GLOBE LIFE INC.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2025 · Filed Mar 19, 2026
Contents
Pay Versus Performance
The following information is intended to show the relationship between the executive compensation actually paid by our Company and our financial performance.
| Year · Summary Compensation Table Total for PEO-11($) · Summary Compensation Table Total for PEO-21($) · Compensation Actually Paid to PEO-12($) · Compensation Actually Paid to PEO-22($) · Average Summary Compensation Table Total for Non-PEO Named Executive Officers2,3($) · Average Compensation Actually Paid to Non-PEO Named Executive Officers2,3($) · Value of Initial Fixed $100 Investment Based On: · Net Income(in 000s)($)6 · Operating EPS($)6 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Total Shareholder Return ($)4 · Peer Group TotalShareholderReturn ($)4,5 | ||||||||||
| 2025 | 9,453,935 | 9,065,864 | 15,976,152 | 15,988,820 | 3,630,692 | 5,574,310 | 154 | 201 | 1,161,238 | 14.52 |
| 2024 | 8,727,298 | 8,459,166 | 8,325,936 | 8,130,606 | 3,137,068 | 2,871,391 | 121 | 190 | 1,070,762 | 12.37 |
| 2023 | 7,206,071 | 6,860,896 | 5,959,091 | 6,043,409 | 2,860,823 | 2,177,294 | 131 | 158 | 970,755 | 10.65 |
| 2022 | 8,905,419 | 8,871,217 | 19,165,333 | 19,247,538 | 3,081,295 | 6,745,194 | 129 | 151 | 894,386 | 9.71 |
| 2021 | 8,353,754 | 8,323,666 | 6,084,819 | 6,060,050 | 2,906,877 | 2,237,094 | 100 | 137 | 1,031,114 | 9.63 |
1 Amounts shown are reported in the Summary Compensation Table (SCT) for the Principal Executive Officers (PEOs), Frank M. Svoboda (PEO-1) and J. Matthew Darden (PEO-2). Effective January 1, 2023, Messrs. Svoboda and Darden succeeded Gary L. Coleman and Larry M. Hutchinson as the Company's Co-CEOs and were designated as the PEOs for 2023 to 2025. Messrs. Coleman and Hutchison were included as PEO-1 and PEO-2 for the years 2021 through 2022.
2 Amounts shown represent compensation actually paid (CAP) and include adjustments for changes in the fair value of performance share awards, stock option awards and restricted stock unit awards, as well as adjustments for the aggregate change in the actuarial present value of accumulated benefits and actuarially-determined service costs for services rendered under all defined benefit and actuarial pension plans reported in the SCT for Messrs. Svoboda (PEO-1) and Darden (PEO-2) for 2023 to 2025; for Messrs. Coleman (PEO-1) and Hutchinson (PEO-2) for 2021 to 2022; and for the average of the Non-PEO Named Executive Officers (NEOs): Thomas P. Kalmbach, Michael C. Majors, R. Brian Mitchell, and Robert E. Hensley for 2023 to 2025; Messrs. Svoboda, Darden, Majors, and Steven K. Greer for 2021 and 2022. To calculate CAP, the following amounts were deducted or added to the SCT Total in the tables below for PEO-1 and PEO-2.
3 Amounts shown represent the total average reported in the Summary Compensation Table for the Non-PEO NEOs. The Company’s Non-PEO NEOs for 2023 to 2025 were Thomas P. Kalmbach, Michael C. Majors, R. Brian Mitchell, and Robert E. Hensley. For 2021 and 2022, the Non-PEO NEOs were Messrs. Svoboda, Darden, Majors, and Steven K. Greer.
4 Calculated based on $100 invested as of market close on December 31, 2020, including the reinvestment of dividends, for each fiscal year.
5 The Company’s peer group consists of the Standard & Poor’s (S&P) Life and Health Insurance Index and is set forth in Part II, Item 5 of the Form 10-K for the fiscal year ended December 31, 2025.
6 As a result of the adoption of ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, net income and operating EPS for 2021 and 2022 have been retrospectively adjusted as of January 1, 2021. Refer to APPENDIX A – Non-GAAP Reconciliation for definitions of non-GAAP measures utilized herein. The Company implemented the standard on January 1, 2023. Refer to the 2023 Form 10-K for additional information.
| PEO-1 | |||||||
|---|---|---|---|---|---|---|---|
| Year · SCT Total($) · Equity Award-related Additions (Deductions) to CAP · Pension-related Additions (Deductions) to CAP · CAP($) | |||||||
| Adjustment for the Fair Value of Equity Awards as of Year-End ($) · Adjustment for the Change in the Fair Value of the Prior Years' Awards, Unvested as of Year-End($) · Adjustment for the Change in the Fair Value of the Prior Years' Awards that Vested during the Year($) · Adjustment for the Aggregate Change in the Present Value of the Accumulated Benefit under the Pension Plans($) · Adjustment for the Service Cost($) | |||||||
| 2025 | 9,453,935 | 478,671 | 5,194,550 | 1,412,336 | (728,437) | 165,097 | 15,976,152 |
| 2024 | 8,727,298 | (1,235,456) | 199,498 | 821,419 | (368,244) | 181,421 | 8,325,936 |
| 2023 | 7,206,071 | 504 | (487,847) | (216,287) | (733,218) | 189,868 | 5,959,091 |
| 2022 | 8,905,419 | 3,119,560 | 6,499,470 | 692,092 | (51,208) | 19,165,333 | |
| 2021 | 8,353,754 | (321,200) | (1,700,782) | (309,130) | 62,177 | 6,084,819 | |
| PEO-2 | |||||||
|---|---|---|---|---|---|---|---|
| Year · SCT Total($) · Equity Award-related Additions (Deductions) to CAP · Pension-related Additions (Deductions) to CAP · CAP($) | |||||||
| Adjustment for the Fair Value of Equity Awards as of Year-End($) · Adjustment for the Change in the Fair Value of the Prior Years' Awards, Unvested as of Year-End($) · Adjustment for the Change in the Fair Value of the Prior Years' Awards that Vested during the Year($) · Adjustment for the Aggregate Change in the Present Value of the Accumulated Benefit under the Pension Plans($) · Adjustment for the Service Cost($) | |||||||
| 2025 | 9,065,864 | 478,671 | 5,194,550 | 1,412,336 | (331,208) | 168,607 | 15,988,820 |
| 2024 | 8,459,166 | (1,235,456) | 199,498 | 681,413 | (138,054) | 164,039 | 8,130,606 |
| 2023 | 6,860,896 | 504 | (433,019) | (153,923) | (399,676) | 168,627 | 6,043,409 |
| 2022 | 8,871,217 | 3,119,560 | 6,499,470 | 692,092 | 65,199 | 19,247,538 | |
| 2021 | 8,323,666 | (321,200) | (1,700,782) | (309,130) | 67,496 | 6,060,050 | |
66 GL 2026 Proxy Statement
| Average Non-PEO NEOs | |||||||
|---|---|---|---|---|---|---|---|
| Year · SCT Total($) · Equity Award-related Additions (Deductions) to CAP · Pension-related Additions (Deductions) to CAP · CAP($) | |||||||
| Adjustment for the Fair Value of Equity Awards as of Year-End($) · Adjustment for the Change in the Fair Value of the Prior Years' Awards, Unvested as of Year-End($) · Adjustment for the Change in the Fair Value of the Prior Years' Awards that Vested during the Year($) · Adjustment for the Aggregate Change in the Present Value of the Accumulated Benefit under the Pension Plans($) · Adjustment for the Service Cost($) | |||||||
| 2025 | 3,630,692 | 151,413 | 1,622,100 | 715,037 | (691,111) | 146,179 | 5,574,310 |
| 2024 | 3,137,068 | (387,301) | 40,932 | 352,764 | (398,616) | 126,544 | 2,871,391 |
| 2023 | 2,860,823 | 889 | (241,319) | (90,722) | (445,400) | 93,023 | 2,177,294 |
| 2022 | 3,081,295 | 1,102,060 | 2,083,150 | 242,997 | 235,692 | 6,745,194 | |
| 2021 | 2,906,877 | (98,330) | (420,168) | (103,374) | (289,742) | 241,831 | 2,237,094 |
The charts below reflect the compensation actually paid (CAP) for each of the Company’s PEOs and the average CAP for the Non-PEO NEOs, respectively, and their relation to the Company’s Total Shareholder Return (TSR) over the referenced years, along with the Company’s TSR versus our peer group’s TSR.
67 GL 2026 Proxy Statement
In summary, the Company’s compensation actually paid (CAP) fluctuates generally with its performance in several key metrics, notably TSR. This is primarily a result of the equity-based portion of the individuals’ compensation being dependent on share price. As such, we would generally expect CAP to vary with changes in share price.
From 2024 to 2025, the increase in CAP was largely due to increasing fair value of equity awards for the period in addition to performance metrics that were achieved at or above target resulting in a higher payout factor. CAP increased primarily as a result of an increase in the fair value of equity-based awards granted in prior years but unvested in the current year, in addition to fair value of equity-based awards granted in prior years but vested in current year. In 2025, the Company's TSR increased to $154, reflecting a meaningful improvement compared to $121 in 2024, and exceeded the Company's TSR in each of the prior two years. This increase in TSR was accompanied by continued improvement in the Company's core operating results, including net income of approximately $1.16 billion and operating earnings per share of $14.52, both of which represents the highest levels achieved over the periods presented. As a result, CAP increased in 2025, reflecting the combined impact of higher share price performance and strong underlying financial results.
The increase in CAP for 2025 was driven primarily by an increase in the fair value of equity awards, including (i) equity awards granted in prior years that vested during 2025 and (ii) changes in the fair value of unvested awards outstanding at year-end. These valuation impacts were amplified by the improvement in the Company's share price during 2025, consistent with the design of the Company's long-term incentive program, which places a significant emphasis on stock-based compensation to align executive pay outcomes with shareholder value creation.
Compared to 2024, when TSR declined and CAP generally tracked compensation reported in the SCT, the 2025 increase in CAP reflects the restoration of TSR momentum and the resulting positive impact on equity-based compensation valuations. While CAP increased more significantly than year-over-year changes in net income or operating EPS, this outcome is consistent with the methodology prescribed under SEC rules, which require changes in the fair value of equity awards to be reflected in CAP regardless of the year in which such awards were originally granted.
Overall, the company believes the 2025 CAP outcomes demonstrate strong alignment between executive compensation and Company performance, as measured by TSR, net income and operating EPS. The Compensation Committee views theses results as consistent with the Company's pay-for-performance philosophy and reflective of sustained financial execution and shareholder value creation during 2025.
The charts below reflect CAP for each of the Company's PEOs and the average CAP for the non-PEO NEOs, respectively, and their relation to net income as well as the Company’s selected measure, operating EPS. Refer to APPENDIX A – Non-GAAP Reconciliation for definitions of non-GAAP measures utilized herein.
68 GL 2026 Proxy Statement
In 2021 and 2022, as a result of the adoption of ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for LDTI, net income and operating EPS have been retrospectively restated, thus affecting the comparability of prior periods. Additional information regarding the impacts of the adoption is contained in the Company's Form 10-K. Using restated figures, CAP as a percent of the SCT total increased significantly in 2021 and 2022, when compared to 2020, which is in-line with the increases seen in net income and operating EPS over these periods. In 2023 and 2024, CAP remained in-line with the total compensation presented on the SCT, despite the increased operating EPS and net income in both 2023 and 2024, since CAP is more impacted by changes in share price. In 2023, the share price remained relatively unchanged and in 2024, we saw an increase in share price at grant date.
The six items listed below represent the most important non-GAAP financial measures utilized to link the executive compensation actually paid (to all of its NEOs) to Company performance during the most recently completed fiscal year. Our reasoning for these measures is further discussed in the Compensation Philosophy sub-section of the Compensation Discussion and Analysis section of this Proxy Statement. Refer to APPENDIX A – Non-GAAP Reconciliation for definitions of non-GAAP measures utilized herein.
Book Value Per Share, excluding AOCI*
Total Premium
First-Year Collected Premium^
Net Operating Income ROE
Underwriting income
Operating EPS
* For purposes of determining the total performance shares awarded for a given year, the figure is adjusted to include accumulated dividends per share paid over the performance period.^ Exclusive distribution channels only
69 GL 2026 Proxy Statement
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.