v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments Note 12—Business Segments
Globe Life is organized into three operating segments: life, health, and investments.

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance and supplemental health insurance. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments. The Company's chief operating decision makers (the "CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products.

The following tables present segment premium revenue by each of Globe Life's distribution channels.
Premium Income by Distribution Channel
Three Months Ended June 30, 2026
LifeHealthTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total
American Income$466,334 54 $30,805 7 $497,139 38 
Direct to Consumer244,220 29 20,958 5 265,178 20 
Liberty National100,516 12 47,403 11 147,919 11 
United American1,593 — 211,416 48 213,009 16 
Family Heritage2,156 — 126,273 29 128,429 10 
Other45,948 5 — — 45,948 5 
Total
$860,767 100 $436,855 100 $1,297,622 100 

Three Months Ended June 30, 2025
LifeHealthTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$445,511 53 $31,422 8 $476,933 39 
Direct to Consumer246,223 29 19,212 5 265,435 22 
Liberty National97,263 12 47,631 13 144,894 12 
United American1,570 — 163,978 43 165,548 13 
Family Heritage1,796 — 115,856 31 117,652 10 
Other47,181 6 — — 47,181 4 
Total
$839,544 100 $378,099 100 $1,217,643 100 
Premium Income by Distribution Channel
Six Months Ended June 30, 2026
LifeHealthTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total
American Income$925,534 54 $61,924 7 $987,458 38 
Direct to Consumer488,443 29 41,603 5 530,046 21 
Liberty National200,401 12 94,982 11 295,383 11 
United American3,313 — 405,842 48 409,155 16 
Family Heritage4,199 — 249,412 29 253,611 10 
Other92,082 5 — — 92,082 4 
Total
$1,713,972 100 $853,763 100 $2,567,735 100 
Six Months Ended June 30, 2025
LifeHealthTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$883,377 53 $62,113 8 $945,490 39 
Direct to Consumer491,823 29 38,188 5 530,011 22 
Liberty National193,445 12 95,553 13 288,998 12 
United American3,162 — 323,826 43 326,988 13 
Family Heritage3,522 — 228,210 31 231,732 10 
Other94,078 6 — — 94,078 4 
Total
$1,669,407 100 $747,890 100 $2,417,297 100 
Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.
 
The measure of profitability established by the CODMs for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance segment) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.

The measure of profitability for the Investment segment is excess investment income, representing the net income earned on the investment portfolio in excess of policy requirements. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.
 
Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer
calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. All of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.
The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.
Three Months Ended June 30, 2026
LifeHealthInvestmentConsolidated
Revenue:
Premium$860,767 $436,855 $— $1,297,622 
Net investment income— — 293,820 293,820 
Segment revenue
860,767 436,855 293,820 1,591,442 
Realized gains (losses)7,138 
Other income1,150 
Total consolidated revenue
$1,599,730 
Expenses:
Policy obligations(1)
513,959 277,012 5,782 796,753 
Required interest on reserves (218,540)(28,951)249,723 2,232 
Amortization of acquisition costs 104,651 15,886 — 120,537 
Commissions44,160 47,490 — 91,650 
Premium taxes18,260 8,328 — 26,588 
Non-deferred acquisition costs38,927 17,805 — 56,732 
Segment profit or (loss) $359,350 $99,285 $38,315 496,950 
Insurance administrative expenses:
Salaries34,340 
Other employee costs8,508 
Information technology costs24,607 
Legal costs3,917 
Other administrative costs20,074 
Parent expense4,569 
Stock-based compensation expense16,974 
Interest expense36,050 
Legal proceedings3,262 
Other expenses— 
Annuity(1,950)
 Total expenses1,244,843 
Income before income taxes per Condensed Consolidated Statements of Operations
$354,887 
(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
Three Months Ended June 30, 2025
LifeHealthInvestmentConsolidated
Revenue:
Premium$839,544 $378,099 $— $1,217,643 
Net investment income— — 282,169 282,169 
Segment revenue839,544 378,099 282,169 1,499,812 
Realized gains (losses)(18,574)
Other income49 
Total consolidated revenue
$1,481,287 
Expenses:
Policy obligations(1)
519,355 229,924 5,410 754,689 
Required interest on reserves (211,160)(28,391)241,931 2,380 
Amortization of acquisition costs 96,201 14,841 — 111,042 
Commissions42,357 41,965 — 84,322 
Premium taxes16,682 7,649 — 24,331 
Non-deferred acquisition costs36,035 14,054 — 50,089 
Segment profit or (loss) $340,074 $98,057 $34,828 472,959 
Insurance administrative expenses:
Salaries34,677 
Other employee costs9,407 
Information technology costs19,555 
Legal costs5,827 
Other administrative costs16,581 
Parent expense3,555 
Stock-based compensation expense14,043 
Interest expense34,885 
Legal proceedings4,648 
Annuity(2,043)
 Total expenses1,167,988 
Income before income taxes per Condensed Consolidated Statements of Operations
$313,299 
(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
Six Months Ended June 30, 2026
LifeHealthInvestmentConsolidated
Revenue:
Premium$1,713,972 $853,763 $— $2,567,735 
Net investment income— — 583,644 583,644 
Segment revenue1,713,972 853,763 583,644 3,151,379 
Realized gains (losses)5,660 
Other income2,310 
Total consolidated revenue
$3,159,349 
Expenses:
Policy obligations(1)
1,032,809 540,746 11,328 1,584,883 
Required interest on reserves (435,078)(57,833)497,347 4,436 
Amortization of acquisition costs 207,345 31,474 — 238,819 
Commissions87,707 94,935 — 182,642 
Premium taxes36,033 16,551 — 52,584 
Non-deferred acquisition costs76,748 34,101 — 110,849 
Segment profit or (loss)
$708,408 $193,789 $74,969 977,166 
Insurance administrative expenses:
Salaries69,719 
Other employee costs22,279 
Information technology costs46,479 
Legal costs7,109 
Other administrative costs40,146 
Parent expense8,102 
Stock-based compensation expense30,577 
Interest expense70,050 
Legal proceedings5,484 
Other expenses91 
Annuity(3,919)
 Total expenses2,470,330 
Income before income taxes per Condensed Consolidated Statement of Operations
$689,019 
(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
Six Months Ended June 30, 2025
LifeHealthInvestmentConsolidated
Revenue:
Premium$1,669,407 $747,890 $— $2,417,297 
Net investment income— — 562,783 562,783 
Segment revenue1,669,407 747,890 562,783 2,980,080 
Realized gains (losses)(18,489)
Other income118 
Total consolidated revenue $2,961,709 
Expenses:
Policy obligations(1)
1,029,111 463,853 10,804 $1,503,768 
Required interest on reserves (419,696)(56,677)481,281 4,908 
Amortization of acquisition costs 186,834 29,360 — 216,194 
  Commissions87,924 84,852 — 172,776 
  Premium taxes34,693 15,142 — 49,835 
  Non-deferred acquisition costs73,203 28,582 — 101,785 
Segment profit or (loss)
$677,338 $182,778 $70,698 930,814 
Insurance administrative expenses:
Salaries68,365 
Other employee costs19,708 
Information technology costs40,491 
Legal costs12,076 
Other administrative costs32,956 
Parent expense6,605 
Stock-based compensation expense26,062 
Interest expense69,877 
Legal proceedings10,776 
Annuity
(3,853)
 Total expenses2,332,329 
Income before income taxes per Condensed Consolidated Statement of Operations
$629,380 
(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
Assets for each segment are reported based on a specific identification basis. The insurance segments’ assets contain DAC. The investment segment includes the investment portfolio, cash, and accrued investment income. Goodwill is assigned to the insurance segments at the time of purchase. All other assets are included in the annuity and other corporate category. The tables below reconcile segment assets to total assets as reported on the Condensed Consolidated Balance Sheets.
 
Assets by Segment

June 30, 2026
LifeHealthInvestmentConsolidated
Cash and invested assets$— $— $21,046,617 $21,046,617 
Accrued investment income— — 281,470 281,470 
Deferred acquisition costs6,351,529 878,640 — 7,230,169 
Goodwill309,609 180,837 — 490,446 
Total segment assets
$6,661,138 $1,059,477 $21,328,087 29,048,702 
Annuity and other corporate
2,513,817 
Total assets
$31,562,519 

December 31, 2025
LifeHealthInvestmentConsolidated
Cash and invested assets$— $— $20,614,713 $20,614,713 
Accrued investment income— — 272,818 272,818 
Deferred acquisition costs6,147,750 851,386 — 6,999,136 
Goodwill309,609 180,837 — 490,446 
Total segment assets
$6,457,359 $1,032,223 $20,887,531 28,377,113 
Annuity and other corporate
2,436,579 
Total assets
$30,813,692