GLOBE LIFE INC. (GL)

Globe Life Inc. is a Delaware-incorporated insurance holding company, founded in 1979, that operates through five primary subsidiaries: Globe Life And Accident Insurance Company (Direct to Consumer division), American Income Life Insurance Company (exclusive agents targeting working families), Liberty National Life Insurance Company (in-home and worksite exclusive agents), Family Heritage Life Insurance Company of America (exclusive agents selling supplemental health), and United American Insurance Company (independent agents focused on Medicare Supplement). The company primarily sells nonparticipating individual life insurance (traditional whole life, term, and other life products) and supplemental health insurance, including Medicare Supplement and limited-benefit plans covering critical illness and accident, targeting lower-middle to middle-income Americans and working families across the U.S., Canada, and New Zealand. Distribution spans direct-to-consumer channels (mail, electronic and insert media), roughly 9,444 American Income exclusive agents, 2,775 Liberty National agents, 1,210 Family Heritage agents, and 3,327 United American independent agents, with total annualized premium in force reaching $3.06 billion for life and $1.33 billion for health as of year-end 2022.

The company does not currently sell interest-sensitive whole life or stand-alone annuity products, and annuities represent less than 1% of premium. Globe Life's investment portfolio is predominantly high-quality, investment-grade fixed maturities (about 91% of invested assets at fair value), and the company maintains capital levels well above NAIC risk-based capital requirements. As an insurance holding company, Globe Life is registered and regulated in Indiana, Nebraska, Ohio, and New York, and its subsidiaries are subject to extensive state regulation covering licensing, rates, reserves, and permitted investments.

The company competes based on service, price, product design, and low policy acquisition and administrative expenses relative to peers, competing against other life and health insurers as well as HMOs and PPOs. As of December 31, 2022, Globe Life employed 3,543 full-time, part-time, and temporary workers (a 10% increase year-over-year) and engaged over 13,700 independently contracted insurance agents. The company emphasizes ESG initiatives aligned with SASB and TCFD standards, workforce diversity (with 50% of independent board members being women and 20% racial/ethnic minorities), employee development programs, and community giving, including approximately $4.0 million in charitable contributions in 2022 focused on children, families, veterans, and seniors.