GLOBE LIFE INC.

A discussion of life operations by distribution channel follows.

The American Income Division is an exclusive agency that markets to members of affinity groups, including labor unions, and continues to diversify its lead sources by utilizing internally generated leads, third-party internet vendor leads, and referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 54% of the Company's September 30, 2026 total life premium. For the nine months ended September 30, 2026, life premium was $1.4 billion, an increase of 5% when compared with the year-ago period. For the nine months ended September 30, 2026, the average monthly life premium issued per policy was $64 as compared to $59 for the same period in the prior year. Net sales were $293 million for the nine months ended September 30, 2026, up from $291 million in the year-ago period. The underwriting margin, as a percent of premium, was 50% for the nine months ended September 30, 2026 unchanged from the same period in the prior year.

The average producing agent count decreased 6% over the year-ago period driven by lower retention of new agents. While long-term sales growth in this Division and our other exclusive agencies is generally tied to expansion of the agency force, declines in agent count provide an opportunity for improved sales productivity among veteran agents as they are more productive than less experienced agents. We have made adjustments to agency middle management compensation to encourage increased new agent recruitment and retention.

Below is the average producing agent count as of the indicated periods for the American Income Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.

American Income continues to focus on growing and strengthening the agency force, with particular emphasis on strengthening agency middle-management growth. The Division has made considerable investments in both financial incentives and agent training, as well as in information technology. A customer relationship management ("CRM") tool equips agents with intuitive dashboards to drive productivity across lead distribution, business conservation, and new agent recruiting. The Division also continues to enhance technology enabling the agency force to recruit, sell and train virtually. This has benefited our agents as a vast majority of sales are generated through virtual presentations. We find this flexibility to be attractive for new recruits as well as a driver of efficiency in our agency force.

The Direct to Consumer Division ("DTC") markets adult and juvenile life insurance across multiple channels including direct mail, insert media, and digital marketing using an integrated omnichannel approach where each channel supports and amplifies the others. Digital channels, including internet sales and inbound phone calls, continue to outpace direct mail in activity and growth.

DTC's long-term growth has been driven by consistent innovation and strong brand awareness. The Division also plays a valuable supporting role for our agency business, generating brand impressions, consumer inquiries and sales leads that convert into sales across our exclusive agency channels. Recent technology investments have meaningfully enhanced the underwriting process, improving the conversion of customer inquiries into sales, while new initiatives are continuously introduced to increase response rates, improve issue rates, and deliver a seamless customer experience.

The juvenile insurance market remains an important channel, though growth has slowed over recent quarters. It continues to serve as a valuable gateway for reaching the parents and grandparents of existing juvenile policyholders. These parents and grandparents have shown a higher likelihood of responding to direct-to-consumer life insurance offers compared to the general adult population, making future outreach to them a lower-cost opportunity to drive both adult and juvenile insurance sales.

DTC net sales declined 7% to $78 million for the nine months ended September 30, 2026, compared to the year-ago period. The Division is navigating a transition driven by the growing use of Artificial Intelligence ("AI") in consumer search behavior, which has reduced paid search volume from internet marketing. During this quarter ended September 30, 2026, we noted improvement in our inquiry rates supported by several initiatives including AI-enabled advertising. The Division continues to adapt its digital content strategy and positioning to be verified, visible, and easily interpreted by AI assistants.

Beyond direct sales, the Division continues to deliver significant value through agency support with lead generation expected to reach one million this year. Improved conversion rates on leads shared with our agencies have contributed to margin improvement. Despite the decline in net sales, DTC’s underwriting margin grew to $263 million, or 36% of premium, for the nine months ended September 30, 2026, compared to $247 million, or 34% of premium, for the same period in 2025 driven by favorable mortality in the current period. For the nine months ended September 30, 2026, the average monthly life premium issued for DTC adults increased to $19 as compared to $17 for the same period in the prior year.

The Liberty National Division is an exclusive agency serving middle-income households and worksite customers by providing individual life insurance products. Recent investments in new sales technologies, combined with growth in agency middle management, are expected to drive continued sales momentum. Underwriting margin declined 9% from the year ago period to $123 million and premium increased 4% to $302 million. The underwriting margin as a percent of premium declined for the nine months ended September 30, 2026, to 41%, compared to 46% in the year-ago period, as third quarter assumption gains were significantly higher in the prior year period. For the nine months ended September 30, 2026, the average monthly life premium per policy issued increased compared to the prior year to $48 from $44.

Below is the average producing agent count for the nine months ended September 30, 2026 and 2025 for the Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.

The Division's average producing agent count increased when compared with the prior-year comparable period. This Division continues to execute a long-term plan to grow through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Expansion of this Division’s presence in larger geographic cities with less penetrated areas will help create long-term sustainable agency growth. The Division is also focused on expanding worksite business development capabilities among its agents. A CRM platform and enhanced analytical tools have strengthened worksite marketing efforts and improved productivity across the individual life market. As Liberty National continues to build momentum through technology adoption and recruiting initiatives, it anticipates sustained growth in recruiting activity, average producing agent count, and net sales.

The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $149 million of life premium income, or 6% of Globe Life's total life premium income in the nine months ended September 30, 2026, and contributed 2% of net sales for the period.

HEALTH INSURANCE

Health insurance sold by the Company primarily includes Medicare Supplement insurance as well as retiree health insurance, accident coverage, and other limited-benefit supplemental health products such as cancer, critical illness, heart disease, accident, intensive care, and other health products.

Health premium accounted for 34% of our total premium in 2026, while the health underwriting margin accounted for 21% of total underwriting margin. Health underwriting margin increased to $309 million compared to $291 million in the prior year.

The following table presents underwriting margin data for health insurance.

Summary of Results

Net policy obligations amounted to 56% of premium for the nine months ended September 30, 2026 compared to 53% in the year-ago period. The increase in policy obligations is driven by the growth of the United American Division in relation to total health premium, as the United American Division products tend to have higher policy obligations as a percent of premium compared to other limited-benefit health products within our other divisions.

The table below summarizes health underwriting margin by distribution channel.

Underwriting Margin by Distribution Channel

Globe Life markets supplemental health insurance products through a number of distribution channels. The following table is an analysis of our health premium by distribution channel.

Premium by Distribution Channel

Premiums from Medicare Supplement products totaled $615 million, or 47%, of the total health premiums for the nine months ended September 30, 2026, compared to $502 million, or 44%, in the same period in the prior year. Premium increases are driven primarily from increased sales and approved premium rate increases on our Medicare Supplement business. Premiums primarily related to limited-benefit supplemental health products comprise $686 million, or 53%, of the total health premiums for the nine months ended September 30, 2026, compared with $632 million, or 56%, in the same period in the prior year.

Annualized health premium in force was $1.84 billion at September 30, 2026, an increase of 17% over $1.58 billion a year earlier.

Presented below is a table of health net sales by distribution channel.

Net Sales by Distribution Channel

Health net sales related to limited-benefit supplemental health products and other health products comprise $191 million, or 71%, of the total health net sales for the nine months ended September 30, 2026, compared with $155 million, or 75%, in the same period in the prior year. Medicare Supplement sales make up the remaining $80 million, or 29%, for 2026, compared to $52 million, or 25%, in the same period in the prior year.

The following table presents health insurance first-year collected premium by distribution channel.

First-Year Collected Premium by Distribution Channel

First-year collected premium related to limited-benefit supplemental health products and other health products is $147 million, or 60%, of total first-year collected premium for the nine months ended September 30, 2026, compared with $118.3 million, or 69%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $97 million, or 40%, for the nine months ended September 30, 2026, compared to $54.4 million, or 31%, in the same period in the prior year.