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GLOBE LIFE INC. REPORTS
First Quarter 2025 Results


McKinney, TX, April 30, 2025—Globe Life Inc. (NYSE: GL) reported today that for the quarter ended March 31, 2025, net income was $3.01 per diluted common share, compared with $2.67 per diluted common share for the year-ago quarter. Net operating income was $3.07 per diluted common share, above management's expectations, compared with $2.78 per diluted common share for the year-ago quarter.

HIGHLIGHTS:
l
Net income as an ROE was 19.0% for the three months ended March 31, 2025. Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 14.1% for the same period.
lNet income per share increased 13% and net operating income per share increased 10% over the year-ago quarter.
lAt the American Income Life Division, life premiums increased over the year-ago quarter by 6%.
l
At the Liberty National Division, net life sales increased 4% and life premiums increased 6% over the year-ago quarter. Additionally, the average producing agent count increased 8% over the year-ago quarter.
l
At the Family Heritage Division, health net sales increased 7% and health premiums increased 9% over the year-ago quarter. Additionally, the average producing agent count increased 9% over the year-ago quarter.
l
Life underwriting margin increased 9% over the year-ago quarter.
l1.5 million shares of Globe Life Inc. common stock at a total cost of $177 million were repurchased during the quarter.












Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
1
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

RESULTS OF OPERATIONS

Net operating income, a non-GAAP(1) financial measure, has been used consistently by Globe Life’s management for many years to evaluate the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as realized investment gains and losses and certain significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

The following table represents Globe Life's operating summary for the three months ended March 31, 2025 and 2024:
Operating Summary
Per Share
Three Months Ended
March 31,		Three Months Ended
March 31,
20252024%
Chg.		20252024%
Chg.
Insurance underwriting income(2)
$3.98 $3.41 17$336,315 $324,361 4
Excess investment income(2)
0.42 0.46 (9)35,870 43,785 (18)
Interest on debt(0.41)(0.30)37(34,992)(28,621)22
Parent company expense
(0.04)(0.03)(3,050)(2,826)
Income tax expense(0.77)(0.70)10(64,891)(66,227)(2)
Stock compensation benefit (expense), net of tax(0.12)(0.07)(9,915)(6,373)
Net operating income 3.07 2.78 10259,337 264,099 (2)
Reconciling items, net of tax:
Realized gain (loss)
— (0.10)67 (9,321)
Non-operating expenses— (0.01)— (561)
Legal proceedings(4)
(0.06)— (4,841)— 
Net income(3)
$3.01 $2.67 $254,563 $254,217 
Weighted average diluted shares outstanding 84,480 95,115 
(1)GAAP is defined as accounting principles generally accepted in the United States of America.
(2)Definitions included within this document.
(3)A GAAP-basis condensed consolidated statement of operations is included in the appendix of this report.
(4)Includes an estimate of costs associated with settlement of certain litigation claims not related to the Department of Justice, Securities and Exchange Commission, or Equal Employment Opportunity Commission matters, as well as certain additional legal expenses incurred.


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

2
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
MANAGEMENT VS. GAAP MEASURES

Shareholders' equity, excluding AOCI, and book value per share, excluding AOCI, are non-GAAP measures that are utilized by management to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. Management views the business in this manner because it creates more meaningful and easily identifiable trends, as we exclude fluctuations resulting from changes in interest rates. Shareholders' equity and book value per share are the most directly comparable GAAP measures.
Three Months Ended
March 31,
20252024
Net income
$254,563 $254,217 
Net operating income
259,337 264,099 
Net income as an ROE(1)
19.0 %21.3 %
Net operating income as an ROE (excluding AOCI)(1)
14.1 %14.3 %
March 31,
20252024
Shareholders' equity$5,425,416 $5,039,161 
Impact of adjustment to exclude AOCI1,970,873 2,467,236 
Shareholders' equity, excluding AOCI$7,396,289 $7,506,397 
Book value per share$64.50 $53.03 
Impact of adjustment to exclude AOCI23.42 25.97 
Book value per share, excluding AOCI$87.92 $79.00 
(1) Calculated using average shareholders' equity for the measurement period.

3
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
INSURANCE OPERATIONS:

Life insurance accounted for 80% of the Company’s insurance underwriting margin for the quarter and 69% of total premium revenue.

Health insurance accounted for 20% of the Company's insurance underwriting margin for the quarter and 31% of total premium revenue.

Net sales of life insurance declined 1% for the quarter, while net health sales increased 24%.

The following table summarizes Globe Life's premium revenue by product type for the three months ended March 31, 2025 and 2024:
Insurance Premium Revenue
Quarter Ended
March 31, 2025March 31, 2024%
Chg.
Life insurance$829,863 $804,265 3
Health insurance369,791 341,019 8
Total$1,199,654 $1,145,284 5

INSURANCE UNDERWRITING INCOME

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

The following table summarizes Globe Life's insurance underwriting income by segment for the three months ended March 31, 2025 and 2024:
Insurance Underwriting Income
Quarter Ended
March 31, 2025% of
Premium		March 31, 2024% of
Premium		%
Chg.
Insurance underwriting margins:
Life$337,264 41$309,011 389
Health84,721 2393,770 27(10)
421,985 402,781 5
Annuity and other income
1,879 1,991 
Administrative expenses(87,549)(80,411)
Insurance underwriting income$336,315 $324,361 4
Per share$3.98 $3.41 17

The ratio of administrative expenses to premium was 7.3%, compared with 7.0% for the year-ago quarter.

4
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL

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

Total premium, underwriting margins, first-year collected premium and net sales by all distribution channels are shown at https://investors.globelifeinsurance.com at "Financial Reports and Other Financial Information."
Life Underwriting Margin
Quarter Ended
March 31,
20252024
Amount% of PremiumAmount% of Premium% Chg.
American Income $196,169 45 $187,068 45 5
Direct to Consumer 64,200 26 58,585 24 10
Liberty National 31,772 33 30,713 34 3
Other 45,123 90 32,645 64 38
Total$337,264 41 $309,011 38 9
Life Premium
Quarter Ended
March 31,
20252024%
Chg.
American Income $437,866 $414,044 6
Direct to Consumer 245,600 248,040 (1)
Liberty National 96,182 90,777 6
Other 50,215 51,404 (2)
Total$829,863 $804,265 3
Life Net Sales(1)
Quarter Ended
March 31,
20252024%
Chg.
American Income $98,555 $97,195 1
Direct to Consumer 25,175 28,563 (12)
Liberty National 22,469 21,605 4
Other 2,152 2,134 1
Total$148,351 $149,497 (1)
(1)Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.

5
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Health Underwriting Margin
Quarter Ended
March 31,
20252024
Amount% of PremiumAmount% of Premium% Chg.
United American $1,617 1 $11,906 8 (86)
Family Heritage 39,249 35 35,838 35 10
Liberty National 25,982 54 26,672 56 (3)
American Income 19,389 63 19,192 63 1
Direct to Consumer(1,516)(8)162 1 
Total$84,721 23 $93,770 27 (10)
Health Premium
Quarter Ended
March 31,
20252024%
Chg.
United American $159,848 $141,635 13
Family Heritage 112,354 103,391 9
Liberty National 47,922 47,630 1
American Income 30,691 30,497 1
Direct to Consumer 18,976 17,866 6
Total$369,791 $341,019 8
Health Net Sales(1)
Quarter Ended
March 31,
20252024%
Chg.
United American $27,708 $16,423 69
Family Heritage 26,816 24,966 7
Liberty National 7,198 7,613 (5)
American Income 4,870 4,594 6
Direct to Consumer 645 804 (20)
Total$67,237 $54,400 24
(1)Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.

6
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY DISTRIBUTION CHANNEL

Quarterly Average
Producing Agent Count(1)
Quarter EndedQuarter Ended
March 31,December 31,
20252024% Chg.2024
American Income11,510 11,139 3 11,926 
Liberty National 3,688 3,419 8 3,743 
Family Heritage 1,417 1,295 9 1,512 

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


INVESTMENTS

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

The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.
Excess Investment Income
Quarter Ended
March 31,
20252024%
Chg.
Net investment income$280,614 $282,578 (1)
Interest on policy liabilities(1)
(244,744)(238,793)2
Excess investment income$35,870 $43,785 (18)
Per share$0.42 $0.46 (9)
(1)Interest on policy liabilities, at original discount rates, is a component of total policyholder benefits, a GAAP measure.

Net investment income declined 1% while average invested assets increased 1%. Required interest on policy liabilities and average policy liabilities both increased 2%.

7
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The composition of the investment portfolio at book value at March 31, 2025 is as follows:
Investment Portfolio
As of
March 31, 2025
Amount% of Total
Fixed maturities at fair value(1)
$17,504,967 87 
Mortgage loans
426,174 2 
Policy loans708,175 4 
Other long-term investments(2)
1,236,624 6 
Short-term investments134,066 1 
Total$20,010,006 
(1) As of March 31, 2025, fixed maturities at amortized cost were $19.0 billion, net of $10.4 million of allowance for credit losses.
(2) Includes $989 million of investments accounted for under the fair value option which have a cost of $969 million as of March 31, 2025.

Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of March 31, 2025 are as follows:
Fixed Maturity Portfolio by Sector
As of
March 31, 2025
Investment GradeBelow Investment GradeTotal Amortized Cost, net
Corporate bonds$14,634,347 $460,971 $15,095,318 
Municipals3,295,133 — 3,295,133 
Government, agencies, and GSEs(1)
445,527 — 445,527 
Collateralized debt obligations— 36,609 36,609 
Other asset-backed securities82,646 8,779 91,425 
Total$18,457,653 $506,359 $18,964,012 
(1) Government-Sponsored Enterprises

Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at March 31, 2025 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).
As of
Amortized
Cost		Allowance for Credit LossesNet Unrealized Gains (Losses)Fair
 Value
March 31, 2025
$18,974,367 $(10,355)$(1,459,045)$17,504,967 

At amortized cost, net of allowance for credit losses, 97% of fixed maturities (97% at fair value) were rated “investment grade.” The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.25% during the first quarter of 2025, compared with 5.24% in the year-ago quarter.

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


8
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Comparable information for acquisitions of fixed maturity and other investments is as follows:
Fixed Maturity Acquisitions
Quarter Ended
March 31,
20252024
Amount$244,845 $682,427 
Average annual effective yield6.4 %5.9 %
Average ratingA-A-
Average life (in years) to:
Next call40.7 30.4 
Maturity43.1 32.3 

Other Investment Acquisitions
Quarter Ended
March 31,
20252024
Limited partnerships
$15,831 $67,498 
Mortgage loans
35,621 58,406 
Common stock
502 11,968 
Other invested assets
— 1,350 
Total$51,954 $139,222 

SHARE REPURCHASE:

During the quarter, the Company repurchased 1.5 million shares of Globe Life Inc. common stock at a total cost of $177 million and an average share price of $121.70.

LIQUIDITY/CAPITAL:

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

EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2025:

Globe Life projects net operating income between $13.45 to $14.05 per diluted common share for the year ending December 31, 2025, reaffirming the previous guidance.

NON-GAAP MEASURES:

In this news release, Globe Life includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. Globe Life's definitions of non-GAAP measures may differ from other companies' definitions. More detailed financial information, including various GAAP and non-GAAP measurements, is located at https://investors.globelifeinsurance.com on the Investors page under “Financial Reports and Other Financial Information."
9
GL Q1 2025 Earnings Release

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1) Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, and other governmental actions on the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;
2) Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);
3) Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;
4) Interest rate changes that affect product sales, financing costs, and/or investment yields;
5) General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may compromise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;
6) Changes in the competitiveness of the Company's products and pricing;
7) Litigation results;
8) Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);
9) The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10) The customer response to new products and marketing initiatives;
11) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12) Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;
13) The impact of any reputational damage on the Company including the impact on the Company's ability to attract and retain agents;
14) The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity and demand for our products; and
15) Globe Life’s ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described in the "Risk Factors" section of our most recent Annual Report on Form 10-K. Globe Life specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
10
GL Q1 2025 Earnings Release

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

Globe Life will provide a live audio webcast of its first quarter 2025 earnings release conference call with financial analysts at 12:00 pm (Eastern) tomorrow, May 1, 2025. Access to the live webcast and replay will be available at https://investors.globelifeinsurance.com on the Calls and Meetings page, at the Conference Calls on the Web icon. Immediately following this press release, supplemental financial reports will be available before the conference call on the Investors page menu of the Globe Life website at “Financial Reports.”
For additional information contact:
Mike Majors, Executive Vice President - Policy Acquisition and Chief Strategy Officer
Globe Life Inc.
3700 South Stonebridge Drive
P. O. Box 8080
McKinney, Texas 75070-8080
Phone: 972-569-3627 or email: investors@globe.life
Website: https://investors.globelifeinsurance.com

11
GL Q1 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q1 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
APPENDIX

GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
 20252024
Revenue:
Life premium$829,863 $804,265 
Health premium369,791 341,019 
Other premium— — 
Total premium1,199,654 1,145,284 
Net investment income280,614 282,578 
Realized gains (losses)85 (11,799)
Other income69 76 
Total revenue1,480,422 1,416,139 
Benefits and expenses:
Life policyholder benefits(1)
509,756 519,871 
Health policyholder benefits(2)
233,929 202,327 
Other policyholder benefits7,080 9,595 
Total policyholder benefits750,765 731,793 
Amortization of deferred acquisition costs105,515 99,478 
Commissions, premium taxes, and non-deferred acquisition costs164,323 148,110 
Other operating expense108,746 93,214 
Interest expense34,992 28,621 
Total benefits and expenses1,164,341 1,101,216 
Income before income taxes316,081 314,923 
Income tax benefit (expense)(61,518)(60,706)
Net income$254,563 $254,217 
Basic net income per common share$3.05 $2.71 
Diluted net income per common share$3.01 $2.67 
(1)Net of total remeasurement gain of $8.5 million for the three months ended March 31, 2025, and a total remeasurement gain of $4.9 million for the same period in 2024.
(2)Net of a total remeasurement gain of $444 thousand for the three months ended March 31, 2025, and a total remeasurement gain of $3.2 million for the same period in 2024.
12
GL Q1 2025 Earnings Release