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GLOBE LIFE INC.

For the period ended Jun 30, 2026. Filed Aug 5, 2026.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2026 · Filed Aug 5, 2026

GL$161.83+3.0%Stored close · as of Nov 9, 2026

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Other Long-Term Investments

Analysis of Profitability by Segment

Six Months Ended June 30,
20262025Change%
Life insurance underwriting margin$708,408$677,338$31,0705
Health insurance underwriting margin193,789182,77811,0116
Excess investment income74,96970,6984,2716
Segment profit or (loss)977,166930,81446,3525
Annuity and other income6,2293,9712,25857
Administrative expense(185,732)(173,596)(12,136)7
Other corporate expense(108,729)(102,544)(6,185)6
Pre-tax total688,934658,64530,2895
Applicable taxes(130,729)(128,213)(2,516)2
Net operating income558,205530,43227,7735
Reconciling items, net of tax:
Realized gains (losses)4,472(14,607)19,079
Other expenses(72)—(72)
Legal proceedings(4,332)(8,513)4,181
Net income$558,273$507,312$50,96110

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 $31 million compared with the prior period, driven by premium growth and lower policy obligations as a percent of premium. Excess investment income increased $4 million compared with the prior period, primarily due to higher yields on fixed maturities, commercial mortgage loans 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 the positive impact of higher premium rates on individual Medicare Supplement policies as a result of approved rate increases.

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 six months ended June 30, 2026.

Total premium income rose 6% for the six months ended June 30, 2026 to $2.6 billion. Total net sales increased 10% to $484 million when compared with 2025. Total first-year collected premium (defined in the following section) increased 19% to $408 million for 2026, compared to $343 million in 2025.

Life insurance premium income increased 3% to $1.71 billion compared to $1.67 billion in the prior-year period. Life net sales increased 1% to $307 million for the six months ended June 30, 2026 as compared to the year-ago period. First-year collected life premium increased 2% to $234 million. Life underwriting margin, as a percent of premium, was flat at 41% for 2026. Underwriting margin increased to $708 million in 2026, compared to $677 million in 2025.

Health insurance premium income increased 14% to $854 million compared to $748 million in the prior-year period. Health net sales rose 30% to $177 million for the six months ended June 30, 2026. First-year collected health premium rose 54% to $174 million. Health underwriting margin, as a percent of premium, was 23% for 2026, a 1% decrease from 2025 as a result of increased group claims experience. Health underwriting margin increased to $194 million for the six months ended June 30, 2026, compared to $183 million in 2025.

Excess investment income, the measure of profitability of our investment segment, increased 6% during the six months ended June 30, 2026 to $75 million from $71 million in 2025. Excess investment income per common share, reflecting the impact of our share repurchase program, increased 11% to $0.94 from $0.85 when compared with the same period in 2025.

Insurance administrative expenses increased 7% 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 7.2% as a percent of premium for 2026, unchanged from 2025.

For the six months ended June 30, 2026, the Company repurchased 2.6 million shares of Globe Life Inc. common stock at a total cost of $378 million for an average share price of $146.99.

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 incremental premium growth than annualized premium issued since net sales are after 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. In addition, cancellations are not considered as lapses related to net sales and first-year collected premiums.

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

Six Months Ended June 30, · Change
2026 · 2025
Amount% of PremiumAmount% of PremiumAmount%
Premium and policy charges$1,713,972100$1,669,407100$44,5653
Policy obligations1,032,809601,029,111623,698—
Required interest on reserves(435,078)(25)(419,696)(25)(15,382)4
Net policy obligations597,73135609,41537(11,684)(2)
Amortization of acquisition costs207,34512186,8341120,51111
Commission expense87,707587,9245(217)—
Premium taxes36,033234,69321,3404
Non-deferred acquisition costs76,748573,20343,5455
Total expense1,005,56459992,0695913,4951
Insurance underwriting margin$708,40841$677,33841$31,0705

Net policy obligations decreased to 35% of premium for the six months ended June 30, 2026 reflecting improved mortality results when compared with 37% of premium in the year-ago period.

The table below summarizes life underwriting margin by distribution channel.

Underwriting Margin by Distribution Channel

Six Months Ended June 30,
2026 · 2025 · Change
Amount% of PremiumAmount% of PremiumAmount%
American Income$422,61246$400,70245$21,9105
Direct to Consumer149,51431133,1592716,35512
Liberty National71,9443665,218346,72610
Other(1)64,3386578,25978(13,921)(18)
Total$708,40841$677,33841$31,0705

(1) Includes a gain of $14 million related to the recapture of reinsurance for six months ended June 30, 2025.

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

Premium by Distribution Channel

Six Months Ended June 30, · Change
2026 · 2025
Amount% of TotalAmount% of TotalAmount%
American Income$925,53454$883,37753$42,1575
Direct to Consumer488,44328491,82329(3,380)(1)
Liberty National200,40112193,445126,9564
Other99,5946100,7626(1,168)(1)
Total$1,713,972100$1,669,407100$44,5653

Annualized life premium in force was $3.46 billion at June 30, 2026, an increase of 2% over $3.38 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

Six Months Ended June 30, · Change
2026 · 2025
Amount% of TotalAmount% of TotalAmount%
American Income$196,07064$194,78264$1,2881
Direct to Consumer53,7661756,27119(2,505)(4)
Liberty National51,4891747,084154,4059
Other5,65325,099255411
Total$306,978100$303,236100$3,7421

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

First-Year Collected Premium by Distribution Channel

Six Months Ended June 30, · Change
2026 · 2025
Amount% of TotalAmount% of TotalAmount%
American Income$158,27368$157,17168$1,1021
Direct to Consumer31,4071330,676137312
Liberty National39,9081738,799171,1093
Other4,70323,9002803
Total$234,291100$230,546100$3,7452
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