Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."


	At June 30, 2025
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	411,371	$	—	$	131	$	(31,467)	$	380,035	2
States, municipalities, and political subdivisions	3,303,151		—		23,550		(633,924)		2,692,777		16
Foreign governments	39,427		—		21		(9,842)		29,606		—
Corporates, by sector:
Industrials	8,007,486		(7,058)		138,507		(737,473)		7,401,462		43
Financial	5,004,947		—		107,285		(386,613)		4,725,619		27

Utilities	2,113,952		—		55,957		(109,524)		2,060,385		12
Total corporates	15,126,385		(7,058)		301,749		(1,233,610)		14,187,466		82
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	79,463		(3,297)		114		(810)		75,470		—
Total fixed maturities	$	18,959,797	$	(10,355)	$	325,565	$	(1,909,653)	$	17,365,354	100


	At December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(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
Financial	5,006,375		—		82,598		(413,043)		4,675,930		27

Utilities	2,081,366		—		39,716		(118,007)		2,003,075		12
Total corporates	14,976,815		(7,098)		227,924		(1,336,380)		13,861,261		81
Collateralized debt obligations	36,923		—		5,943		—		42,866		—
Other asset-backed securities	82,534		(3,297)		39		(2,186)		77,090		1
Total fixed maturities	$	18,835,809	$	(10,395)	$	254,587	$	(1,924,989)	$	17,155,012	100


	At June 30, 2025
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	96,098	$	96,423
Due after one year through five years	809,469		833,243
Due after five years through ten years	1,916,943		1,958,923
Due after ten years through twenty years	9,007,319		8,411,758
Due after twenty years	7,043,430		5,989,520
Mortgage-backed and asset-backed securities	76,183		75,487
	$	18,949,442	$	17,365,354


	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024		% Change	2025		2024		% Change
Fixed maturities available for sale	$	245,205	$	247,215	(1)	$	487,415	$	493,313	(1)
Policy loans	13,850		13,084		6	27,508		25,900		6
Mortgage loans	5,350		6,909		(23)	12,018		13,669		(12)
Other long-term investments(1)	21,438		18,953		13	44,517		38,616		15
Short-term investments	3,059		3,625			4,535		5,313
	288,902		289,786		—	575,993		576,811		—
Less investment expense	(6,733)		(4,150)		62	(13,210)		(8,597)		54
Net investment income	$	282,169	$	285,636	(1)	$	562,783	$	568,214	(1)

(1)For the three months ended June 30, 2025 and June 30, 2024 the investment funds, accounted for under the fair value option method, recorded $18 million in net investment income for both periods. For the six months ended June 30, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $37.3 million and $37.0 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

An analysis of "realized gains (losses)" is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(12,837)	$	(10,113)	$	(12,049)	$	(9,973)

Provision for credit losses	—		(104)		40		(16)
Fair value option—change in fair value	(8,476)		(3,691)		(6,105)		(19,094)
Mortgage loans	(126)		(1,280)		307		(2,154)
Other investments	(264)		837		(1,342)		1,151
Realized gains (losses) from investments	(21,703)		(14,351)		(19,149)		(30,086)

Other gains (losses)	3,129		1,762		660		5,698
Total realized gains (losses)	(18,574)		(12,589)		(18,489)		(24,388)
Applicable tax	3,900		2,644		3,882		5,122
Realized gains (losses), net of tax	$	(14,674)	$	(9,945)	$	(14,607)	$	(19,266)

(1)During the three months ended June 30, 2025 and 2024, the Company recorded $72.6 million and $12.0 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.2) million and $0 realized gains (losses) respectively. During the six months ended June 30, 2025 and 2024, the Company recorded $128.3 million and $78.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.1) million and $0 realized gains (losses) respectively.


	Fair Value Measurement at June 30, 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	$	—		$	380,035		$	—		$	380,035
States, municipalities, and political subdivisions	—			2,692,777			—			2,692,777
Foreign governments	—			29,606			—			29,606
Corporates, by sector:
Industrials	—			7,222,920			178,542			7,401,462
Financial	—			4,603,643			121,976			4,725,619

Utilities	—			1,942,506			117,879			2,060,385
Total corporates	—			13,769,069			418,397			14,187,466
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			42,877			32,593			75,470
Total fixed maturities	$	—		$	16,914,364		$	450,990		$	17,365,354
Percentage of total	—		%	97		%	3		%	100		%


	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
Financial	—			4,551,737			124,193			4,675,930

Utilities	—			1,890,559			112,516			2,003,075
Total corporates	—			13,441,196			420,065			13,861,261
Collateralized debt obligations	—			—			42,866			42,866
Other asset-backed securities	—			65,907			11,183			77,090
Total fixed maturities	$	—		$	16,680,898		$	474,114		$	17,155,012
Percentage of total	—		%	97		%	3		%	100		%


	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, 2025	$	11,183		$	42,866		$	420,065		$	474,114

Included in realized gains / losses	—			(588)			(4)			(592)
Included in other comprehensive income	71			—			(3,328)			(3,257)
Acquisitions	21,339			—			17,515			38,854
Sales	—			(36,398)			—			(36,398)
Amortization	—			1,893			13			1,906
Other(1)	—			(7,773)			(15,864)			(23,637)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at June 30, 2025	$	32,593		$	—		$	418,397		$	450,990
Percent of total fixed maturities	—		%	—		%	3		%	3		%


	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, 2024	$	—		$	42,146		$	454,733		$	496,879

Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			742			(9,905)			(9,163)
Acquisitions	—			—			14,800			14,800
Sales	—			—			—			—
Amortization	—			2,277			(33)			2,244
Other(1)	—			(2,441)			(21,564)			(24,005)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at June 30, 2024	$	—		$	42,724		$	438,031		$	480,755
Percent of total fixed maturities	—		%	—		%	3		%	3		%

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third parties. Transfers out of Level 3 occur when quoted prices in active markets becomes available for identical assets/ liabilities or the ability to corroborate by observable market data.

Quantitative Information about Level 3 Fair Value Measurements

June 30, 2025

Fair Value

Valuation
Techniques

Significant Unobservable
Input

Range

Weighted-

Average(1)

Private placement fixed maturities

418,397

Determination of credit spread

Credit rating

B to AAA

BBB+

Asset-backed securities

32,593

Determination of credit spread

Credit rating

CC to BBB

BB+

450,990

Private placement fixed maturities and asset-backed securities are valued based on the contractual cash flows discounted by a yield determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.

Globe Life's entire fixed maturity portfolio consisted of 2,577 issues by 1,016 different issuers at June 30, 2025 and 2,552 issues by 1,014 different issuers at December 31, 2024. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of June 30, 2025 and A- as of December 31, 2024.

Analysis of Gross Unrealized Investment Losses


	At June 30, 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	$	4,658	$	(497)	$	365,241	$	(30,970)	$	369,899	$	(31,467)
States, municipalities, and political subdivisions	788,376		(47,539)		1,449,974		(586,385)		2,238,350		(633,924)
Foreign governments	—		—		25,084		(9,842)		25,084		(9,842)
Corporates, by sector:
Industrials	1,295,455		(63,946)		3,437,449		(638,215)		4,732,904		(702,161)
Financial	749,725		(23,304)		1,846,917		(346,568)		2,596,642		(369,872)

Utilities	365,180		(9,905)		564,596		(93,048)		929,776		(102,953)
Total corporates	2,410,360		(97,155)		5,848,962		(1,077,831)		8,259,322		(1,174,986)

Other asset-backed securities	6,535		(66)		19,430		(744)		25,965		(810)
Total investment grade securities	3,209,929		(145,257)		7,708,691		(1,705,772)		10,918,620		(1,851,029)

Below investment grade securities:


Corporates, by sector:
Industrials	15,750		(697)		185,564		(34,615)		201,314		(35,312)
Financial	6,185		(32)		96,165		(16,709)		102,350		(16,741)

Utilities	15,778		(794)		35,846		(5,777)		51,624		(6,571)
Total corporates	37,713		(1,523)		317,575		(57,101)		355,288		(58,624)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	37,713		(1,523)		317,575		(57,101)		355,288		(58,624)
Total fixed maturities	$	3,247,642	$	(146,780)	$	8,026,266	$	(1,762,873)	$	11,273,908	$	(1,909,653)


	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)
Corporates, by sector:
Industrials	1,487,940		(73,404)		3,433,034		(690,920)		4,920,974		(764,324)
Financial	961,932		(52,946)		1,785,130		(333,873)		2,747,062		(386,819)

Utilities	546,965		(20,214)		540,077		(90,996)		1,087,042		(111,210)
Total corporates	2,996,837		(146,564)		5,758,241		(1,115,789)		8,755,078		(1,262,353)

Other asset-backed securities	23,231		(95)		42,639		(2,091)		65,870		(2,186)
Total investment grade securities	3,809,580		(179,843)		7,705,596		(1,671,119)		11,515,176		(1,850,962)

Below investment grade securities:


Corporates, by sector:
Industrials	54,199		(2,656)		142,638		(38,350)		196,837		(41,006)
Financial	2,990		(53)		126,811		(26,171)		129,801		(26,224)

Utilities	19,263		(1,113)		24,003		(5,684)		43,266		(6,797)
Total corporates	76,452		(3,822)		293,452		(70,205)		369,904		(74,027)

Other asset-backed securities	—		—		2,198		—		2,198		—
Total below investment grade securities	76,452		(3,822)		295,650		(70,205)		372,102		(74,027)
Total fixed maturities	$	3,886,032	$	(183,665)	$	8,001,246	$	(1,741,324)	$	11,887,278	$	(1,924,989)

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	10,355	$	7,027	$	10,395	$	7,115
Additions to allowance for which credit losses were not previously recorded	—		—		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	—		105		(40)		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	—		—		—		—
Allowance for credit losses ending balance	$	10,355	$	7,132	$	10,355	$	7,132


	June 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	148,190	32	$	110,456	28
Multi-family	112,680		25	111,234		28
Hospitality	86,250		19	73,931		19
Retail	75,848		16	65,612		16
Mixed use	36,367		8	35,960		9
Office	3,061		1	6,539		2

Total recorded investment	462,396		101	403,732		102
Less allowance for credit losses	(6,629)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	455,767	100	$	396,088	100


	June 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Texas	$	82,236	18	$	75,131	19
Florida	81,203		18	63,308		16
New Jersey	55,941		12	51,744		13
California	47,708		10	48,371		12
North Carolina	41,992		9	23,253		6
Alabama	36,577		8	35,850		9
Other	116,739		26	106,075		27
Total recorded investment	462,396		101	403,732		102
Less allowance for credit losses	(6,629)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	455,767	100	$	396,088	100

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.


	June 30, 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%	$	114,189	$	56,783	$	242,599	$	413,571	89
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	12,458		36,367		—		48,825		11
Total	$	126,647	$	93,150	$	242,599	462,396		100
Less allowance for credit losses							(6,629)
Total, net of allowance for credit losses							$	455,767


	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%	—		—		—		—		—
Greater than 90%	16,136		37,728		—		53,864		13
Total	$	104,643	$	102,222	$	196,867	403,732		100
Less allowance for credit losses							(7,644)
Total, net of allowance for credit losses							$	396,088

As of June 30, 2025, the Company had 37 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined four loans were collateral dependent or likely to foreclose. The allowance for credit losses on these loans was determined using the practical expedient which was based on an estimate of fair value of the underlying collateral plus costs to sell the asset. The total principal balance of the four loans was $49 million and the allowance, determined using the practical expedient, was $3 million as of June 30, 2025. For the three months ended June 30, 2025, one loan with an outstanding principal value of $2 million was removed from the evaluation as a result of foreclosure. For the six months ended June 30, 2025, two loans with an outstanding principal value of $5 million were removed from the evaluation as a result of foreclosure and were transferred into limited partnerships, held under the fair value option, in other long-term investments. As of June 30, 2025, there were two commercial mortgage loans in the process of foreclosure, with an outstanding par value of $41 million and outstanding interest due of $0. For the six months ended June 30, 2025, the allowance for credit losses decreased by $1 million to $6.6


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	6,731	$	4,546	$	7,644	$	3,672

Provision (reversal) for credit losses	110		1,280		(138)		2,154
Reduction in allowance due to dispositions	(212)		—		(877)		—
Allowance for credit losses ending balance	$	6,629	$	5,826	$	6,629	$	5,826

As of June 30, 2025, the Company had three commercial mortgage loans in non-accrual status with a principal balance of $48 million. As of December 31, 2024, the Company had five commercial mortgage loans in non-accrual status with a principal balance of $53 million. The Company's unfunded commitment balance to commercial loan borrowers was $19 million as of June 30, 2025.


	Fair Value				Unfunded Commitments(2)
Investment Category	June 30, 2025		December 31, 2024		June 30, 2025		Redemption Term/Notice(1)





Commercial mortgage loans	$	577,472	$	566,142	$	170,251	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	219,031		202,008		171,756		Fully redeemable and non-redeemable with varying terms.


Infrastructure	183,102		179,627		25,000		Fully redeemable and non-redeemable with varying terms.


Other	42,820		38,989		57,419		Non-redeemable with varying terms
Total investment funds	$	1,022,425	$	986,766	$	424,426

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.