GLOBE LIFE INC.

Listed Company

GL-PDCIK 0000320335NYSELarge AcceleratedLife InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.99B

Net Income

$1.16B

Total Assets

$30.81B

Equity

$5.97B

Shares Out

78.64M

Op. Cash Flow

$1.40B

+ 13F Filer

Business

GLOBE LIFE INC. operates as an insurance holding company providing life and supplemental health insurance through its subsidiaries. It offers traditional whole life, term life, interest-sensitive and other life products, along with supplemental limited‑benefit health insurance and Medicare Supplement coverage. Key business segments include Direct to Consumer, American Income Life, Liberty National, Family Heritage, and United American divisions, which underwrite and distribute the company’s products. Globe Life distributes products nationwide through direct mail, electronic media, insert media, exclusive and independent agents, in‑home and worksite channels, and international agent networks.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	4,890	4,666	4,456	4,310	4,095
Net investment income	1,130	1,136	1,057	992	957
Realized gains (losses)	−28	−24	−66	−77	59
Other income	2	354,000	308,000	1	1
Total revenue	5,994	5,778	5,448	5,227	5,112
Total policyholder benefits	2,884	2,894	2,864	2,825	2,659
Amortization of deferred acquisition costs	448	410	380	349	318
Commissions, premium taxes, and non-deferred acquisition costs	643	601	559	506	455
Other operating expense	442	419	348	354	322
Interest expense	141	127	102	90	83
Total benefits and expenses	4,558	4,451	4,253	4,125	3,837
Income before income taxes	1,436	1,327	1,194	1,102	1,275
Income tax benefit (expense)	−275	−256	−224	−208	−243
Net income	1,161	1,071	971	894	1,031
Basic net income per common share (in dollars per share)	14.27	11.99	10.21	9.13	10.1
Diluted net income per common share (in dollars per share)	14.07	11.94	10.07	9.04	9.99

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Fixed maturitiesavailable for sale, at fair value (amortized cost: 2025$18,820,464; 2024$18,835,809, allowance for credit losses: 2025 $3,297; 2024 $10,395)	17,589	17,155	17,870	—	—
Mortgage loans	429	396	279	—	—
Policy loans	741	700	657	—	—
Other long-term investments (includes: 2025$1,109,719; 2024$986,766 under the fair value option)	1,396	1,236	836	—	—
Short-term investments	315	85	82	—	—
Total investments	20,470	19,572	19,724	—	—
Cash	145	165	103	—	—
Accrued investment income	273	270	270	—	—
Other receivables	769	692	630	—	—
Deferred acquisition costs	6,999	6,496	6,009	—	—
Goodwill	490	490	482	—	—
Other assets	1,668	1,392	832	—	—
Total assets	30,814	29,076	28,051	26,223	26,770
Future policy benefits at current discount rates: (at original discount rates: 2025$18,129,506; 2024$17,552,564)	19,170	18,457	19,460	—	—
Unearned and advance premium	271	258	255	—	—
Policy claims and other benefits payable	541	533	515	—	—
Other policyholders' funds	532	469	237	—	—
Total policy liabilities	20,513	19,716	20,467	—	—
Current and deferred income taxes	860	731	495	—	—
Short-term debt	305	415	486	—	—
Long-term debt (estimated fair value: 2025$2,225,320; 2024$2,122,772)	2,321	2,324	1,630	—	—
Other liabilities	841	583	488	—	—
Total liabilities	24,839	23,771	23,565	21,600	22,789
Commitments and Contingencies (Note 5)	—	—	—	—	—
Preferred stock, par value $1 per share5,000,000 shares authorized; outstanding: 0 in 2025 and 2024	0	0	0	—	—
Common stock, par value $1 per share320,000,000 shares authorized; outstanding: (202592,218,183 issued; 202497,218,183 issued)	92	97	102	—	—
Additional paid-in-capital	536	528	532	—	—
Accumulated other comprehensive income (loss)	−1,771	−2,030	−2,772	—	—
Retained earnings	8,500	8,003	7,479	—	—
Treasury stock, at cost: (202513,125,082 shares; 202413,240,616 shares)	−1,429	−1,292	−854	—	—
Total shareholders' equity	5,975	5,306	4,487	—	—
Total liabilities and shareholders' equity	30,814	29,076	28,051	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Increase (decrease) in future policy benefits	582	731	834	759	646
Increase (decrease) in other policy benefits	21	19	5	36	32
Deferral of policy acquisition costs	−942	−914	−850	−829	−782
Change in current and deferred income taxes	99	78	101	92	148
Realized (gains) losses	28	24	66	77	−59
Other, net	−620,000	−18	−25	44	105
Cash provided from (used for) operating activities	1,396	1,402	1,482	1,422	1,438
Fixed maturities available for salesold	624	1,207	603	390	117
Fixed maturities available for salematured or other redemptions	314	214	251	462	311
Mortgage loans	66	54	44	33	31
Other long-term investments	128	43	151	50	5
Total investments sold or matured	1,131	1,519	1,048	936	464
Fixed maturitiesavailable for sale	−921	−1,379	−1,536	−1,420	−1,004
Mortgage loans	−140	−175	−159	−77	−10
Other long-term investments	−247	−460	−156	−213	−248
Total investments acquired	−1,308	−2,014	−1,851	−1,711	−1,263
Net (increase) decrease in policy loans	−42	−43	−42	−25	−5
Net (increase) decrease in short-term investments	−230	−3	32	−45	39
Additions to property and equipment	−142	−71	−50	−28	−38
Other investing activities	0	96,000	0	0	−57
Investments in low-income housing interests	−53	−30	−64	−70	−53
Cash provided from (used for) investing activities	−644	−642	−926	−943	−913
Issuance of common stock	164	52	114	107	70
Cash dividends paid to shareholders	−86	−85	−84	−81	−80
Repayment of debt	0	0	−166	−150	−300
Proceeds from issuance of debt	0	530	170	250	—
Payment for debt issuance costs	−6	−7	−757,000	−5	−8
Net borrowing (repayment) of commercial paper	103	−14	33	−46	—
Proceeds from commercial paper with original maturities greater than 90 days	488	485	0	0	—
Repayment of commercial paper with original maturities greater than 90 days	−701	−372	0	0	—
Acquisition of treasury stock	−881	−1,002	−511	−455	−541
Amounts paid to reinsurer	0	−414	0	0	—
Net receipts (payments) from deposit-type products	152	112	−97	−113	−64
Cash provided from (used for) financing activities	−768	−716	−541	−492	−524
Effect of foreign exchange rate changes on cash	−5	17	−4	14	−3
Net increase (decrease) in cash	−21	62	11	396,000	−3

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 1 positions

Reported AUM

$300.24M

Holdings

Top sector

$300.24M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$300.24M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
VANGUARD INDEX FDS	—	723.2K	$300.24M	100.0%