GLOBE LIFE INC. (GL)

Globe Life Inc. is an insurance holding company, incorporated in Delaware in 1979, whose subsidiaries underwrite and sell individual life insurance and supplemental health insurance. Its primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. Revenues come primarily from premium income and, to a lesser extent, from policy charges on certain life and annuity products, plus investment income. Its stated mission is to help families make tomorrow better by protecting their financial future.

The business is organized by distribution channel into five divisions: Direct to Consumer, American Income Life, Liberty National, Family Heritage, and United American. Life insurance consists of nonparticipating ordinary products, mainly traditional whole life and term life. At December 31, 2025, life annualized premium in force was about $3.42 billion across roughly 14.3 million policies, and traditional whole life was 71% of it. The company does not currently sell interest-sensitive whole life products. Health insurance had about $1.65 billion of annualized premium in force, split between limited-benefit plans (54%) and Medicare Supplement (46%). The limited-benefit plans cover accident, cancer, critical illness, heart, intensive care and other needs and are designed to supplement existing coverage. Medicare Supplement plans are standardized by federal regulation and pay costs such as deductibles and co-payments not covered by Medicare.

Customers are mainly lower middle-income to middle-income Americans and working families, plus Medicare beneficiaries and, to a lesser extent, people under 65. The Direct to Consumer division sells nationwide through direct mail, electronic media and insert media, including juvenile and senior life coverage and Medicare Supplement. American Income Life, with about 11,920 average producing agents in the U.S., Canada and New Zealand, targets working families. Liberty National, with about 3,846 agents, sells through in-home and worksite channels. Family Heritage, with about 1,527 agents, sells supplemental limited-benefit health insurance. United American sells Medicare supplement coverage through about 4,396 independent agents and brokers. Agents of American Income Life, Liberty National and Family Heritage are independent contractors who sell exclusively for Globe Life. The company engages over 17,000 independent agents in total.

Underwriting companies are based in McKinney, Texas (Globe Life And Accident, Liberty National, United American), Waco, Texas (American Income Life), and Cleveland, Ohio (Family Heritage). The company had 3,695 employees at year-end 2025. It competes with other life and health insurers, and in health also with HMOs, PPOs and other health care-related institutions, on service, price, product design and sales efforts. No single company dominates its markets, and it says it competes partly through lower acquisition and administrative expenses than peers. About 86% of invested assets are fixed maturities, and the rest includes commercial mortgage loans, limited partnerships and equity securities. It uses third-party reinsurance and Bermuda affiliates, including Globe Life Re Ltd., formed in 2025. Its insurance subsidiaries are state-regulated and operate in Canada, New Zealand and Bermuda, and all are reported as more than adequately capitalized under risk-based capital standards.