GLOBE LIFE INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
GL$163.46+1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net income | $970,755 | $894,386 | $1,031,114 |
| Adjustments to reconcile net income to cash provided from operations: | |||
| Increase (decrease) in future policy benefits | 834,366 | 759,426 | 645,897 |
| Increase (decrease) in other policy benefits | 5,448 | 35,638 | 31,533 |
| Deferral of policy acquisition costs | (850,169) | (828,943) | (782,488) |
| Amortization of deferred policy acquisition costs | 379,700 | 348,824 | 317,616 |
| Change in current and deferred income taxes | 101,448 | 91,835 | 147,990 |
| Realized (gains) losses | 65,676 | 76,548 | (59,319) |
| Other, net | (24,799) | 44,480 | 105,337 |
| Cash provided from (used for) operating activities | 1,482,425 | 1,422,194 | 1,437,680 |
| Cash provided from (used for) investing activities: | |||
| Investments sold or matured: | |||
| Fixed maturities available for sale—sold | 602,556 | 390,392 | 116,656 |
| Fixed maturities available for sale—matured or other redemptions | 250,652 | 462,002 | 310,991 |
| Mortgage loans | 44,004 | 32,870 | 31,423 |
| Other long-term investments | 151,262 | 50,281 | 4,923 |
| Total investments sold or matured | 1,048,474 | 935,545 | 463,993 |
| Acquisition of investments: | |||
| Fixed maturities—available for sale | (1,536,409) | (1,420,220) | (1,004,384) |
| Mortgage loans | (158,823) | (77,275) | (10,421) |
| Other long-term investments | (155,700) | (213,207) | (247,875) |
| Total investments acquired | (1,850,932) | (1,710,702) | (1,262,680) |
| Net (increase) decrease in policy loans | (42,154) | (25,232) | (5,255) |
| Net (increase) decrease in short-term investments | 32,381 | (44,976) | 38,637 |
| Additions to property and equipment | (49,553) | (27,929) | (38,244) |
| Other investing activities | — | — | (56,700) |
| Investments in low-income housing interests | (64,365) | (69,721) | (53,121) |
| Cash provided from (used for) investing activities | (926,149) | (943,015) | (913,370) |
| Cash provided from (used for) financing activities: | |||
| Issuance of common stock | 114,080 | 106,592 | 69,826 |
| Cash dividends paid to shareholders | (84,116) | (80,547) | (80,043) |
| Repayment of debt | (165,612) | (150,000) | (300,000) |
| Proceeds from issuance of debt | 170,000 | 250,492 | 325,000 |
| Payment for debt issuance costs | (757) | (5,272) | (7,687) |
| Net borrowing (repayment) of commercial paper | 32,961 | (46,289) | 74,974 |
| Acquisition of treasury stock | (511,100) | (454,638) | (541,435) |
| Net receipts (payments) from deposit-type products | (96,943) | (112,791) | (64,238) |
| Cash provided from (used for) financing activities | (541,487) | (492,453) | (523,603) |
| Effect of foreign exchange rate changes on cash | (4,192) | 13,670 | (3,391) |
| Net increase (decrease) in cash | 10,597 | 396 | (2,684) |
| Cash at beginning of year | 92,559 | 92,163 | 94,847 |
| Cash at end of year | $103,156 | $92,559 | $92,163 |
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