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GLOBE LIFE INC. REPORTS
Third Quarter 2025 Results


McKinney, TX, October 22, 2025—Globe Life Inc. (NYSE: GL) reported today that for the quarter ended September 30, 2025, net income was $4.73 per diluted common share, compared with $3.44 per diluted common share for the year-ago quarter. Net operating income was $4.81 per diluted common share, compared with $3.49 per diluted common share for the year-ago quarter.

HIGHLIGHTS:
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Net income as an ROE(1) was 21.9% for the nine months ended September 30, 2025. Net operating income as an ROE(1) excluding accumulated other comprehensive income (AOCI) was 16.6% for the same period.
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Net income per share(1) and net operating income per share(1) increased 38% over the year-ago quarter.
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At the American Income Life and Liberty National Divisions, life premiums increased 5% over the year-ago quarter.
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At the Family Heritage Division, health net sales increased 13% and health premiums increased 10% over the year-ago quarter. Additionally, the average producing agent count increased 9% over the year-ago quarter.
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At the Direct to Consumer Division, life net sales increased 13% over the year-ago quarter.
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Life underwriting margin(1) increased 24% and health underwriting margin(1) increased 25% over the year-ago quarter.
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840,242 shares of Globe Life Inc. common stock at a total cost of $113 million were repurchased during the quarter.


(1) Includes a $134.3 million remeasurement gain ($130.9 and $3.4 of gains related to Life and Health, respectively) before tax due to the updating of assumptions in the third quarter of 2025, as compared to a $46.3 million remeasurement gain ($56.8 gains and $10.5 loss related to Life and Health, respectively) before tax due to the updating of assumptions in the year-ago quarter. These amounts, along with the experience-related adjustments, are included within the remeasurement gain or loss in the Condensed Consolidated Statement of Operations.












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 Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 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 September 30, 2025 and 2024:
Operating Summary
Per Share
Three Months Ended
September 30,		Three Months Ended
September 30,
20252024%
Chg.		20252024%
Chg.
Insurance underwriting income(2)
$6.13 $4.40 39$503,135 $387,444 30
Excess investment income(2)
0.45 0.45 —36,883 39,503 (7)
Interest on debt(0.44)(0.36)22(36,134)(31,388)15
Parent company expense
(0.05)(0.04)(4,105)(3,210)
Income tax expense(1.16)(0.87)33(95,242)(76,887)24
Stock compensation benefit (expense), net of tax(0.13)(0.09)(10,317)(7,603)
Net operating income 4.81 3.49 38394,220 307,859 28
Reconciling items, net of tax:
Realized gain (loss)
(0.05)(0.02)(3,939)(1,732)
Non-operating expenses— (0.01)(393)(503)
Legal proceedings
(0.02)(0.03)(2,045)(2,630)
Net income(3)
$4.73 $3.44 $387,843 $302,994 
Weighted average diluted shares outstanding 82,015 88,087 
(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.



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

2
GL Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 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.
Nine Months Ended
September 30,
20252024
Net income
$895,155 $815,566 
Net operating income
924,652 843,175 
Net income as an ROE(1)
21.9%22.4%
Net operating income as an ROE (excluding AOCI)(1)
16.6%15.3%
September 30,
20252024
Shareholders' equity$5,689,088 $4,638,625 
Impact of adjustment to exclude AOCI1,972,891 2,484,743 
Shareholders' equity, excluding AOCI$7,661,979 $7,123,368 
Book value per share$69.52 $54.65 
Impact of adjustment to exclude AOCI24.11 29.27 
Book value per share, excluding AOCI$93.63 $83.92 
(1) Calculated using average shareholders' equity for the measurement period.

3
GL Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
INSURANCE OPERATIONS:

Life insurance accounted for 82% of the Company’s insurance underwriting margin for the quarter and 69% of total premium revenue.

Health insurance accounted for 18% of the Company's insurance underwriting margin for the quarter and 31% of total premium revenue.

Net sales of life insurance increased 2% for the quarter, and net health sales increased 21%.

The following table summarizes Globe Life's premium revenue by product type for the three months ended September 30, 2025 and 2024:
Insurance Premium Revenue
Quarter Ended
September 30, 2025September 30, 2024%
Chg.
Life insurance$844,483 $818,638 3
Health insurance386,524 353,955 9
Total$1,231,007 $1,172,593 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 September 30, 2025 and 2024:
Insurance Underwriting Income
Quarter Ended
September 30, 2025% of
Premium		September 30, 2024% of
Premium		%
Chg.
Insurance underwriting margins:
Life$481,608 57$387,183 4724
Health108,374 2886,963 2525
589,982 474,146 24
Annuity and other income
2,920 1,763 
Administrative expenses(89,767)(88,465)
Insurance underwriting income$503,135 $387,444 30
Per share$6.13 $4.40 39

The ratio of administrative expenses to premium was 7.3%, compared with 7.5% for the year-ago quarter.

4
GL Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 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
September 30,
20252024
Amount% of PremiumAmount% of Premium% Chg.
American Income $261,123 58 $221,246 52 18
Direct to Consumer 113,744 46 88,279 36 29
Liberty National 70,290 72 44,701 48 57
Other 36,451 73 32,957 65 11
Total$481,608 57 $387,183 47 24
Life Premium
Quarter Ended
September 30,
20252024%
Chg.
American Income $451,214 $427,839 5
Direct to Consumer 244,828 246,425 (1)
Liberty National 98,190 93,625 5
Other 50,251 50,749 (1)
Total$844,483 $818,638 3
Life Net Sales(1)
Quarter Ended
September 30,
20252024%
Chg.
American Income $96,520 $96,739 —
Direct to Consumer 27,176 24,074 13
Liberty National 24,296 24,352 —
Other 2,546 2,259 13
Total$150,538 $147,424 2
(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 is before cancellations, as cancellations do not contribute to premium income.

5
GL Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Health Underwriting Margin
Quarter Ended
September 30,
20252024
Amount% of PremiumAmount% of Premium% Chg.
United American $16,098 9 $14,023 9 15
Family Heritage 50,609 43 34,032 32 49
Liberty National 24,816 52 26,109 55 (5)
American Income 14,839 47 10,840 35 37
Direct to Consumer2,012 10 1,959 11 3
Total$108,374 28 $86,963 25 25
Health Premium
Quarter Ended
September 30,
20252024%
Chg.
United American $169,735 $149,510 14
Family Heritage 118,640 107,819 10
Liberty National 47,270 47,277 —
American Income 31,693 31,277 1
Direct to Consumer 19,186 18,072 6
Total$386,524 $353,955 9
Health Net Sales(1)
Quarter Ended
September 30,
20252024%
Chg.
United American $24,504 $15,529 58
Family Heritage 33,063 29,326 13
Liberty National 8,482 8,122 4
American Income 4,623 5,566 (17)
Direct to Consumer 745 663 12
Total$71,417 $59,206 21
(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 is before cancellations, as cancellations do not contribute to premium income.

6
GL Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 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
September 30,June 30,
20252024% Chg.2025
American Income12,230 12,031 2 12,241 
Liberty National 3,847 3,794 1 3,882 
Family Heritage 1,553 1,429 9 1,498 

(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
September 30,
20252024%
Chg.
Net investment income$286,013 $284,964 —
Interest on policy liabilities(1)
(249,130)(245,461)1
Excess investment income$36,883 $39,503 (7)
Per share$0.45 $0.45 —
(1)Interest on policy liabilities, at original discount rates, is a component of total policyholder benefits, a GAAP measure.

Net investment income and average invested assets were relatively flat. Required interest on policy liabilities and average policy liabilities both increased approximately 1.5%.

7
GL Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The composition of the investment portfolio at book value at September 30, 2025 is as follows:
Investment Portfolio
As of
September 30, 2025
Amount% of Total
Fixed maturities at fair value(1)
$17,796,754 88
Mortgage loans
451,898 2 
Policy loans729,541 4 
Other long-term investments(2)
1,285,697 6 
Short-term investments62,824 — 
Total$20,326,714 
(1)    As of September 30, 2025, fixed maturities at amortized cost were $18.9 billion, net of $10.4 million of allowance for credit losses.
(2)    Includes $1.04 billion of investments accounted for under the fair value option which have a cost of $1.02 billion as of September 30, 2025.

Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of September 30, 2025 are as follows:
Fixed Maturity Portfolio by Sector
As of
September 30, 2025
Investment GradeBelow Investment GradeTotal Amortized Cost, net
Corporate bonds$14,573,444 $430,436 $15,003,880 
Municipals3,390,124 — 3,390,124 
Government, agencies, and GSEs(1)
453,722 — 453,722 
Other asset-backed securities65,429 24,787 90,216 
Total$18,482,719 $455,223 $18,937,942 
(1) Government-Sponsored Enterprises

Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at September 30, 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
September 30, 2025
$18,948,357 $(10,415)$(1,141,188)$17,796,754 

At amortized cost, net of allowance for credit losses, and at fair value, 98% of fixed maturities were rated “investment grade.” The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.26% during the third quarter of 2025, compared with 5.25% 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 Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 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
September 30,
20252024
Amount$279,333 $81,569 
Average annual effective yield6.3%6.2%
Average ratingA+A-
Average life (in years) to:
Next call21.8 18.3 
Maturity29.3 30.1 

Other Investment Acquisitions
Quarter Ended
September 30,
20252024
Limited partnerships
$34,143 $77,225 
Mortgage loans
51,886 42,500 
Common stock
751 3,775 
Company owned life insurance
— 200,000 
Total$86,780 $323,500 

SHARE REPURCHASE:

During the quarter, the Company repurchased 840,242 shares of Globe Life Inc. common stock at a total cost of $113 million and an average share price of $134.17.

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 and 2026:

Globe Life projects net operating income between $14.40 to $14.60 per diluted common share for the year ending December 31, 2025. For the year ending December 31, 2026, we estimate that net operating income per share will
be in the range of $14.60 to $15.30.

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."
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GL Q3 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 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 Q3 2025 Earnings Release

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

Globe Life will provide a live audio webcast of its third quarter 2025 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, October 23, 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 - 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 Q3 2025 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 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
September 30,		Nine Months Ended
September 30,
 2025202420252024
Revenue:
Life premium$844,483 $818,638 $2,513,890 $2,438,385 
Health premium386,524 353,955 1,134,414 1,046,617 
Total premium1,231,007 1,172,593 3,648,304 3,485,002 
Net investment income286,013 284,964 848,796 853,178 
Realized gains (losses)(4,987)(2,192)(23,476)(26,580)
Other income955 42 1,073 192 
Total revenue1,512,988 1,455,407 4,474,697 4,311,792 
Benefits and expenses:
Life policyholder benefits(1)
381,511 454,502 1,410,622 1,493,165 
Health policyholder benefits(2)
227,940 221,926 691,793 629,676 
Other policyholder benefits7,171 11,756 20,970 32,830 
Total policyholder benefits616,622 688,184 2,123,385 2,155,671 
Amortization of deferred acquisition costs114,074 104,310 330,990 305,703 
Commissions, premium taxes, and non-deferred acquisition costs157,494 149,693 479,228 447,605 
Other operating expense111,562 104,874 328,601 297,196 
Interest expense36,134 31,388 106,011 91,413 
Total benefits and expenses1,035,886 1,078,449 3,368,215 3,297,588 
Income before income taxes477,102 376,958 1,106,482 1,014,204 
Income tax benefit (expense)(89,259)(73,964)(211,327)(198,638)
Net income$387,843 $302,994 $895,155 $815,566 
Basic net income per common share$4.81 $3.45 $10.91 $8.96 
Diluted net income per common share$4.73 $3.44 $10.77 $8.93 
(1)Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $149.5 million for the three months ended September 30, 2025, and a total remeasurement gain of $70.6 million for the same period in 2024. Net of total remeasurement gain of $174.7 million for the nine months ended September 30, 2025, and a total remeasurement gain of $87.8 million for the same period in 2024.
(2)Net of a total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $8.8 million for the three months ended September 30, 2025, and a total remeasurement loss of $9.6 million for the same period in 2024. Net of a total remeasurement gain of $13.2 million for the nine months ended September 30, 2025, and a total remeasurement loss of $3.1 million for the same period in 2024.
12
GL Q3 2025 Earnings Release