operations for each of the three years in the period ended December 31, 2025 | 58 |
| Consolidated Statements of Comprehensive Income (Loss) for each of the three years in the period ended December 31, 2025 | 59 |
| Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December 31, 2025 | 60 |
| Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2025 | 61 |
First 8 of 9 rows. The CSV has all of them.
Table 45 after “(Dollar amounts in thousands, except per share data)”
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| December 31, | | |
| 2025 | 2024 | |
| Assets: | | | |
| Investments: | | | |
| Fixed maturities—available for sale, at fair value (amortized cost: 2025—$18,820,464; 2024—$18,835,809, allowance for credit losses: 2025— $3,297; 2024— $10,395) | $17,589,342 | | $17,155,012 |
| Mortgage loans | 428,517 | | 396,088 |
| Policy loans | 741,375 | | 699,669 |
| Other long-term investments (includes: 2025—$1,109,719; 2024—$986,766 under the fair value option) | 1,396,064 | | 1,235,759 |
First 8 of 38 rows. The CSV has all of them.
Table 46 after “(Dollar amounts in thousands, except per share data)”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Revenue: | | | | | |
| Life premium | $3,363,470 | | $3,261,347 | | $3,137,244 |
| Health premium | 1,526,750 | | 1,404,925 | | 1,318,773 |
| Total premium | 4,890,220 | | 4,666,272 | | 4,456,017 |
| Net investment income | 1,130,198 | | 1,135,631 | | 1,056,884 |
| Realized gains (losses) | (27,788) | | (24,188) | | (65,676) |
First 8 of 25 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Net income | $1,161,238 | | $1,070,762 | | $970,755 |
| Other comprehensive income (loss): | | | | | |
| Investments: | | | | | |
| Unrealized gains (losses) on fixed maturities: | | | | | |
| Unrealized holding gains (losses) arising during period | 429,290 | | (630,042) | | 671,211 |
| Other reclassification adjustments included in net income | 14,714 | | 3,764 | | 80,238 |
First 8 of 29 rows. The CSV has all of them.
Table 48 after “(Dollar amounts in thousands, except per share data)”
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| Preferred Stock | Common Stock | | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | | Treasury Stock | Total Shareholders' Equity | | |
| Year Ended December 31, 2023 | | | | | | | | | | | |
| Balance at January 1, 2023 | $— | | $105,218 | | $529,661 | | $(2,790,313) | | $6,894,535 | $(789,524) | $3,949,577 |
| Comprehensive income (loss) | — | | — | | — | | 17,894 | | 970,755 | — | 988,649 |
| Common dividends declared ($0.90 per share) | — | | — | | — | | — | | (85,139) | — | (85,139) |
| Acquisition of treasury stock | — | | — | | — | | — | | — | (511,100) | (511,100) |
| Stock-based compensation | — | | — | | 18,466 | | — | | — | 12,270 | 30,736 |
| Exercise of stock options | — | | — | | — | | — | | (19,395) | 133,475 | 114,080 |
First 8 of 28 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Net income | $1,161,238 | | $1,070,762 | | $970,755 |
| Adjustments to reconcile net income to cash provided from operations: | | | | | |
| Increase (decrease) in future policy benefits | 582,136 | | 731,417 | | 834,366 |
| Increase (decrease) in other policy benefits | 21,124 | | 19,268 | | 5,448 |
| Deferral of policy acquisition costs | (941,922) | | (913,544) | | (850,169) |
| Amortization of deferred policy acquisition costs | 447,760 | | 410,001 | | 379,700 |
First 8 of 47 rows. The CSV has all of them.
Table 50 after “See below for a breakout of the net balance by asset class for the year ended December 31, 2025 and 2024:”
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| Year Ended December 31, | | |
| 2025 | 2024 | |
| Property and equipment, net of accumulated depreciation: | | | |
| Company occupied real estate | $122,411 | | $36,656 |
| Data processing equipment | 245,357 | | 219,614 |
| Transportation equipment | — | | 26,346 |
| Furniture and equipment | 1,765 | | 1,656 |
| Total property and equipment, net of depreciation | $369,533 | | $284,272 |
Table 51 after “Non-deferred acquisition costs relate to expenses incurred in the selling or issuing of business which are non-deferrable.”
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| 2025 | 2024 | | 2023 | |
| Commissions | $342,189 | | $317,576 | | $295,877 |
| Premium taxes | 97,966 | | 96,790 | | 91,021 |
| Non-deferred acquisition costs | 202,545 | | 186,387 | | 172,269 |
| Total | $642,700 | | $600,753 | | $559,167 |
Table 52 after “A summary of assumptions for options granted in each of the three years 2023 through 2025 is as follows:”
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| 2025 | 2024 | | 2023 | |
| Volatility factor | 29.9% | | 22.0% | | 23.0% |
| Dividend yield | 0.8% | | 0.7% | | 0.7% |
| Expected term (in years) | 5.13 | 5.10 | | 5.10 | |
| Risk-free rate | 4.0% | | 4.3% | | 4.1% |
Table 53 after “Consolidated net income and shareholders’ equity (capital and surplus) on a statutory basis for the insurance subsidiaries were as follows:”
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| Net Income | Shareholders’ Equity | | | | | | |
| Year Ended December 31, | At December 31, | | | | | | |
| 2025 | 2024 | | 2023 | 2025 | 2024 | | |
| U.S. Life insurance subsidiaries | $748,754 | | $688,665 | | $434,952 | | $1,614,929 | $1,690,663 |
Table 54 after “: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for each of the years 2023 throu”
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| Available for Sale Assets | Future Policy Benefits | | Foreign Exchange | Pension Adjustments | Total | | |
| For the year ended December 31, 2023: | | | | | | | | |
| Balance at January 1, 2023 | $(1,420,672) | | $(1,369,204) | | $(1,681) | | $1,244 | $(2,790,313) |
| Other comprehensive income (loss) before reclassifications, net of tax | 529,688 | | (578,187) | | 6,400 | | (3,087) | (45,186) |
| Reclassifications, net of tax | 63,388 | | — | | — | | (308) | 63,080 |
| Other comprehensive income (loss) | 593,076 | | (578,187) | | 6,400 | | (3,395) | 17,894 |
| Balance at December 31, 2023 | (827,596) | | (1,947,391) | | 4,719 | | (2,151) | (2,772,419) |
| For the year ended December 31, 2024: | | | | | | | | |
First 8 of 17 rows. The CSV has all of them.
Table 55 after “: Reclassification adjustments out of accumulated other comprehensive Income are presented below for the three years ended December 31, 2025”
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| Year Ended December 31, | Affected line items in the Statement of Operations | | | | |
| Component Line Item | 2025 | 2024 | | 2023 | | |
| Unrealized investment (gains) losses on available for sale assets: | | | | | | |
| Realized (gains) losses | $23,348 | | $14,843 | | $84,416 | Realized (gains) losses |
| Amortization of (discount) premium | (8,634) | | (11,079) | | (4,178) | Net investment income |
| Total before tax | 14,714 | | 3,764 | | 80,238 | |
| Tax | (3,090) | | (790) | | (16,850) | Income taxes |
| Total after-tax | 11,624 | | 2,974 | | 63,388 | |
First 8 of 15 rows. The CSV has all of them.
Table 56 after “Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at December 31, 2025 and 202”
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| At December 31, 2025 | | | | | | | | | |
| Amortized Cost | Allowance for Credit Losses | | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value(1) | | % of TotalFixedMaturities(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 |
First 8 of 14 rows. The CSV has all of them.
| At December 31, 2024 | | | | | | | | | |
| Amortized Cost | Allowance for Credit Losses | | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value(1) | | % of TotalFixedMaturities(2) | | |
| Fixed maturities available for sale: | | | | | | | | | | |
| U.S. Government direct, guaranteed, and government-sponsored enterprises | $401,753 | | $— | | $1 | | $(42,794) | | $358,960 | 2 |
| States, municipalities, and political subdivisions | 3,300,901 | | — | | 20,662 | | (534,759) | | 2,786,804 | 16 |
| Foreign governments | 36,883 | | — | | 18 | | (8,870) | | 28,031 | — |
| Corporates, by sector: | | | | | | | | | | |
| Industrials | 7,889,074 | | (7,098) | | 105,610 | | (805,330) | | 7,182,256 | 42 |
First 8 of 14 rows. The CSV has all of them.
Table 58 after “A schedule of fixed maturities available for sale by contractual maturity date at December 31, 2025, is shown below on an amortized cost bas”
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| At December 31, 2025 | | |
| Amortized Cost, net | Fair Value | |
| Fixed maturities available for sale: | | | |
| Due in one year or less | $121,194 | | $122,154 |
| Due after one year through five years | 816,125 | | 847,246 |
| Due after five years through ten years | 1,873,144 | | 1,938,627 |
| Due after ten years through twenty years | 8,965,771 | | 8,521,420 |
| Due after twenty years | 6,928,887 | | 6,046,084 |
First 8 of 10 rows. The CSV has all of them.
Table 59 after “"Net investment income" for the three years ended December 31, 2025 is summarized as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Fixed maturities available for sale | $974,111 | | $981,439 | | $944,628 |
| Policy loans | 55,876 | | 52,625 | | 49,011 |
| Mortgage loans | 28,064 | | 27,809 | | 19,541 |
| Other long-term investments(1) | 90,321 | | 81,834 | | 54,655 |
| Short-term investments | 9,178 | | 11,151 | | 6,322 |
| 1,157,550 | | 1,154,858 | | 1,074,157 |
First 8 of 10 rows. The CSV has all of them.
Table 60 after “Selected information about sales of fixed maturities available for sale is as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Fixed maturities available for sale: | | | | | |
| Proceeds from sales(1) | $623,792 | | $1,207,237 | | $602,556 |
| Gross realized gains | 8,378 | | 21,196 | | 5,554 |
| Gross realized losses | (20,551) | | (32,956) | | (80,823) |
Table 61 after “An analysis of "realized gains (losses)" is as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Realized investment gains (losses): | | | | | |
| Fixed maturities available for sale: | | | | | |
| Sales and other(1) | $(30,447) | | $(11,563) | | $(77,301) |
| Provision for credit losses | 7,098 | | (3,280) | | (7,115) |
| Fair value option—change in fair value | (10,074) | | (16,717) | | 15,102 |
| Mortgage loans | (2,817) | | (3,972) | | (5,603) |
First 8 of 14 rows. The CSV has all of them.
Table 62 after “An analysis of the net change in unrealized investment gains (losses) is as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Change in unrealized investment gains (losses) on: | | | | | |
| Fixed maturities available for sale | $442,577 | | $(622,809) | | $750,734 |
Table 63 after “The following tables represent the fair value of fixed maturities measured on a recurring basis at December 31, 2025 and 2024:”
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| 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 |
First 8 of 15 rows. The CSV has all of them.
Table 64 after “(Dollar amounts in thousands, except per share data)”
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| Fair Value Measurement at December 31, 2024: | | | | | |
| 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 | $— | | $358,960 | | $— | $358,960 |
| States, municipalities, and political subdivisions | — | | 2,786,804 | | — | 2,786,804 |
| Foreign governments | — | | 28,031 | | — | 28,031 |
| Corporates, by sector: | | | | | | |
| Industrials | — | | 6,998,900 | | 183,356 | 7,182,256 |
First 8 of 15 rows. The CSV has all of them.
Table 65 after “The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs”
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| Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | | | |
| Asset- backed Securities | Collateralized Debt Obligations | | Corporates | Total | |
| Balance at January 1, 2023 | $— | | $50,364 | | $478,083 | $528,447 |
| Included in realized gains / losses | — | | — | | — | — |
| Included in other comprehensive income | — | | (8,230) | | 4,541 | (3,689) |
| Acquisitions(1) | — | | — | | — | — |
| Sales | — | | — | | — | — |
| Amortization | — | | 4,569 | | 155 | 4,724 |
First 8 of 36 rows. The CSV has all of them.
Table 66 after “The following table represents quantitative information about Level 3 fair value measurements:”
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| Quantitative Information about Level 3 Fair Value Measurements | | | | | | | | |
| As of December 31, 2025 | | | | | | | | |
| Fair Value | Valuation Techniques | | Significant Unobservable Input | | Range | | Weighted-Average(1) | |
| Private placement fixed maturities | $309,324 | | Determination of credit spread | | Credit rating | | B to AA | | BBB+ |
| Asset-backed securities | 85,901 | | Determination of credit spread | | Credit rating | | CC to A- | | BBB- |
| $395,225 | | | | | | | | |
Table 67 after “The following table discloses information about fixed maturities available for sale in an unrealized loss position.”
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| Less than Twelve Months | Twelve Months or Longer | | Total | |
| Number of issues (CUSIPs) held: | | | | | |
| As of December 31, 2025 | 395 | | 1,583 | | 1,978 |
| As of December 31, 2024 | 705 | | 1,498 | | 2,203 |
Table 68 after “Analysis of Gross Unrealized Investment Losses”
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| 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) |
First 8 of 24 rows. The CSV has all of them.
Table 69 after “(Dollar amounts in thousands, except per share data)”
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| At December 31, 2024 | | | | | | | | | |
| 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 | $11,268 | | $(290) | | $347,527 | | $(42,504) | | $358,795 | $(42,794) |
| States, municipalities, and political subdivisions | 778,244 | | (32,894) | | 1,532,264 | | (501,865) | | 2,310,508 | (534,759) |
| Foreign governments | — | | — | | 24,925 | | (8,870) | | 24,925 | (8,870) |
First 8 of 25 rows. The CSV has all of them.
Table 70 after “for factors considered in the recording of the allowance for credit losses.”
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| Year Ended December 31, | | |
| 2025 | 2024 | |
| Allowance for credit losses beginning balance | $10,395 | | $7,115 |
| Additions to allowance for which credit losses were not previously recorded | — | | 3,297 |
| Additions (reductions) to allowance for fixed maturities that previously had an allowance | 20 | | (17) |
| 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 | (7,118) | | — |
| Allowance for credit losses ending balance | $3,297 | | $10,395 |
Table 71 after “At December 31, 2025, the investment portfolio, at fair value, consisted of the following:”
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| Investment grade fixed maturities: | |
| Corporates | 67% |
| States, municipalities, and political subdivisions | 14 |
| U.S. Government direct, guaranteed, and government-sponsored enterprises | 2 |
| Other | 1 |
| Below investment grade fixed maturities: | |
| Corporates | 2 |
| 86 |
First 8 of 12 rows. The CSV has all of them.
Table 72 after “Below are the ten largest industry concentrations held in the portfolio of corporate fixed maturities at December 31, 2025, based on fair va”
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| Insurance | 19% |
| Electric utilities | 11 |
| Banks | 6 |
| Oil and natural gas pipelines | 6 |
| Chemicals | 5 |
| Transportation | 4 |
| Diversified financial services | 3 |
| Food | 3 |
First 8 of 10 rows. The CSV has all of them.
Table 73 after “Summaries of commercial mortgage loans by property type and geographical location at December 31, 2025 and 2024 are as follows:”
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| 2025 | 2024 | | | | |
| Carrying Value | % of Total | | Carrying Value | % of Total | |
| Property type: | | | | | | |
| Industrial | $155,208 | | 36 | | $110,456 | 28 |
| Hospitality | 99,492 | | 23 | | 73,931 | 19 |
| Multi-family | 99,212 | | 23 | | 111,234 | 28 |
| Retail | 76,059 | | 18 | | 65,612 | 16 |
| Office | 3,061 | | 1 | | 6,539 | 2 |
First 8 of 12 rows. The CSV has all of them.
Table 74 after “(Dollar amounts in thousands, except per share data)”
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| 2025 | 2024 | | | | |
| Carrying Value | % of Total | | Carrying Value | % of Total | |
| Geographic location: | | | | | | |
| Florida | $88,681 | | 21 | | $63,308 | 16 |
| Texas | 66,597 | | 15 | | 75,131 | 19 |
| North Carolina | 42,358 | | 10 | | 23,253 | 6 |
| New Jersey | 37,130 | | 9 | | 51,744 | 13 |
| Alabama | 36,750 | | 9 | | 35,850 | 9 |
First 8 of 13 rows. The CSV has all of them.
Table 75 after “The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ("LTV") ratios that are utilized by ”
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| 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% | — | | | — | | — | | — | — |
First 8 of 12 rows. The CSV has all of them.
Table 76 after “(Dollar amounts in thousands, except per share data)”
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| December 31, 2024 | | | | | | | | |
| 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% | $88,507 | | | $64,494 | | $196,867 | | $349,868 | 87 |
| 70% to 80% | — | | | — | | — | | — | — |
| 81% to 90% | — | | | — | | — | | — | — |
First 8 of 12 rows. The CSV has all of them.
| Year Ended December 31, | | |
| 2025 | 2024 | |
| Allowance for credit losses beginning balance | $7,644 | | $3,672 |
| Provision (reversal) for credit losses | (852) | | 3,972 |
| Loans charged-off | (2,277) | | — |
| Allowance for credit losses ending balance | $4,515 | | $7,644 |
Table 78 after “Other long-term investments consist of the following assets:”
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| December 31, | | |
| 2025 | 2024 | |
| Investment funds | $1,109,719 | | $986,766 |
| Company-owned life insurance(1) | 243,721 | | 202,734 |
| Other | 42,624 | | 46,259 |
| Total | $1,396,064 | | $1,235,759 |
Table 79 after “The following table presents additional information about the Company's investment funds as of December 31, 2025 and December 31, 2024 at fa”
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| Fair Value | Unfunded Commitments(2) | | | | |
| Investment Category | 2025 | 2024 | | 2025 | Redemption Term/Notice(1) | |
| Commercial mortgage loans | $614,080 | | $566,142 | | $260,229 | Fully redeemable and non-redeemable with varying terms. |
| Opportunistic and private credit | 223,665 | | 202,008 | | 222,080 | Fully redeemable and non-redeemable with varying terms. |
| Infrastructure | 187,964 | | 179,627 | | 21,791 | Fully redeemable and non-redeemable with varying terms. |
| Other | 84,010 | | 38,989 | | 53,665 | Non-redeemable with varying terms |
| Total investment funds | $1,109,719 | | $986,766 | | $557,765 | |
Table 80 after “Rental expense for the three years ended December 31, 2025 is as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Rental expense | $3,494 | | $3,208 | | $3,519 |
Table 81 after “Future minimum rental commitments required under operating leases having remaining noncancelable lease terms in excess of one year at Decemb”
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| Year Ended December 31, | | | | | | | | | |
| 2026 | 2027 | | 2028 | 2029 | 2030 | | Thereafter | | |
| Operating lease commitments | $6,962 | | $7,144 | | $6,527 | | $5,923 | | $5,453 | $33,367 |
| Year Ended December 31, | | | | | | | | | |
| 2026 | 2027 | | 2028 | 2029 | 2030 | | Thereafter | | |
| Purchase commitments(1) | $74,111 | | $113,814 | | $87,983 | | $30,065 | | $24,693 | $204,093 |
Table 83 after “The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional lif”
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| Life | | | | | | | |
| Present value of expected future net premiums | | | | | | | |
| American Income | DTC | | Liberty National | Other | Total | | |
| Balance at January 1, 2023 | $4,273,156 | | $5,910,224 | | $1,094,407 | | $470,741 | $11,748,528 |
| Beginning balance at original discount rates | 4,246,723 | | 5,680,864 | | 1,066,123 | | 449,209 | 11,442,919 |
| Effect of changes in assumptions on future cash flows | 14,265 | | 36,170 | | 5,178 | | 8,419 | 64,032 |
| Effect of actual variances from expected experience | (155,293) | | (306,004) | | (40,961) | | (18,441) | (520,699) |
| Adjusted balance at January 1, 2023 | 4,105,695 | | 5,411,030 | | 1,030,340 | | 439,187 | 10,986,252 |
First 8 of 27 rows. The CSV has all of them.
Table 84 after “(Dollar amounts in thousands, except per share data)”
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| 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 | | 1,047,022 | | 430,276 | 11,638,920 |
| 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 | (216,259) | | (292,327) | | (37,586) | | (18,358) | (564,530) |
| Adjusted balance at January 1, 2025 | 4,303,978 | | 5,122,874 | | 957,232 | | 406,758 | 10,790,842 |
First 8 of 15 rows. The CSV has all of them.
Table 85 after “(Dollar amounts in thousands, except per share data)”
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| | Life | | | | | | | |
| Present value of expected future policy benefits | | | | | | | | |
| American Income | | DTC | Liberty National | Other | | Total | | |
| Balance at January 1, 2023 | | $9,119,104 | | $9,225,451 | | $3,429,256 | | $3,976,150 | $25,749,961 |
| Beginning balance at original discount rates | | 8,409,761 | | 8,477,892 | | 3,272,980 | | 3,403,704 | 23,564,337 |
| Effect of changes in assumptions on future cash flows | | 13,344 | | 34,407 | | 6,156 | | 11,661 | 65,568 |
| Effect of actual variances from expected experience | | (164,900) | | (318,687) | | (46,341) | | (24,195) | (554,123) |
| Adjusted balance at January 1, 2023 | | 8,258,205 | | 8,193,612 | | 3,232,795 | | 3,391,170 | 23,075,782 |
First 8 of 39 rows. The CSV has all of them.
Table 86 after “(Dollar amounts in thousands, except per share data)”
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| Life | | | | | | | |
| Net liability for future policy benefits as of December 31, 2023 | | | | | | | |
| American Income | DTC | | Liberty National | Other | Total | | |
| Net liability for future policy benefits at original discount rates | $4,538,504 | | $2,992,493 | | $2,260,421 | | $3,062,910 | $12,854,328 |
| Effect of changes in discount rate assumptions | 943,235 | | 669,372 | | 215,255 | | 698,661 | 2,526,523 |
| Other adjustments(1) | 297 | | 3,315 | | 5,764 | | 62 | 9,438 |
| Net liability for future policy benefits, after other adjustments, at current discount rates | 5,482,036 | | 3,665,180 | | 2,481,440 | | 3,761,633 | 15,390,289 |
| Reinsurance recoverable | (141) | | — | | (7,719) | | (37,848) | (45,708) |
First 8 of 9 rows. The CSV has all of them.
Table 87 after “Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculati”
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| Life | | | | | | | |
| Net liability for future policy benefits as of December 31, 2024 | | | | | | | |
| American Income | DTC | | Liberty National | Other | Total | | |
| Net liability for future policy benefits at original discount rates | $4,851,879 | | $3,156,036 | | $2,293,197 | | $3,151,792 | $13,452,904 |
| Effect of changes in discount rate assumptions | 372,896 | | 346,170 | | 35,873 | | 369,124 | 1,124,063 |
| Other adjustments(1) | 122 | | 18 | | — | | 33 | 173 |
| Net liability for future policy benefits, after other adjustments, at current discount rates | 5,224,897 | | 3,502,224 | | 2,329,070 | | 3,520,949 | 14,577,140 |
| Reinsurance recoverable | (167) | | — | | (7,953) | | (35,368) | (43,488) |
First 8 of 9 rows. The CSV has all of them.
Table 88 after “Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculati”
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| Life | | | | | | | |
| Net liability for future policy benefits as of December 31, 2025 | | | | | | | |
| American Income | DTC | | Liberty National | Other | Total | | |
| Net liability for future policy benefits at original discount rates | $5,195,128 | | $3,295,816 | | $2,303,047 | | $3,234,443 | $14,028,434 |
| Effect of changes in discount rate assumptions | 370,773 | | 367,184 | | 59,590 | | 394,219 | 1,191,766 |
| Other adjustments(1) | 160 | | — | | — | | 26 | 186 |
| Net liability for future policy benefits, after other adjustments, at current discount rates | 5,566,061 | | 3,663,000 | | 2,362,637 | | 3,628,688 | 15,220,386 |
| Reinsurance recoverable | (184) | | — | | (8,103) | | (14) | (8,301) |
First 8 of 9 rows. The CSV has all of them.
Table 89 after “The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for t”
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| Health | | | | | | | | | |
| Present value of expected future net premiums | | | | | | | | | |
| United American | Family Heritage | | Liberty National | American Income | DTC | | Total | | |
| Balance at January 1, 2023 | $2,908,501 | | $1,594,992 | | $423,490 | | $190,296 | | $90,143 | $5,207,422 |
| Beginning balance at original discount rates | 2,941,262 | | 1,729,219 | | 415,442 | | 192,631 | | 87,751 | 5,366,305 |
| Effect of changes in assumptions on future cash flows | 466,883 | | (30,255) | | (56,964) | | (6,061) | | 16,553 | 390,156 |
| Effect of actual variances from expected experience | (27,178) | | (69,878) | | (36,850) | | (11,152) | | (2,850) | (147,908) |
| Adjusted balance at January 1, 2023 | 3,380,967 | | 1,629,086 | | 321,628 | | 175,418 | | 101,454 | 5,608,553 |
First 8 of 39 rows. The CSV has all of them.
Table 90 after “(Dollar amounts in thousands, except per share data)”
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| | Health | | | | | | | | |
| Present value of expected future policy benefits | | | | | | | | | |
| United American | | Family Heritage | Liberty National | American Income | | DTC | Total | | |
| Balance at January 1, 2023 | | $3,046,829 | | $3,005,664 | | $941,574 | | $312,750 | $87,532 | $7,394,349 |
| Beginning balance at original discount rates | | 3,080,633 | | 3,336,344 | | 904,865 | | 303,713 | 85,212 | 7,710,767 |
| Effect of changes in assumptions on future cash flows | | 464,652 | | (32,428) | | (60,437) | | (6,407) | 15,930 | 381,310 |
| Effect of actual variances from expected experience | | (26,718) | | (74,797) | | (36,910) | | (12,661) | (3,325) | (154,411) |
| Adjusted balance at January 1, 2023 | | 3,518,567 | | 3,229,119 | | 807,518 | | 284,645 | 97,817 | 7,937,666 |
First 8 of 39 rows. The CSV has all of them.
Table 91 after “(Dollar amounts in thousands, except per share data)”
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| Health | | | | | | | | | |
| Net liability for future policy benefits as of December 31, 2023 | | | | | | | | | |
| United American | Family Heritage | | Liberty National | American Income | Direct to Consumer | | Total | | |
| Net liability for future policy benefits at original discount rates | $115,727 | | $1,723,516 | | $468,249 | | $113,562 | | $(5,379) | $2,415,675 |
| Effect of changes in discount rate assumptions | 830 | | (119,377) | | 39,087 | | 15,561 | | (502) | (64,401) |
| Other adjustments(1) | 10,980 | | 84 | | 9,567 | | 857 | | 6,653 | 28,141 |
| Net liability for future policy benefits, after other adjustments, at current discount rates | 127,537 | | 1,604,223 | | 516,903 | | 129,980 | | 772 | 2,379,415 |
| Reinsurance recoverable | (3,287) | | (10,718) | | (1,317) | | — | | — | (15,322) |
First 8 of 9 rows. The CSV has all of them.
Table 92 after “Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculati”
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| Health | | | | | | | | | |
| Net liability for future policy benefits as of December 31, 2024 | | | | | | | | | |
| United American | Family Heritage | | Liberty National | American Income | Direct to Consumer | | Total | | |
| Net liability for future policy benefits at original discount rates | $78,005 | | $1,844,171 | | $452,865 | | $123,570 | | $(3,944) | $2,494,667 |
| Effect of changes in discount rate assumptions | (3,103) | | (242,500) | | 14,711 | | 8,486 | | (156) | (222,562) |
| Other adjustments(1) | 24,920 | | 22 | | 10,310 | | 814 | | 4,865 | 40,931 |
| Net liability for future policy benefits, after other adjustments, at current discount rates | 99,822 | | 1,601,693 | | 477,886 | | 132,870 | | 765 | 2,313,036 |
| Reinsurance recoverable | (2,768) | | — | | (986) | | — | | — | (3,754) |
First 8 of 9 rows. The CSV has all of them.
Table 93 after “Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculati”
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| Health | | | | | | | | | |
| Net liability for future policy benefits as of December 31, 2025 | | | | | | | | | |
| United American | Family Heritage | | Liberty National | American Income | Direct to Consumer | | Total | | |
| Net liability for future policy benefits at original discount rates | $22,908 | | $1,949,845 | | $434,550 | | $134,782 | | $(10,177) | $2,531,908 |
| Effect of changes in discount rate assumptions | (7,536) | | (184,949) | | 22,462 | | 10,417 | | (414) | (160,020) |
| Other adjustments(1) | 63,806 | | 122 | | 14,274 | | 766 | | 11,216 | 90,184 |
| Net liability for future policy benefits, after other adjustments, at current discount rates | 79,178 | | 1,765,018 | | 471,286 | | 145,965 | | 625 | 2,462,072 |
| Reinsurance recoverable | (2,144) | | — | | (729) | | — | | — | (2,873) |
First 8 of 9 rows. The CSV has all of them.
Table 94 after “The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and”
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| Year Ended December 31, | | | | | |
| | 2025 | 2024 | | 2023 | |
| Life Remeasurement Gain (Loss)—Experience: | | | | | | |
| American Income | | $22,903 | | $19,606 | | $9,430 |
| Direct to Consumer | | 25,121 | | 21,681 | | 12,201 |
| Liberty National | | 6,327 | | 3,966 | | 5,013 |
| Other | | 6,934 | | 4,872 | | 4,760 |
| Total Life Remeasurement Gain (Loss)—Experience | | 61,285 | | 50,125 | | 31,404 |
First 8 of 30 rows. The CSV has all of them.
Table 95 after “as of December 31, 2025, 2024, and 2023:”
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| At Original Discount Rates | At Current Discount Rates | | | | | | | | |
| As of December 31, | As of December 31, | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 | 2024 | | 2023 | | |
| Life(1): | | | | | | | | | | |
| American Income | $5,195,264 | | $4,851,995 | | $4,538,775 | | $5,566,061 | | $5,224,897 | $5,482,036 |
| Direct to Consumer | 3,295,819 | | 3,156,039 | | 2,992,493 | | 3,663,000 | | 3,502,224 | 3,665,180 |
| Liberty National | 2,303,047 | | 2,293,197 | | 2,260,421 | | 2,362,637 | | 2,329,070 | 2,481,440 |
| Other | 3,234,468 | | 3,151,824 | | 3,062,966 | | 3,628,688 | | 3,520,949 | 3,761,633 |
First 8 of 21 rows. The CSV has all of them.
Table 96 after “The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the a”
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| As of December 31, | | | | | | | | | |
| 2025 | 2024 | | 2023 | | | | | | |
| Original discount rate | Current discount rate | | Original discount rate | Current discount rate | Original discount rate | | Current discount rate | | |
| Life | | | | | | | | | | |
| American Income | 5.7% | | 5.4% | | 5.7% | | 5.4% | | 5.7% | 4.9% |
| Direct to Consumer | 6.0% | | 5.4% | | 6.0% | | 5.5% | | 6.0% | 5.0% |
| Liberty National | 5.6% | | 5.4% | | 5.6% | | 5.5% | | 5.6% | 5.0% |
| Other | 6.2% | | 5.5% | | 6.2% | | 5.5% | | 6.2% | 5.0% |
First 8 of 14 rows. The CSV has all of them.
Table 97 after “The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabili”
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| | As of December 31, | | | | | | | |
| 2025 | | 2024 | | 2023 | | | | |
| | At original discount rates | | At current discount rates | | At original discount rates | At current discount rates | At original discount rates | At current discount rates |
| Life | | | | | | | | | |
| American Income | | 22.32 | | 22.06 | | 22.73 | 22.76 | 23.01 | 23.45 |
| Direct to Consumer | | 18.67 | | 19.38 | | 19.24 | 20.31 | 19.58 | 21.21 |
| Liberty National | | 15.26 | | 15.04 | | 15.30 | 15.33 | 15.13 | 15.81 |
| Other | | 15.56 | | 16.16 | | 15.99 | 16.92 | 16.26 | 17.92 |
First 8 of 14 rows. The CSV has all of them.
Table 98 after “for the three years ended December 31, 2025:”
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| Life | | | | | | | | | |
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | | | | | |
| Gross Premiums | Required Interest Expense | | Gross Premiums | Required Interest Expense | Gross Premiums | | Required Interest Expense | | |
| American Income | $1,790,023 | | $289,491 | | $1,696,918 | | $272,007 | | $1,587,304 | $252,277 |
| Direct to Consumer | 970,233 | | 190,793 | | 977,302 | | 181,470 | | 979,739 | 170,745 |
| Liberty National | 387,167 | | 124,370 | | 367,278 | | 122,727 | | 345,196 | 120,083 |
| Other | 199,746 | | 192,340 | | 202,234 | | 185,619 | | 205,998 | 179,513 |
| Total | $3,347,169 | | $796,994 | | $3,243,732 | | $761,823 | | $3,118,237 | $722,618 |
Table 99 after “for the three years ended December 31, 2025:”
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| Health | | | | | | | | | |
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | | | | | |
| Gross Premiums | Required Interest Expense | | Gross Premiums | Required Interest Expense | Gross Premiums | | Required Interest Expense | | |
| United American | $493,272 | | $3,133 | | $439,125 | | $5,739 | | $401,834 | $7,002 |
| Family Heritage | 468,063 | | 78,425 | | 427,640 | | 71,900 | | 396,211 | 65,892 |
| Liberty National | 189,690 | | 25,130 | | 189,650 | | 26,144 | | 187,095 | 27,248 |
| American Income | 119,209 | | 7,457 | | 117,644 | | 6,790 | | 113,605 | 6,542 |
| Direct to Consumer | 17,073 | | — | | 15,033 | | — | | 14,283 | — |
First 8 of 9 rows. The CSV has all of them.
Table 100 after “The following tables provide the undiscounted and discounted expected future net premiums, expected future gross premiums, and expected futu”
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| Life | | | | | | | | | | | | | | |
| As of December 31, 2025 | As of December 31, 2024 | | As of December 31, 2023 | | | | | | | | | | | |
| Not discounted | At original discount rates | | At current discount rates | 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 | $26,709,794 | | $15,068,860 | | $15,424,780 | | $25,492,032 | | $14,410,088 | | $14,471,277 | | $24,265,464 | $13,695,495 | $14,264,077 |
| PV of expected future net premiums | 8,350,443 | | 4,710,303 | | 4,792,153 | | 8,233,110 | | 4,656,710 | | 4,645,917 | | 8,001,107 | 4,523,329 | 4,681,888 |
| PV of expected future policy benefits | 33,211,854 | | 9,905,431 | | 10,358,054 | | 31,831,310 | | 9,508,589 | | 9,870,692 | | 30,623,947 | 9,061,833 | 10,163,627 |
| DTC | | | | | | | | | | | | | | | |
First 8 of 23 rows. The CSV has all of them.
Table 101 after “(Dollar amounts in thousands, except per share data)”
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| Health | | | | | | | | | | | | | | |
| As of December 31, 2025 | As of December 31, 2024 | | As of December 31, 2023 | | | | | | | | | | | |
| Not discounted | At original discount rates | | At current discount rates | 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 | $12,730,369 | | $7,651,632 | | $7,732,883 | | $9,350,851 | | $5,738,332 | | $5,643,454 | | $8,682,707 | $5,295,148 | $5,396,402 |
| PV of expected future net premiums | 8,782,379 | | 5,273,275 | | 5,330,081 | | 6,442,648 | | 3,948,855 | | 3,885,530 | | 5,955,294 | 3,625,803 | 3,697,771 |
| PV of expected future policy benefits | 8,864,386 | | 5,296,183 | | 5,345,453 | | 6,584,800 | | 4,026,860 | | 3,960,432 | | 6,148,565 | 3,741,530 | 3,814,328 |
| Family Heritage | | | | | | | | | | | | | | | |
First 8 of 27 rows. The CSV has all of them.
Table 102 after “The following table summarizes the balances of, and changes in, policyholders’ account balances for the three years ended December 31, 2025:”
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| Policyholders' Account Balances | | | | | | | | | | | | | | | | | | |
| 2025 | 2024 | | 2023 | | | | | | | | | | | | | | | |
| Interest Sensitive Life | Deferred Annuity(1) | | Other Policy-holders' Funds | | Interest Sensitive Life | | Deferred Annuity | | Other Policy-holders' Funds | Interest Sensitive Life | Deferred Annuity | | Other Policy-holders' Funds | | | | | |
| Balance at January 1, | $723,389 | | $656,573 | | | $468,604 | | | $732,948 | | $773,039 | | $236,958 | | | $739,105 | | $954,318 | $123,236 |
| Issuances | — | | 1,040 | | | — | | | — | | 875 | | — | | | — | | 896 | — |
| Premiums and deposits received | 19,653 | | 12,584 | | | 191,812 | | | 20,928 | | 11,332 | | 240,802 | | | 22,036 | | 13,209 | 122,136 |
| Policy charges | (11,730) | | — | | | — | | | (12,295) | | — | | — | | | (12,926) | | — | — |
| Surrenders and withdrawals | (23,007) | | (64,145) | | | (132,566) | | | (22,479) | | (107,707) | | (13,897) | | | (21,215) | | (165,584) | (13,042) |
First 8 of 15 rows. The CSV has all of them.
Table 103 after “The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of dif”
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| At December 31, 2025 | | | | |
| Range of guaranteed minimum crediting rates | Interest Sensitive Life | Deferred Annuity(1) | | Other Policyholders' Funds | |
| At guaranteed minimum: | | | | | |
| Less than 3.00% | $— | | $2,115 | | $438,586 |
| 3.00%-3.99% | 29,355 | | 406,105 | | 3,128 |
| 4.00%-4.99% | 592,935 | | 172,449 | | 55,299 |
| Greater than 5.00% | 89,397 | | — | | 35,034 |
| Total | 711,687 | | 580,669 | | 532,047 |
First 8 of 15 rows. The CSV has all of them.
Table 104 after “million has been reinsured with third-party reinsurers under existing reinsurance agreements.”
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| At December 31, 2024 | | | | |
| Range of guaranteed minimum crediting rates | Interest Sensitive Life | Deferred Annuity(1) | | Other Policyholders' Funds | |
| At guaranteed minimum: | | | | | |
| Less than 3.00% | $— | | $1,812 | | $373,584 |
| 3.00%-3.99% | 29,251 | | 473,191 | | 3,182 |
| 4.00%-4.99% | 604,412 | | 181,570 | | 55,876 |
| Greater than 5.00% | 89,726 | | — | | 35,962 |
| Total | 723,389 | | 656,573 | | 468,604 |
First 8 of 15 rows. The CSV has all of them.
Table 105 after “(Dollar amounts in thousands, except per share data)”
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| At December 31, 2023 | | | | |
| Range of guaranteed minimum crediting rates | Interest Sensitive Life | Deferred Annuity | | Other Policyholders' Funds | |
| At guaranteed minimum: | | | | | |
| Less than 3.00% | $— | | $1,945 | | $138,684 |
| 3.00%-3.99% | 29,086 | | 574,939 | | 3,790 |
| 4.00%-4.99% | 613,704 | | 195,390 | | 6,861 |
| Greater than 5.00% | 90,158 | | 765 | | 37,556 |
| Total | 732,948 | | 773,039 | | 186,891 |
First 8 of 15 rows. The CSV has all of them.
Table 106 after “The following tables roll forward the deferred policy acquisition costs for the three years ended December 31, 2025:”
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| Life | | | | | | | |
| American Income | DTC | | Liberty National | Other | Total | | |
| Balance at January 1, 2023 | $2,258,291 | | $1,676,931 | | $610,723 | | $298,346 | $4,844,291 |
| Capitalizations | 471,771 | | 159,650 | | 107,230 | | 13,053 | 751,704 |
| Amortization expense | (159,898) | | (99,464) | | (51,534) | | (16,530) | (327,426) |
| Foreign exchange adjustment | 3,206 | | — | | — | | — | 3,206 |
| Balance at December 31, 2023 | $2,573,370 | | $1,737,117 | | $666,419 | | $294,869 | $5,271,775 |
| Balance at January 1, 2024 | $2,573,370 | | $1,737,117 | | $666,419 | | $294,869 | $5,271,775 |
First 8 of 17 rows. The CSV has all of them.
Table 107 after “The following tables roll forward the deferred policy acquisition costs for the three years ended December 31, 2025:”
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| Health | | | | | | | | | |
| United American | Family Heritage | | Liberty National | American Income | DTC | | Total | | |
| Balance at January 1, 2023 | $77,394 | | $416,608 | | $133,096 | | $57,811 | | $1,854 | $686,763 |
| Capitalizations | 1,941 | | 63,366 | | 20,309 | | 12,849 | | — | 98,465 |
| Amortization expense | (5,846) | | (27,131) | | (13,464) | | (3,982) | | (175) | (50,598) |
| Foreign exchange adjustment | — | | — | | — | | 105 | | — | 105 |
| Balance at December 31, 2023 | $73,489 | | $452,843 | | $139,941 | | $66,783 | | $1,679 | $734,735 |
| Balance at January 1, 2024 | $73,489 | | $452,843 | | $139,941 | | $66,783 | | $1,679 | $734,735 |
First 8 of 17 rows. The CSV has all of them.
Table 108 after “the three years ended December 31, 2025:”
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| | December 31, | | | |
| 2025 | | 2024 | 2023 | |
| Life | | | | | |
| American Income | | $3,248,907 | | $2,900,229 | $2,573,370 |
| Direct to Consumer | | 1,818,120 | | 1,781,230 | 1,737,117 |
| Liberty National | | 790,987 | | 728,790 | 666,419 |
| Other | | 289,736 | | 290,506 | 294,869 |
| Total DAC—Life | | 6,147,750 | | 5,700,755 | 5,271,775 |
First 8 of 17 rows. The CSV has all of them.
Table 109 after “Activity in the liability for unpaid health claims is summarized as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Balance at January 1, | $210,994 | | $194,809 | | $184,286 |
| Less reinsurance recoverables | (1,521) | | (2,157) | | (2,084) |
| Net balance at January 1, | 209,473 | | 192,652 | | 182,202 |
| Incurred related to: | | | | | |
| Current year | 851,946 | | 767,076 | | 697,521 |
| Prior years | (1,831) | | (10,460) | | (4,853) |
First 8 of 16 rows. The CSV has all of them.
| December 31, | | |
| 2025 | 2024 | |
| Policy claims and other benefits payable: | | | |
| Life insurance | $315,595 | | $321,838 |
| Health insurance | 225,237 | | 210,994 |
| Total | $540,832 | | $532,832 |
Table 111 after “The following table discloses significant components of income taxes for each year presented:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Income tax expense (benefit) from operations: | | | | | |
| Current income tax expense (benefit)—federal | $196,988 | | $217,929 | | $145,700 |
| Current income tax expense (benefit)—state | 219 | | 206 | | 180 |
| Deferred income tax expense (benefit)—federal | 77,530 | | 37,740 | | 77,631 |
| Provision for income tax expense (benefit) | 274,737 | | 255,875 | | 223,511 |
| Shareholders’ equity: | | | | | |
First 8 of 10 rows. The CSV has all of them.
| Year Ended December 31, | | | | | | | | | |
| 2025 | % | | 2024 | % | | 2023 | % | | |
| U.S. federal statutory tax rate | $301,555 | | 21.0 | | | $278,594 | | 21.0 | $250,796 | 21.0 |
| State and local income taxes, net of federal income tax effect(1) | 173 | | — | | | 163 | | — | 142 | — |
| Tax credits: | | | | | | | | | | |
| LIH credits | (11,906) | | (0.8) | | | (9,700) | | (0.7) | (14,291) | (1.2) |
| Purchased solar credits | (4,988) | | (0.3) | | | (3,000) | | (0.2) | — | — |
| Increasing research activities credit | (1,400) | | (0.1) | | | (2,000) | | (0.2) | — | — |
First 8 of 13 rows. The CSV has all of them.
Table 113 after “The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Federal | $140,527 | | $128,005 | | $120,658 |
| State | 173 | | 189 | | 144 |
| Foreign | 226 | | 201 | | 232 |
| Total income taxes paid (received) | $140,926 | | $128,395 | | $121,034 |
Table 114 after “The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdiction in which income taxes paid (net of refund”
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| Year Ended December 31, | | | | | | | | | |
| 2025 | % | | 2024 | % | | 2023 | % | | |
| Federal | $140,527 | | 99.7 | | | $128,005 | | 99.7 | $120,658 | 99.7 |
| Other | 399 | | 0.3 | | | 390 | | 0.3 | 376 | 0.3 |
| Total | $140,926 | | 100.0 | | | $128,395 | | 100.0 | $121,034 | 100.0 |
Table 115 after “billion for the year ended December 31, 2025, 2024, and 2023, respectively. The Company had no income from foreign operations.”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Income tax expense (or benefit) from continuing operations: | | | | | |
| Federal | $274,518 | | $255,669 | | $223,331 |
| State | 219 | | 206 | | 180 |
| Total | $274,737 | | $255,875 | | $223,511 |
Table 116 after “The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are ”
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| December 31, | | |
| 2025 | 2024 | |
| Deferred tax assets: | | | |
| Unrealized losses | $460,158 | | $532,756 |
| Carryover of tax losses | 15,052 | | 10,342 |
| Total gross deferred tax assets | 475,210 | | 543,098 |
| Less valuation allowance | (2,632) | | (3,383) |
| Net deferred tax assets | 472,578 | | 539,715 |
First 8 of 15 rows. The CSV has all of them.
Table 117 after “The total cost of these retirement plans charged to operations was as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Plan Type: | | | | | |
| Defined Contribution Plans(1) | $6,870 | | $6,605 | | $6,390 |
| Defined Benefit Pension Plans(2) | 15,984 | | 16,458 | | 15,225 |
Table 118 after “Pension Assets by Component at December 31, 2025”
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| Fair Value Determined by: | | | | | | | | |
| Quoted Prices inActive Marketsfor IdenticalAssets (Level 1) | | SignificantObservableInputs (Level 2) | | Significant Unobservable Inputs (Level 3) | TotalAmount | % 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 |
First 8 of 12 rows. The CSV has all of them.
Table 119 after “Pension Assets by Component at December 31, 2024”
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| Fair Value Determined by: | | | | | | | | |
| Quoted Prices inActive Marketsfor IdenticalAssets (Level 1) | | SignificantObservableInputs (Level 2) | | SignificantUnobservableInputs (Level 3) | TotalAmount | % of Total | | |
| Exchange traded fund(4) | $35,483 | | | $— | | $— | | $35,483 | 6 |
| Equity exchange traded fund(1) | 322,846 | | | — | | — | | 322,846 | 53 |
| U.S. Government and Agency | — | | | 179,418 | | — | | 179,418 | 29 |
| Other bonds | — | | | 4 | | — | | 4 | — |
| Guaranteed annuity contract(2) | — | | | 43,893 | | — | | 43,893 | 7 |
| Short-term investments | 1,235 | | | — | | — | | 1,235 | — |
First 8 of 12 rows. The CSV has all of them.
Table 120 after “The following table presents additional information about the Company's other long-term investments included in pension plan assets as of De”
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| Fair Value | Unfunded Commitments(2) | | | | |
| Investment Category | 2025 | 2024 | | 2025 | Redemption Term/Notice(1) | |
| Multi-asset class | $7,541 | | $12,383 | | $— | Non-redeemable |
| Private equity | 35,824 | | 18,163 | | 37,666 | Non-redeemable |
| Infrastructure | 5,046 | | — | | 26,132 | Non-redeemable |
| Total | $48,411 | | $30,546 | | $63,798 | |
Table 121 after “The following tables include premiums paid for COLI for the three years ended December 31, 2025 and investments of the Rabbi Trust for the t”
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| Year Ended December 31, | | | | | | |
| 2025 | | 2024 | | 2023 | | |
| Premiums paid for insurance coverage | $— | | | $443 | | | $443 |
| | | At December 31, | | | | |
| | | 2025 | | 2024 | | |
| Total investments: | | | | | | | |
| COLI | | $59,008 | | | $57,210 | | |
| Exchange traded funds | | 111,470 | | | 98,314 | | |
First 8 of 9 rows. The CSV has all of them.
Table 122 after “The following table presents the projected benefit obligation (PBO) and accumulated benefit obligation (ABO) for the Pension Plans and SERP ”
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| December 31, | | | | | |
| 2025 | 2024 | | | | |
| PBO | ABO | | PBO | ABO | |
| Pension plans | $597,695 | | $531,741 | | $561,615 | $500,010 |
| SERP | 79,093 | | 72,666 | | 73,441 | 68,428 |
| Benefit obligation | $676,788 | | $604,407 | | $635,056 | $568,438 |
Table 123 after “For the year ended December 31, 2025, the Pension Plans have plan assets with fair values in excess of projected benefit obligations. The pr”
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| At December 31, | | |
| 2025 | 2024 | |
| Funded benefit pension plans PBO | $597,695 | | $561,615 |
| Funded benefit pension plans fair value of plan assets | 684,279 | | 614,845 |
Table 124 after “For the year ended December 31, 2025, the funded benefit pension plans have plan assets with fair value in excess of the accumulated benefit”
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| At December 31, | | |
| 2025 | 2024 | |
| Funded benefit pension plans ABO | $531,741 | | $500,010 |
| Funded benefit pension plans fair value of plan assets | 684,279 | | 614,845 |
Table 125 after “Weighted Average Pension Plan Assumptions”
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| For Benefit Obligations at December 31: | | | 2025 | | 2024 | |
| Discount rate | | 5.81% | | | 5.81% | |
| Rate of compensation increase | | 4.44 | | | 4.46 | |
| For Periodic Benefit Cost for the Year: | 2025 | | 2024 | | 2023 | |
| Discount rate | 5.81% | | | 5.40% | | 5.71% |
| Expected long-term returns | 7.33 | | | 7.18 | | 6.98 |
| Rate of compensation increase | 4.46 | | | 4.40 | | 4.40 |
Table 126 after “Components of Net Periodic Benefit Cost”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Service cost—benefits earned during the period | $24,969 | | $24,898 | | $21,568 |
| Interest cost on projected benefit obligation | 36,081 | | 33,123 | | 31,367 |
| Expected return on assets | (46,278) | | (42,580) | | (38,625) |
| Amortization of prior service cost (credit) | 1,167 | | 1,071 | | 1,075 |
| Recognition of actuarial gain (loss) | 45 | | (54) | | (160) |
| Net periodic benefit cost | $15,984 | | $16,458 | | $15,225 |
Table 127 after “An analysis of the impact on other comprehensive income (loss) concerning pensions and other postretirement benefits is as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Balance at January 1 | $26,194 | | $(2,727) | | $1,570 |
| Amortization of: | | | | | |
| Prior service cost (credit) | 1,168 | | 1,071 | | 1,075 |
| Net actuarial (gain) loss(1) | (915) | | (597) | | (1,465) |
| Total amortization | 253 | | 474 | | (390) |
| Plan amendments | — | | (1,212) | | — |
First 8 of 10 rows. The CSV has all of them.
| Year Ended December 31, | | |
| 2025 | 2024 | |
| Changes in PBO: | | | |
| PBO at beginning of year | $635,056 | | $627,560 |
| Service cost | 24,969 | | 24,898 |
| Interest cost | 36,081 | | 33,123 |
| Plan amendments | — | | 1,212 |
| Actuarial loss (gain) | 10,252 | | (22,964) |
First 8 of 17 rows. The CSV has all of them.
Table 129 after “Changes in the PBO related to actuarial losses (gains) are primarily attributed to changes in the discount rate.”
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| Year Ended December 31, | | |
| Amounts recognized in accumulated other comprehensive income consist of: | 2025 | 2024 | |
| Net loss (gain) | $(39,917) | | $(28,720) |
| Prior service cost | 5,468 | | 6,636 |
| Net amounts recognized at year end | $(34,449) | | $(22,084) |
Table 130 after “Globe Life has estimated its expected postretirement benefits to be paid over the next ten years as of December 31, 2025. These estimates us”
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| For the year(s): | |
| 2026 | $33,125 |
| 2027 | 36,024 |
| 2028 | 38,950 |
| 2029 | 42,143 |
| 2030 | 44,682 |
| 2031-2035 | 260,402 |
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Stock-based compensation not involving cash | $53,355 | | $40,118 | | $30,736 |
| Commitments for low-income housing interests | 234,753 | | 35,000 | | — |
| Exchanges of fixed maturity investments | 288,491 | | 105,595 | | 50,936 |
| Net unsettled security trades | 408 | | 2,334 | | 3,833 |
| Noncash tax credits | — | | — | | 1,083 |
Table 132 after “The following table summarizes certain amounts paid during the period:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Interest paid | $144,680 | | $116,993 | | $99,545 |
| Income taxes paid(1) | 175,907 | | 175,400 | | 121,034 |
Table 133 after “Selected Information about Debt Issues”
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| | | | | As of December 31, | | | | | | | | | |
| | | | | 2025 | | 2024 | | | | | | | |
| 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 | | | $(2,252) | | $547,748 | | | $555,115 | $546,999 |
| Senior notes | 08/21/2020 | | 08/15/2030 | 2.150% | 400,000 | | | (2,396) | | 397,604 | | | 361,852 | 397,132 |
| Senior notes(1) | 05/19/2022 | | 06/15/2032 | 4.800% | 250,000 | | | (3,308) | | 246,692 | | | 251,923 | 246,272 |
| Senior notes | 08/23/2024 | | 09/15/2034 | 5.850% | 450,000 | | | (4,782) | | 445,218 | | | 472,792 | 444,814 |
| Junior subordinated debentures | 11/17/2017 | | 11/17/2057 | 5.275% | 125,000 | | | (1,539) | | 123,461 | | | 123,290 | 123,443 |
First 8 of 16 rows. The CSV has all of them.
Table 134 after “The following table presents expected scheduled principal payments under our contractual debt obligations:”
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| Year Ended December 31, | | | | | | | | | |
| 2026 | 2027 | | 2028 | 2029 | 2030 | | Thereafter | | |
| Debt obligations | $306,000 | | $250,000 | | $550,000 | | $— | | $400,000 | $1,150,000 |
Table 135 after “(Dollar amounts in thousands)”
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| At December 31, | | |
| 2025 | 2024 | |
| Balance commercial paper at end of period (at par value) | $306,000 | | $419,000 |
| Annualized interest rate | 4.05% | | 5.22% |
| Letters of credit outstanding | $115,000 | | $115,000 |
| Remaining amount available under credit line | 579,000 | | 466,000 |
Table 136 after “(Dollar amounts in thousands)”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Average balance of commercial paper outstanding during period (par value) | $412,705 | | $405,573 | | $290,024 |
| Daily-weighted average interest rate (annualized) | 4.77% | | 5.65% | | 5.40% |
| Maximum daily amount outstanding during period (par value) | $605,500 | | $633,425 | | $477,700 |
| Commercial paper issued during period (par value) | 2,369,500 | | 2,052,056 | | 2,029,000 |
| Commercial paper matured during period (par value) | (2,482,500) | | (1,952,056) | | (1,995,000) |
| Net commercial paper issued (matured) during period (par value) | (113,000) | | 100,000 | | 34,000 |
Table 137 after “A summary of common share activity is presented in the following chart.”
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| Common Stock | | | |
| | Issued | Treasury Stock | |
| 2023: | | | | |
| Balance at January 1, 2023 | | 105,218,183 | | (8,478,288) |
| Grants of restricted stock | | — | | 7,110 |
| Vesting of performance shares | | — | | 84,298 |
| Issuance of common stock due to exercise of stock options | | — | | 1,375,313 |
| Treasury stock acquired | | — | | (4,415,287) |
First 8 of 24 rows. The CSV has all of them.
Table 138 after “See the following summary below:”
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| Globe Life Share Repurchase Program | Share Repurchase for Dilution Purposes | | | | | | | | |
| Shares Acquired (in thousands) | Total Cost | | Average Price | Shares Acquired (in thousands) | Total Cost | | Average Price | | |
| 2025 | 5,420 | | $685,151 | | $126.41 | | 1,469 | | $189,669 | $129.14 |
| 2024 | 10,086 | | 945,637 | | 93.76 | | 501 | | 48,026 | 95.75 |
| 2023 | 3,369 | | 380,103 | | 112.84 | | 1,080 | | 127,155 | 117.72 |
Table 139 after “A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Basic weighted average shares outstanding | 81,376,845 | | 89,278,574 | | 95,098,474 |
| Weighted average dilutive options outstanding | 1,148,147 | | 382,848 | | 1,265,367 |
| Diluted weighted average shares outstanding | 82,524,992 | | 89,661,422 | | 96,363,841 |
| Antidilutive shares | — | | 2,140,787 | | 422,739 |
Table 140 after “Options generally vest in accordance with the following schedule:”
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| | Shares vested by period | | | |
| Contract Period | 6 Months | Year 1 | Year 2 | Year 3 |
| Directors | 7 years | 100% | —% | —% | —% |
| Employees | 7 years | —% | —% | 50% | 50% |
Table 141 after “A summary of stock compensation activity for each of the three years ended December 31, 2025 is presented below:”
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| 2025 | 2024 | | 2023 | |
| Stock-based compensation expense recognized(1) | $53,355 | | $40,118 | | $30,736 |
| Tax benefit recognized | 10,829 | | 7,085 | | 11,178 |
Table 142 after “Additional stock compensation information is as follows at December 31:”
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| 2025 | 2024 | |
| Unrecognized compensation(1) | $49,461 | | $46,956 |
| Weighted average period of expected recognition (in years)(1) | 0.64 | 0.53 | |
Table 143 after “The following table summarizes information about stock options outstanding at December 31, 2025.”
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| Options Outstanding | Options Exercisable | | | | | | |
| Range of Exercise Prices | Number Outstanding | Weighted- Average Remaining Contractual Life (Years) | | Weighted- Average Exercise Price | | Number Exercisable | Weighted- Average Exercise Price | |
| $50.64 - $98.32 | 1,283,918 | | 1.89 | | $92.51 | | 1,283,918 | $92.51 |
| 100.74 | 745,000 | | 1.15 | | 100.74 | | 745,000 | 100.74 |
| 103.23 | 935,490 | | 3.14 | | 103.23 | | 935,490 | 103.23 |
| 105.56 - 128.40 | 1,339,536 | | 4.97 | | 124.90 | | 266,584 | 118.92 |
| $50.64 - $128.40 | 4,303,944 | | 2.99 | | $106.34 | | 3,230,992 | $99.69 |
Table 144 after “An analysis of option activity for each of the three years ended December 31, 2025, is as follows:”
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| 2025 | 2024 | | 2023 | | | | | | |
| Options | Weighted-Average Exercise Price | | Options | Weighted-Average Exercise Price | Options | | Weighted-Average Exercise Price | | |
| Outstanding—beginning of year | 5,825,957 | | $99.74 | | 5,940,320 | | $96.19 | | 6,962,374 | $91.73 |
| Granted: | | | | | | | | | | |
| 7-year term | 349,342 | | 127.43 | | 520,810 | | 128.32 | | 497,060 | 120.49 |
| Exercised | (1,842,860) | | 89.23 | | (584,993) | | 88.52 | | (1,375,313) | 82.95 |
| Expired and forfeited | (28,495) | | 120.48 | | (50,180) | | 106.62 | | (143,801) | 90.92 |
| Outstanding—end of year | 4,303,944 | | $106.34 | | 5,825,957 | | $99.74 | | 5,940,320 | $96.19 |
First 8 of 9 rows. The CSV has all of them.
Table 145 after “Additional information about Globe Life's stock option activity as of December 31, 2025 and 2024 is as follows:”
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| 2025 | 2024 | |
| Outstanding options: | | | |
| Weighted-average remaining contractual term (in years) | 2.99 | 3.15 | |
| Aggregate intrinsic value | $144,251 | | $81,703 |
| Exercisable options: | | | |
| Weighted-average remaining contractual term (in years) | 2.24 | 2.48 | |
| Aggregate intrinsic value | $129,787 | | $77,946 |
Table 146 after “Selected stock option activity for the three years ended December 31, 2025, is presented below:”
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| 2025 | 2024 | | 2023 | |
| Weighted-average grant-date fair value of options granted (per share) | $39.92 | | $33.80 | | $32.25 |
| Intrinsic value of options exercised | 73,970 | | 17,127 | | 49,163 |
| Cash received from options exercised | 164,448 | | 51,786 | | 114,080 |
| Actual tax benefit received | 8,101 | | 2,489 | | 9,379 |
Table 147 after “Additional information concerning Globe Life's unvested options is as follows at December 31:”
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| 2025 | 2024 | |
| Number of shares outstanding | 1,072,952 | | 1,449,521 |
| Weighted-average exercise price (per share) | $126.38 | | $117.88 |
| Weighted-average remaining contractual term (in years) | 5.25 | 5.19 | |
| Aggregate intrinsic value | $14,464 | | $3,757 |
Table 148 after “Following are the restricted stock units outstanding for each of the three years ended December 31, 2025:”
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| Year of grants | Outstanding as of year end |
| 2023 | 163,108 |
| 2024 | 219,864 |
| 2025(1) | 312,663 |
Table 149 after “Below is the final determination of the performance share grants in 2021 to 2023:”
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| Year of grants | Final settlement of shares | Final settlement date | |
| 2021 | 143,211 | | February 28, 2024 |
| 2022 | 152,680 | | February 26, 2025 |
| 2023 | 149,755 | | February 25, 2026 |
Table 150 after “A summary of restricted stock grants for each of the years in the three-year period ended December 31, 2025, is presented in the table below”
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| 2025(1) | 2024 | | 2023 | |
| Directors restricted stock: | | | | | |
| Shares | 6,530 | | 7,375 | | 7,110 |
| Price per share | $115.20 | | $122.06 | | $119.59 |
| Aggregate value | $752 | | $900 | | $850 |
| Percent vested | 100% | | 100% | | 100% |
| Directors restricted stock units (including dividend equivalents): | | | | | |
| Shares | 9,582 | | 4,854 | | 9,479 |
First 8 of 21 rows. The CSV has all of them.
Table 151 after “An analysis of nonvested restricted stock is as follows:”
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| Executive Performance Shares | Directors Restricted Stock | | Directors Restricted Stock Units | EmployeesRestrictedStockUnits | Total | | |
| 2023: | | | | | | | | |
| Balance at December 31, 2022 | 398,535 | | — | | — | | — | 398,535 |
| Grants | 81,300 | | 7,110 | | 9,479 | | 96,975 | 194,864 |
| Additional performance shares(1) | (28,857) | | — | | — | | — | (28,857) |
| Restriction lapses | (84,298) | | (7,110) | | (9,479) | | — | (100,887) |
| Forfeitures | (12,600) | | — | | — | | (4,410) | (17,010) |
| Balance at December 31, 2023 | 354,080 | | — | | — | | 92,565 | 446,645 |
First 8 of 20 rows. The CSV has all of them.
Table 152 after “An analysis of the weighted-average grant-date fair values per share of non-vested restricted stock is as follows for the year 2025:”
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| Executive Performance Shares | Directors Restricted Stock | | Directors Restricted Stock Units | | EmployeesRestrictedStockUnits | | |
| Grant-date fair value per share at January 1, 2025 | $115.78 | | $— | | | $— | | $124.02 |
| Grants | 127.44 | | 115.20 | | | 114.34 | | 127.18 |
| Estimated additional performance shares | 126.75 | | — | | | — | | — |
| Restriction lapses | (103.23) | | (115.20) | | | (114.34) | | (119.99) |
| Forfeitures | — | — | | | — | | (125.89) | |
| Grant-date fair value per share at December 31, 2025 | 125.58 | | — | | | — | | 125.17 |
Table 153 after “Premium Income by Distribution Channel”
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| For the Year 2025 | | | | | | | | | |
| Life | Health | | Total | | | | | | |
| Distribution Channel | Amount | % of Total | | Amount | % of Total | Amount | | % of Total | | |
| American Income | $1,791,356 | | 53 | | $124,947 | | 8 | | $1,916,303 | 39 |
| Direct to Consumer | 981,006 | | 29 | | 76,514 | | 5 | | 1,057,520 | 21 |
| Liberty National | 390,094 | | 12 | | 190,468 | | 12 | | 580,562 | 12 |
| United American | 6,188 | | — | | 666,758 | | 44 | | 672,946 | 14 |
| Family Heritage | 7,404 | | — | | 468,063 | | 31 | | 475,467 | 10 |
First 8 of 10 rows. The CSV has all of them.
Table 154 after “Premium Income by Distribution Channel”
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| For the Year 2024 | | | | | | | | | |
| Life | Health | | Total | | | | | | |
| Distribution Channel | Amount | % ofTotal | | Amount | % ofTotal | Amount | | % ofTotal | | |
| American Income | $1,698,209 | | 52 | | $123,123 | | 9 | | $1,821,332 | 39 |
| Direct to Consumer | 988,522 | | 30 | | 71,993 | | 5 | | 1,060,515 | 23 |
| Liberty National | 371,061 | | 12 | | 190,381 | | 14 | | 561,442 | 12 |
| United American | 6,600 | | — | | 591,774 | | 42 | | 598,374 | 13 |
| Family Heritage | 6,661 | | — | | 427,654 | | 30 | | 434,315 | 9 |
First 8 of 10 rows. The CSV has all of them.
Table 155 after “(Dollar amounts in thousands, except per share data)”
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| For the Year 2023 | | | | | | | | | |
| Life | Health | | Total | | | | | | |
| Distribution Channel | Amount | % ofTotal | | Amount | % ofTotal | Amount | | % of Total | | |
| American Income | $1,588,702 | | 51 | | $120,332 | | 9 | | $1,709,034 | 38 |
| Direct to Consumer | 991,406 | | 32 | | 68,575 | | 5 | | 1,059,981 | 24 |
| Liberty National | 349,736 | | 11 | | 187,934 | | 14 | | 537,670 | 12 |
| United American | 7,311 | | — | | 545,723 | | 42 | | 553,034 | 13 |
| Family Heritage | 6,134 | | — | | 396,209 | | 30 | | 402,343 | 9 |
First 8 of 10 rows. The CSV has all of them.
Table 156 after “(Dollar amounts in thousands, except per share data)”
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| Year Ended December 31, 2025 | | | | | | |
| Life | | Health | | Investment | Consolidated | |
| Revenue: | | | | | | | |
| Premium | $3,363,470 | | | $1,526,750 | | $— | $4,890,220 |
| Net investment income | — | | | — | | 1,130,198 | 1,130,198 |
| Segment revenue | 3,363,470 | | | 1,526,750 | | 1,130,198 | 6,020,418 |
| Realized gains (losses) | | (27,788) | | | | | |
| Other income | | 1,688 | | | | | |
First 8 of 31 rows. The CSV has all of them.
Table 157 after “(Dollar amounts in thousands, except per share data)”
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| Year Ended December 31, 2024 | | | | | | |
| Life | | Health | | Investment | Consolidated | |
| Revenue: | | | | | | | |
| Premium | $3,261,347 | | | $1,404,925 | | $— | $4,666,272 |
| Net investment income | — | | | — | | 1,135,631 | 1,135,631 |
| Segment revenue | 3,261,347 | | | 1,404,925 | | 1,135,631 | 5,801,903 |
| Realized gains (losses) | | (24,188) | | | | | |
| Other income | | 354 | | | | | |
First 8 of 31 rows. The CSV has all of them.
Table 158 after “(Dollar amounts in thousands, except per share data)”
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| Year Ended December 31, 2023 | | | | | | |
| Life | | Health | | Investment | Consolidated | |
| Revenue: | | | | | | | |
| Premium | $3,137,244 | | | $1,318,773 | | $— | $4,456,017 |
| Net investment income | — | | | — | | 1,056,884 | 1,056,884 |
| Segment revenue | 3,137,244 | | | 1,318,773 | | 1,056,884 | 5,512,901 |
| Realized gains (losses) | | (65,676) | | | | | |
| Other income | | 308 | | | | | |
First 8 of 31 rows. The CSV has all of them.
| At 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 | | | | |
First 8 of 9 rows. The CSV has all of them.
| At December 31, 2024 | | | | | | |
| Life | Health | | Investment | | Consolidated | |
| Cash and invested assets | $— | | $— | | $19,736,888 | | $19,736,888 |
| Accrued investment income | — | | — | | 269,791 | | 269,791 |
| Deferred acquisition costs | 5,700,755 | | 793,421 | | — | | 6,494,176 |
| Goodwill | 309,609 | | 180,837 | | — | | 490,446 |
| Total segment assets | $6,010,364 | | $974,258 | | $20,006,679 | | 26,991,301 |
| Annuity and other corporate | | | 2,084,880 | | | | |
First 8 of 9 rows. The CSV has all of them.
| At December 31, 2025 | | | | | | |
| Life | | Health | | Investment | Consolidated | |
| Future policy benefits | $16,123,927 | | | $2,465,091 | | $— | $18,589,018 |
| Unearned and advance premiums | 199,011 | | | 71,652 | | — | 270,663 |
| Policy claims and other benefits payable | 315,595 | | | 225,237 | | — | 540,832 |
| Debt | — | | | — | | 2,625,449 | 2,625,449 |
| Other | 95,047 | | | — | | 437,000 | 532,047 |
| Total segment liabilities | $16,733,580 | | | $2,761,980 | | $3,062,449 | 22,558,009 |
First 8 of 10 rows. The CSV has all of them.
| At December 31, 2024 | | | | | | |
| Life | Health | | Investment | | Consolidated | |
| Future policy benefits | $15,484,596 | | $2,316,094 | | $— | | $17,800,690 |
| Unearned and advance premiums | 198,127 | | 59,504 | | — | | 257,631 |
| Policy claims and other benefits payable | 321,838 | | 210,994 | | — | | 532,832 |
| Debt | — | | — | | 2,739,652 | | 2,739,652 |
| Other | 96,604 | | — | | 372,000 | | 468,604 |
| Total segment liabilities | $16,101,165 | | $2,586,592 | | $3,111,652 | | 21,799,409 |
First 8 of 10 rows. The CSV has all of them.
Table 163 after “1. Equity Compensation Plan Information as of December 31, 2025”
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| (a) | (b) | | (c) | |
| Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | Weighted-average exercise price of outstanding options, warrants, and rights | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities in column (a)) | |
| Equity compensation plans approved by security holders | 4,303,944 | | $106.34 | | 2,898,770 |
| Equity compensation plans not approved by security holders | — | | — | | — |
| Total | 4,303,944 | | $106.34 | | 2,898,770 |
Table 164 after “Index of documents filed as a part of this report:”
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| Page of this report |
| Financial Statements: | |
| Globe Life Inc. and Subsidiaries: | |
| Report of Independent Registered Public Accounting Firm | 55 |
| Consolidated Balance Sheets at December 31, 2025 and 2024 | 57 |
| Consolidated Statements of Operations for each of the three years in the period ended December 31, 2025 | 58 |
| Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2025 | 59 |
| Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December 31, 2025 | 60 |
First 8 of 14 rows. The CSV has all of them.
| Exhibit No. | Description | Form | Filing Date |
| 3.1 | Restated Certificate of Incorporation of Globe Life Inc. | 8-K | August 8, 2019 |
| 3.2 | Certificate of Amendment of Certificate of Incorporation of Globe Life Inc. | 8-K | May 2, 2023 |
| 3.3 | Amended and Restated By-Laws of Globe Life Inc., as amended August 10, 2023 | 8-K | August 15, 2023 |
| 4.1 | Junior Subordinated Indenture, dated November 2, 2001, between Torchmark Corporation and The Bank of New York defining the rights of the 7 3/4% Junior Subordinated Debentures | 8-K | November 2, 2001 |
| 4.2 | Third Supplemental Indenture dated as of November 17, 2017 between Torchmark Corporation and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001 | 8-K | November 17, 2017 |
| 4.3 | Fourth Supplemental Indenture dated as of June 14, 2021 between Globe Life Inc. and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001 | 8-K | June 14, 2021 |
| 4.4 | Senior Indenture, dated as of September 24, 2018, between Torchmark Corporation and Regions Bank, as Trustee | S-3 | September 24, 2018 |
First 8 of 24 rows. The CSV has all of them.
| Exhibit No. | Description | Form | Filing Date |
| 10.12 | Torchmark Corporation 2018 Incentive Plan* | 8-K | May 2, 2018 |
| 10.13 | First Amendment to Torchmark Corporation 2018 Incentive Plan* | 10-K | February 27, 2020 |
| 10.14 | Second Amendment to Globe Life Inc. 2018 Incentive Plan* | 10-Q | May 9, 2023 |
| 10.15 | Second Amended and Restated Globe Life Inc. 2018 Non-Employee Director Compensation Plan* | 10-K | February 28, 2024 |
| 10.16 | Third Amended and Restated Globe Life Inc. 2018 Non-Employee Director Compensation Plan* | 10-K | February 25, 2026 |
| 10.17 | Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan* | 10-K | February 27, 2020 |
| 10.18 | Form of Seven Year Stock Option under Torchmark Corporation 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions* | 8-K | May 2, 2018 |
First 8 of 27 rows. The CSV has all of them.
| Exhibit No. | Description | Form | Filing Date |
| 10.38 | Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (November 2024)* | 8-K | November 19, 2024 |
| 10.39 | Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (November 2024)* | 8-K | November 19, 2024 |
| 10.40 | Form of Performance Share Award Certificate under Globe Life Inc. 2018 Incentive Plan (2025)* | 10-K | February 26, 2025 |
| 10.41 | Form of Seven Year Stock Option Grant Agreement under Globe Life Inc. 2018 Incentive Plan (2026)* | 10-K | February 25, 2026 |
| 10.42 | Form of Seven Year Stock Option Grant Agreement under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (2026)* | 10-K | February 25, 2026 |
| 10.43 | Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2018 Incentive Plan (2026)* | 10-K | February 25, 2026 |
| 10.44 | Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (2026)* | 10-K | February 25, 2026 |
First 8 of 27 rows. The CSV has all of them.
Table 168 after “(Dollar amounts in thousands)”
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| December 31, | | |
| 2025 | 2024 | |
| Assets: | | | |
| Investments: | | | |
| Long-term investments | $32,677 | | $39,404 |
| Short-term investments | 28,006 | | 29,005 |
| Total investments | 60,683 | | 68,409 |
| Cash | 62,865 | | 66,770 |
First 8 of 29 rows. The CSV has all of them.
Table 169 after “(Dollar amounts in thousands)”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Net investment income | $32,889 | | $38,341 | | $36,237 |
| Realized gains (losses) | 5,793 | | 4,158 | | 5,924 |
| Total revenue | 38,682 | | 42,499 | | 42,161 |
| General operating expenses | 94,021 | | 75,387 | | 59,051 |
| Reimbursements from affiliates | (75,504) | | (53,136) | | (59,796) |
| Interest expense | 147,673 | | 125,023 | | 107,180 |
First 8 of 18 rows. The CSV has all of them.
Table 170 after “(Dollar amounts in thousands)”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Net income | $1,161,238 | | $1,070,762 | | $970,755 |
| Equity in earnings of subsidiaries | (1,272,741) | | (1,155,705) | | (1,024,323) |
| Cash dividends from subsidiaries | 815,741 | | 692,690 | | 459,535 |
| Other, net | 79,549 | | 55,243 | | 33,846 |
| Cash provided from operations | 783,787 | | 662,990 | | 439,813 |
| Cash provided from (used for) investing activities: | | | | | |
First 8 of 32 rows. The CSV has all of them.
Table 171 after “Cash dividends paid to Globe Life from the subsidiaries were as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Dividends from subsidiaries | $815,741 | | $692,690 | | $459,535 |
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Stock-based compensation not involving cash | $53,355 | | $40,118 | | $30,736 |
| Investment in subsidiaries | 640,065 | | — | | — |
| Dividends from subsidiaries | 640,065 | | — | | — |
Table 173 after “The following table summarizes certain amounts paid (received) during the period:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Interest paid | $150,019 | | $114,459 | | $104,493 |
| Income taxes paid (received) | (21,033) | | (13,126) | | (10,408) |
Table 174 after “(Dollar Amounts in thousands)”
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| Gross Amount | Cededto OtherCompanies(1) | | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | | |
| For the Year Ended December 31, 2025 | | | | | | | | |
| Life insurance in force | $229,804,503 | | $430,278 | | $1,734,812 | | $231,109,037 | 0.8 |
| Premiums(2): | | | | | | | | |
| Life insurance | $3,294,163 | | $(39,968) | | $17,669 | | $3,351,800 | 0.5 |
| Health insurance | 1,516,215 | | 128 | | 10,663 | | 1,526,750 | 0.7 |
| Total premium | $4,810,378 | | $(39,840) | | $28,332 | | $4,878,550 | 0.6 |
| For the Year Ended December 31, 2024 | | | | | | | | |
First 8 of 19 rows. The CSV has all of them.