GLOBE LIFE INC.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Schedule II
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Condensed Balance Sheets
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets: | ||
| Investments: | ||
| Long-term investments | $32,677 | $39,404 |
| Short-term investments | 28,006 | 29,005 |
| Total investments | 60,683 | 68,409 |
| Cash | 62,865 | 66,770 |
| Investment in affiliates | 8,541,107 | 7,740,073 |
| Due from affiliates | 68,127 | 278,301 |
| Taxes receivable from affiliates | 4,310 | 15,202 |
| Other assets | 212,355 | 193,363 |
| Total assets | $8,949,447 | $8,362,118 |
| Liabilities and shareholders’ equity: | ||
| Liabilities: | ||
| Short-term debt | $304,656 | $415,401 |
| Long-term debt | 2,470,459 | 2,473,874 |
| Due to affiliates | 36,370 | 52,568 |
| Other liabilities | 163,383 | 114,755 |
| Total liabilities | 2,974,868 | 3,056,598 |
| Shareholders’ equity: | ||
| Preferred stock | 351 | 351 |
| Common stock | 92,218 | 97,218 |
| Additional paid-in capital | 886,874 | 878,306 |
| Accumulated other comprehensive income | (1,771,444) | (2,029,720) |
| Retained earnings | 8,546,807 | 8,002,521 |
| Treasury stock | (1,780,227) | (1,643,156) |
| Total shareholders’ equity | 5,974,579 | 5,305,520 |
| Total liabilities and shareholders’ equity | $8,949,447 | $8,362,118 |
Condensed Statement of Operations
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net investment income | $32,889 | $38,341 | $36,237 |
| Realized gains (losses) | 5,793 | 4,158 | 5,924 |
| Total revenue | 38,682 | 42,499 | 42,161 |
| General operating expenses | 94,021 | 75,387 | 59,051 |
| Reimbursements from affiliates | (75,504) | (53,136) | (59,796) |
| Interest expense | 147,673 | 125,023 | 107,180 |
| Total expenses | 166,190 | 147,274 | 106,435 |
| Operating income (loss) before income taxes and equity in earnings of affiliates | (127,508) | (104,775) | (64,274) |
| Income tax benefit | 16,005 | 19,832 | 10,706 |
| Net operating loss before equity in earnings of affiliates | (111,503) | (84,943) | (53,568) |
| Equity in earnings of affiliates, net of tax | 1,272,741 | 1,155,705 | 1,024,323 |
| Net income | 1,161,238 | 1,070,762 | 970,755 |
| Other comprehensive income (loss): | |||
| Attributable to Parent Company | 10,539 | 21,326 | 1,113 |
| Attributable to affiliates | 247,737 | 721,373 | 16,781 |
| Comprehensive income (loss) | $1,419,514 | $1,813,461 | $988,649 |
Condensed Statement of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net income | $1,161,238 | $1,070,762 | $970,755 |
| Equity in earnings of subsidiaries | (1,272,741) | (1,155,705) | (1,024,323) |
| Cash dividends from subsidiaries | 815,741 | 692,690 | 459,535 |
| Other, net | 79,549 | 55,243 | 33,846 |
| Cash provided from operations | 783,787 | 662,990 | 439,813 |
| Cash provided from (used for) investing activities: | |||
| Net decrease (increase) in short-term investments | 999 | (28,000) | 13,996 |
| Investment in subsidiaries | (66,300) | (12) | — |
| Acquisition of investments | — | (2,850) | (3,950) |
| Disposition of investments | — | 1 | — |
| Loaned money to affiliates | (365,382) | (557,016) | (479,629) |
| Repayments from affiliates | 614,960 | 394,925 | 505,929 |
| Additions to properties | (353) | (19,147) | (7,400) |
| Cash provided from (used for) investing activities | 183,924 | (212,099) | 28,946 |
| Cash provided from (used for) financing activities: | |||
| Repayment of debt | — | — | (165,612) |
| Proceeds from issuance of debt | — | 530,000 | 170,000 |
| Payment for debt issuance costs | (6,399) | (7,253) | (757) |
| Net change in commercial paper held less than 90 days | 102,638 | (13,878) | 32,961 |
| Proceeds from commercial paper with original maturities greater than 90 days | 487,610 | 484,726 | — |
| Repayment of commercial paper with original maturities greater than 90 days | (700,993) | (372,011) | — |
| Issuance of stock | 164,448 | 51,756 | 114,080 |
| Acquisitions of treasury stock | (880,983) | (1,002,109) | (511,100) |
| Borrowed money from affiliate | 312,000 | 349,000 | 290,500 |
| Repayments to affiliates | (340,600) | (296,600) | (290,500) |
| Payment of dividends | (109,337) | (108,755) | (107,386) |
| Cash provided from (used for) financing activities | (971,616) | (385,124) | (467,814) |
| Net increase (decrease) in cash | (3,905) | 65,767 | 945 |
| Cash balance at beginning of period | 66,770 | 1,003 | 58 |
| Cash balance at end of period | $62,865 | $66,770 | $1,003 |
Notes to Condensed Financial Statements
Note A—Dividends from Subsidiaries
Cash dividends paid to Globe Life from the subsidiaries were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Dividends from subsidiaries | $815,741 | $692,690 | $459,535 |
Note B—Supplemental Disclosures of Cash Flow Information
The following table summarizes non-cash transactions, which are not reflected on the Consolidated Statements of Cash Flows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Stock-based compensation not involving cash | $53,355 | $40,118 | $30,736 |
| Investment in subsidiaries | 640,065 | — | — |
| Dividends from subsidiaries | 640,065 | — | — |
The following table summarizes certain amounts paid (received) during the period:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Interest paid | $150,019 | $114,459 | $104,493 |
| Income taxes paid (received) | (21,033) | (13,126) | (10,408) |
Note C—Preferred Stock
As of December 31, 2025, Globe Life had 351 thousand shares of Cumulative Preferred Stock, Series A, issued and outstanding, of which 280 thousand shares were 6.50% Cumulative Preferred Stock, Series A, and 71 thousand shares were 7.15% Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a liquidating distribution out of the assets legally available to stockholders in the amount of $1 thousand per share or $351 million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to convert such shares into shares of any other class of Globe Life capital stock.
See accompanying Report of Independent Registered Public Accounting Firm.
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