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GLGlobe Life

Financials · Life Insurance · NYSE
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The 10-K against last year's

167 changes: 22 added, 5 removed, 135 reworded, 5 quiet changes

10-K Feb 25, 2026 vs Feb 26, 2025
Risk FactorsRedline ↓
11.7%
of the text changed · 5,307 words now
17.0%
of the text changed · 13,190 words now
Legal ProceedingsRedline ↓
49.3%
of the text changed · 2,710 words now
Accounting PoliciesRedline ↓
12.4%
of the text changed · 8,009 words now

10-K 0000320335-26-000090 (2026-02-25) vs 10-K 0000320335-25-000013 (2025-02-26)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 244 words changed in this paragraph; it is 60% similar to last year's version.
Also pending in the Eastern District of Texas is a consolidated shareholder derivative suit that is closely related to the putative securities class action disclosed above (the “City of Miami Matter”). On November 7, 2024, Globe Life Inc. shareholder Jui Cheng Hsiao (“Hsiao”) filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of Globe Life Inc.’s its Board of Directors. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav (“Jadhav”) filed a shareholder derivative complaint against the same set of defendants. Each shareholder derivative complaint asserts one claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about Globe Life Inc.’s its performance and financial results. The allegations are substantially similar to the allegations made in the City of Miami Matter and derive from the Fuzzy Panda a short seller report. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify them for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On November 25, 2024, January 3, 2025, the two shareholder plaintiffs moved to consolidate Court consolidated the two actions into one and appointed Hsiao and Jadhav as Lead Plaintiffs and their counsel as Lead Counsel for the consolidated derivative action and the Court granted the motion on January 3, 2025 (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)). The case is before the same Court as the City of Miami Matter. On January 16, 25, 2025, the parties filed a Court granted the parties’ joint motion to stay such proceedings pending the Court’s resolution of the motion to dismiss filed by Globe Life Inc. in the City of Miami Matter. The On October 14, 2025, the parties informed the Court granted such joint that the motion to dismiss in the City of Miami Matter was denied and of their agreement for the terms of the stay to remain in place as they coordinated a schedule. On October 27, 2025 and December 5, 2025, the proceedings on January 25, 2025. parties again notified the Court of their continued agreement for the terms of the stay to remain in place and further notified the Court of two related derivative cases filed in the Eastern District of Texas by Globe Life Inc. shareholders, as referenced below.

Source: Item 3, via Note 5 – Commitments and Contingencies, 10-K 0000320335-26-000090 vs Item 3, via Note 5 – Commitments and Contingencies, 10-K 0000320335-25-000013

Accounting Policies 119 words changed in this paragraph; it is 36% similar to last year's version.
Future Policy Benefits: The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 93% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or January 1, 2021, the Transition Date(1), and expected future experience. The liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity, and product type.

Source: Item 8, Note 1 – Significant Accounting Policies, 10-K 0000320335-26-000090 vs Item 8, Note 1 – Significant Accounting Policies, 10-K 0000320335-25-000013

MD&A 106 words changed in this paragraph; it is 35% similar to last year's version.
Net policy obligations amounted to 53% of Health premium increased 9% in 2024 2025 as compared to 51% in both 2023 and 2022. 2024. This increase was primarily due attributable to significant sales growth in our Medicare supplement plans as a result of what we believe is a consumer shift from Medicare Advantage plans to Medicare supplement plans during the assumptions review current year. Premium growth in 2025 was also the result of lapses Medicare supplement rate increases that went into effect in 2025 in addition to an increase in agent count and morbidity resulting in a remeasurement loss of $10.5 million compared to a remeasurement gain of $5.2 million and $10.7 million in 2023 and 2022, respectively. productivity on other health business. Refer to Note 6—Policy Liabilities for further discussion of the Company's annual assumptions review.

Source: Item 7, 10-K 0000320335-26-000090 vs Item 7, 10-K 0000320335-25-000013

Risk Factors 84 words changed in this paragraph; it is 46% similar to last year's version.
We use institutional funding agreements originating from FHLB, which from time to time serve as a significant source of our liquidity. Additionally, we use agreements with the FHLB to meet near-term liquidity needs. If the FHLB were to change its definition of eligible collateral, we could be required to post additional amounts of collateral in the form of cash or other assets. Additionally, if our creditworthiness falls below the FHLB’s requirements or if legislative or other political actions cause changes to the FHLB’s mandate or to the eligibility of life insurance companies to be members of the FHLB system, we could be required to find other sources to replace this funding, which may prove difficult and increase our liquidity risk.

Source: Item 1A, 10-K 0000320335-26-000090 vs Item 1A, 10-K 0000320335-25-000013

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of GL's Risk Factors and MD&A, 10-K 2026-02-25 against 10-K 2025-02-26. Each links to the text at sec.gov.

AddedRisk Factors
Our investment portfolio contains certain alternative investments that may be illiquid and volatile, which could negatively affect our investment income and liquidity.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
Over the past several years, we have increased our investment in alternative investments, such as limited partnerships. These and other similar investments may have different, more significant risk characteristics than investments in fixed maturity securities, may be more volatile and may be illiquid due to restrictions on sales, transfers and redemption terms, all of which could negatively affect our investment income and overall portfolio liquidity.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
These alternative investments may not meet regulatory admissibility requirements or may result in increased regulatory capital charges to the insurance subsidiaries that hold these investments, which could limit those subsidiaries’ ability to pay dividends and negatively impact our liquidity.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
Under an intercompany reinsurance agreement initiated in 2025, we have ceded approximately $1.2 billion of our life statutory reserves from Liberty National Life Insurance Company, Globe Life And Accident Insurance Company, and American Income Life Insurance Company to GL Re, as of December 31, 2025. Future regulatory changes made by the BMA or other events may impact the capital efficiency of the reinsurance structure and could require the holding company to contribute additional capital to GL Re or our U.S. insurance subsidiaries to recapture ceded business.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedRisk Factors
transmit, store, and retrieve valuable data. In addition, in the event that a significant number of our management were unavailable following a disaster, the achievement of our strategic objectives could be negatively impacted.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Globe Life serves the lower-middle to middle-income market. We believe this market is underserved, has significant growth potential, and provides us with a distinct competitive advantage. This advantage is protected due not only to our ability to efficiently reach this market through both exclusive and direct to consumer distribution channels, but also due to the amount of data and experience we possess, as we have been in this same market for over 60 years with essentially the same products. The basic protection life and health insurance products we offer are specifically designed to help provide financial security to consumers in this market.

Read it in 10-K 2026-02-25 at sec.gov ↗

Show the other 9
AddedMD&A
Net remeasurement gains of $134.3 million in 2025, $46.3 million in 2024, and $3.2 million in 2023 were attributable to the Company's annual third-quarter review and unlocking of life and health long-term assumptions, including lapses, mortality and morbidity. See the remeasurement gain/loss table in Note 6—Policy Liabilities for additional information.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
To enhance comparability of underlying operating performance across periods, the Company also evaluates life underwriting margin on a normalized basis that excludes the impacts of annual assumption updates. As discussed above, assumption unlocking results in a cumulative catch-up remeasurement gain or loss recognized in policy obligations. While required under GAAP, these remeasurement effects can introduce volatility unrelated to current-period underwriting performance.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Normalized life underwriting margin is a non-GAAP financial measure defined as insurance underwriting margin excluding the impacts of assumption unlocking recognized in the period. Management believes this measure provides investors and other users of the financial statements with additional insight into the underlying profitability and trends of the in force life business by removing the effects of assumption changes that vary by period. On a normalized basis, life underwriting margin for 2025 was $1.4 billion or 41% of premium, compared with $1.3 billion or 40% of premium in 2024. In 2023, assumption unlocking had minimal impact with underwriting margin remaining unchanged at 38% of premium. This increase in normalized life underwriting margin in the current year reflects improved underlying mortality and persistency experience and favorable expense efficiency across our Divisions.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
(1) Includes a gain of $14 million related to the recapture of reinsurance for the year ended December 31, 2025 as disclosed in Note 1—Significant Accounting Policies under the caption Reinsurance and Recapture.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Health premium increased 9% in 2025 as compared to 2024. This increase was attributable to significant sales growth in our Medicare supplement plans as a result of what we believe is a consumer shift from Medicare Advantage plans to Medicare supplement plans during the current year. Premium growth in 2025 was also the result of Medicare supplement rate increases that went into effect in 2025 in addition to an increase in agent count and productivity on other health business. Refer to Note 6—Policy Liabilities for further discussion of the Company's annual assumptions review.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
Consistent with the life segment, the Company also evaluates health underwriting margin on a normalized basis that excludes the impacts of annual assumptions unlocking recognized in policy obligations. Normalized health underwriting margin is a non-GAAP financial measure and should not be considered a substitute for GAAP underwriting margin. Management believes this measure provides useful supplemental information regarding underlying health underwriting performance by removing period specific assumption update effects.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
On a normalized basis, health underwriting margin for 2025 was $387 million or 25% of premium, compared with $383 million or 27% of premium in 2024 and $373 million or 28% of premium in 2023. The percentage of premium decline primarily reflects higher claims experience and an increase in the proportion of overall health premium from United American. As with life, reported GAAP underwriting margin for all periods presented was affected by assumption unlocking as discussed above.

Read it in 10-K 2026-02-25 at sec.gov ↗

AddedMD&A
In 2025, we entered into a 30-year facility agreement (“Facility Agreement”) with a Delaware Trust (the “Trust”) formed by us in connection with the sale by the trust of $500 million pre-capitalized trust securities redeemable May 15, 2055 in a Rule 144A private placement. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “Strips”).

Read it in 10-K 2026-02-25 at sec.gov ↗

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