GLOBE LIFE INC.

The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $12 million compared with the prior period, driven by premium growth and lower policy obligations as a percent of premium. Excess investment income increased $1 million compared with the prior period, as net investment income increased slightly primarily due to higher yields on fixed maturities and other long-term investments. The health segment experienced favorable underwriting margin as a result of higher premiums from strong growth in Medicare Supplement sales in addition to higher rates on individual Medicare Supplement policies.

In 2026, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was American Income. The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the three months ended March 31, 2026.

Total premium income rose 6% for the three months ended March 31, 2026 to $1.3 billion. Total net sales increased 22% to $264 million when compared with 2025. Total first-year collected premium (defined in the following section) increased 16% to $196 million for 2026, compared to $169 million in 2025.

Life insurance premium income increased 3% to $853 million over the prior-year total of $830 million. Life net sales increased 6% to $157 million for the first three months of 2026 as compared to the year-ago period. First-year collected life premium increased 2% to $116 million. Life underwriting margin, as a percent of premium, was flat at 41% for 2026. Underwriting margin increased to $349 million in 2026, compared to $337 million in 2025.

Health insurance premium income increased 13% to $417 million over the prior-year total of $370 million. Health net sales rose 58% to $106 million for the first three months of 2026. First-year collected health premium rose 46% to $80 million. Health underwriting margin, as a percent of premium, was 23% for 2026 unchanged from 2025. Health underwriting margin increased to $95 million for the first three months of 2026, compared to $85 million in 2025.

Excess investment income, the measure of profitability of our investment segment, increased 2% during the first three months of 2026 to $37 million from $36 million in 2025. Excess investment income per common share, reflecting the impact of our share repurchase program, increased 10% to $0.46 from $0.42 when compared with the same period in 2025.

Insurance administrative expenses increased 8% primarily due to higher employee costs, which include salaries and other costs in addition to higher information technology expenses in 2026 when compared with the prior-year period. These expenses were 7.4% as a percent of premium for 2026, compared with 7.3% for 2025.

For the three months ended March 31, 2026, the Company repurchased 1.4 million shares of Globe Life Inc. common stock at a total cost of $203 million for an average share price of $141.24.

The discussions of our segments are presented in the manner we view our operations, as described in Note 12—Business Segments.

We use three measures as indicators of premium growth and sales over the near term: “annualized premium in force”, "net sales,” and “first-year collected premium.”

•Annualized premium in force is defined as the premium income that would be received over the following twelve months at any given date on all active policies if those policies remain in force throughout the 12-month period.

•Net sales is calculated as annualized premium issued, net of cancellations in the first 30 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 one 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.

•First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse.

Cancellations are not included in lapses.

See further discussion of the distribution channels below for Life and Health.

LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2026, life premium represented 67% of total premium and life underwriting margin represented 79% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of income attributable to the investment segment.

The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.

Summary of Results

The table below summarizes life underwriting margin by distribution channel.

Underwriting Margin by Distribution Channel

(1) Includes a gain of $14 million related to the recapture of reinsurance for three months ended March 31, 2025.

The following table presents Globe Life's life insurance premium by distribution channel.

Premium by Distribution Channel

Annualized life premium in force was $3.44 billion at March 31, 2026, an increase of 3% over $3.34 billion a year earlier.

An analysis of life net sales, an indicator of new business production, by distribution channel is presented below.

Net Sales by Distribution Channel

First-year collected life premium by distribution channel is presented in the table below.

First-Year Collected Premium by Distribution Channel