AddedRisk Factors
Our investment portfolio contains certain alternative investments that may be illiquid and volatile, which could negatively affect our investment income and liquidity.
GLGlobe Life
Globe Life's website is: www.globelifeinsurance.com. 10-K, Item 1
- Headquarters
- Mckinney, TX
- Next results
- around Feb 3, 2027
10-K 0000320335-26-000090 (2026-02-25) vs 10-K 0000320335-25-000013 (2025-02-26)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 5,307 | 11.7% |
| MD&A | Item 7 | 13,190 | 17.0% |
| Legal Proceedings | Item 3, via Note 5 – Commitments and Contingencies | 2,710 | 49.3% |
| Accounting Policies | Item 8, Note 1 – Significant Accounting Policies | 8,009 | 12.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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.
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.
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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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.
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.
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.
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.
RewordedRisk Factors
Additionally, any violation or alleged violation of law or regulations could result in significant legal costs or in legal proceedings that may result in monetary and legal remedies being imposed against the Company, which could have a material adverse effect on our business, financial condition or results of operations.
RewordedRisk Factors
As of the date of this Report, one putative securities class action has and five shareholder derivative lawsuits have been filed against Globe Life Inc. and we expect that other putative class action claims may be filed as well. related to this event.
RewordedRisk Factors
Any incident affecting confidential information systems resulting from the above factors could damage our reputation in the marketplace, deter potential customers from purchasing our products, result in the loss of existing customers, subject us to significant civil and criminal liability, constrain cash flows, or require us to incur significant technical, legal, or other expenses.
RewordedRisk Factors
The failure to maintain effective and efficient information systems at the Company or manage responsible use of emerging technologies, including artificial intelligence, could adversely affect our financial condition and results of operations. operations at the Company.
RewordedRisk Factors
Our insurance subsidiaries are subject to various state statutory and regulatory restrictions applicable to insurance companies that limit the amount of cash dividends, loans, and advances that those subsidiaries may pay to us, including laws establishing minimum solvency and liquidity thresholds. in addition, our Bermuda reinsurance subsidiaries are subject to regulation established by the Bermuda Monetary Authority ("BMA").
RewordedRisk Factors
The reliance on these third-party vendors creates a number of business risks, such as the risk that the Company may not maintain service quality, control or effective management of the outsourced business operations and that the Company cannot control the data, facilities, networks, emerging technology or information systems, facilities or networks of such systems used by third-party vendors.
RewordedRisk Factors
Press coverage and other public statements that allege wrongdoing, even if untrue, can lead to increased regulatory inquiries or investigations including any that may arise in connection with the subpoenas from U.S. investigations.
RewordedRisk Factors
We employ controls and procedures designed to facilitate service quality of our third party third-party vendors and mitigate risks resulting from the use of third-party vendors; however, such controls and procedures cannot be 100% effective in all cases.
RewordedRisk Factors
In addition, these reports resulted in significant negative publicity against us, damaged our reputation, and exposed us to resulted in a putative securities class action litigation and derivative shareholder litigation.
RewordedRisk Factors
RewordedRisk Factors
This modernization includes the responsible innovative, responsible, and secure use of emerging technologies like artificial intelligence. intelligence ("AI").
RewordedRisk Factors
Other sources of liquidity include a variety of short-term and long-term instruments, including our credit facility, Pre-Capitalized Trust Securities ("P-CAPS") facility, commercial paper, long-term debt, Federal Home Loan Bank (FHLB), ("FHLB"), intercompany financing and reinsurance.
Quiet changesRisk Factors
Quiet changesRisk Factors
Such determination is not binding but we expect any potential civil action brought by the EEOC would likely include such an allegation.
Quiet changesRisk Factors
We may fail to not meet expectations relating to corporate responsibility and sustainability standards and practices.
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.
AddedMD&A
•Net income totaled $1.16 billion in 2025, compared with $1.07 billion in 2024 and $971 million in 2023.
AddedMD&A
•Net operating income was $1.20 billion in 2025, compared with $1.11 billion in 2024 and $1.03 billion in 2023.
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.
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.
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.
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.
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.
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.
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.
AddedMD&A
(2)Average net insurance policy liabilities are net of accumulated other comprehensive income ("AOCI").
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”).
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
This improvement was primarily due to improved mortality and the assumptions updated annual assumption changes which were based upon our review of lapses, mortality, and morbidity resulting in a remeasurement gain of $130.9 million in 2025 compared to a remeasurement gain of $56.8 million compared to in 2024 and a remeasurement loss of $2.0 million in 2023 and a remeasurement loss of $47.2 million in 2022. 2023.
RewordedMD&A
RewordedMD&A
In 2024, 2025, underwriting margin in the health segment decreased increased to $372 $390 million due to higher claim utilization, increased sales and rate increases in our Medicare supplement business, compared with $372 million in 2024 and $378 million in 2023 and $377 million in 2022. 2023.
RewordedMD&A
The division Division experienced a 10% 14% rise in health net sales in 2024 2025 as compared with 2023, 2024, primarily due to an increase in producing agents increased agent count and improved increased agent productivity and training. productivity.
RewordedMD&A
Investment-grade corporate securities $ 727,259 $ 1,258,203 $ 967,588 $ 812,697 Investment-grade municipal securities 114,621 94,658 572,654 599,946 Other securities 76,259 29,577 — 7,577 Total fixed maturity acquisitions(1) $ 918,139 $ 1,382,438 $ 1,540,242 $ 1,420,220 Effective annual yield (one year compounded)(2) 6.37 % 5.93 % 6.13 % 5.18 % Average life (in years, to next call) 29.7 29.4 18.0 13.5 Average life (in years, to maturity) 33.9 33.3 24.8 22.8 Average rating A A- A A
RewordedMD&A
(Dollar amounts in thousands)Year Ended December 31, 2025 2024 2023 Balance at beginning of period $ 529,120 $ 529,511 $ 542,497 Downgrades by rating agencies 130,225 101,018 117,731 Upgrades by rating agencies (30,565) (76,754) (32,540) Dispositions (126,293) (40,907) (95,060) Acquisitions 26,735 20,292 — Provision for credit losses (130) (3,280) (6,811) Amortization and other (7,760) (760) 3,694 Balance at end of period $ 521,332 $ 529,120 $ 529,511
RewordedMD&A
Underwriting margin as a percent of premium was 54% in 2025, compared with 56% in 2024 and 2023. 2024, primarily due to an increase in policy obligations in the current year.
RewordedMD&A
Due to the long-term nature of our fixed maturity investments and liabilities and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our securities to maturity.
RewordedMD&A
RewordedMD&A
The net unrealized loss position in the fixed-maturity portfolio increased decreased from $1.0 billion at December 31, 2023 to $1.7 billion at December 31, 2024 to $1.2 billion at December 31, 2025 due to an increase a change in market rates during the period.
RewordedMD&A
Cash and short-term investments were $459 million at the end of 2025, compared with $250 million at the end of 2024 compared with $185 million at the end of 2023. 2024.
RewordedMD&A
Underwriting margin as a percent of premium for the Division was 6% in 2025 and 8% in 2024, declining due to increased claims utilization, 11% in 2023, and 12% in 2022. 2024.
Quiet changesMD&A
The Liberty National Division Division's average producing agent count increased significantly when compared with the prior-year comparable periods.
Quiet changesMD&A
While both the American Income Life Division and the Direct to Consumer Division primarily sell life insurance, they also market health products.
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