Globe Life Inc. Files 10-Q for Q1 2024

TL;DR

<b>Globe Life Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and operations.</b>

AI Summary

GLOBE LIFE INC. (GL-PD) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Globe Life Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Life Insurance, SIC code 6311. The filing was made on May 8, 2024. The company was formerly known as Torchmark Corp.

Why It Matters

For investors and stakeholders tracking GLOBE LIFE INC., this filing contains several important signals. This filing provides investors with an updated view of Globe Life's financial health and operational performance for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current standing and future prospects in the life insurance market.

Risk Assessment

Risk Level: low — GLOBE LIFE INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the drivers of performance and any emerging trends.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filed As Of Date (FILED AS OF DATE)
• 103 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 6311 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• GLOBE LIFE INC. (company) — FILER
• TORCHMARK CORP (company) — FORMER COMPANY
• LIBERTY NATIONAL INSURANCE HOLDING CO (company) — FORMER COMPANY
• 0000320335 (company) — CENTRAL INDEX KEY
• 6311 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• 3700 SOUTH STONEBRIDGE DRIVE (company) — BUSINESS ADDRESS
• MCKINNEY (company) — BUSINESS ADDRESS CITY
• TX (company) — BUSINESS ADDRESS STATE

FAQ

Industry Context

Globe Life Inc. operates within the life insurance industry, a sector characterized by its role in providing financial security through various insurance products.

Regulatory Implications

The filing adheres to SEC regulations, specifically the requirement for public companies to submit quarterly financial reports (10-Q) to ensure transparency and inform investors.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 compared to prior periods.
2. Examine any disclosed changes in financial instruments or investment portfolios.
3. Review management's discussion and analysis for insights into business performance and outlook.

Key Dates

• 2024-05-08: 10-Q Filing — Filing of the quarterly report for Q1 2024.
• 2024-03-31: End of Reporting Period — Marks the end of the fiscal quarter for which the report is filed.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during a specific quarter.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize Globe Life Inc. within the Life Insurance sector (6311).)

Year-Over-Year Comparison

This is the initial 10-Q filing for Q1 2024, providing the first look at the company's performance in the current fiscal year.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value per share GL New York Stock E

Filing Documents

• gl-20240331.htm (10-Q) — 4109KB
• a10-qex311dardenq1fy2024.htm (EX-31.1) — 10KB
• a10-qex312svobodaq1fy2024.htm (EX-31.2) — 9KB
• a10-qex313kalmbachq1fy2024.htm (EX-31.3) — 10KB
• a10-qexhibit321allq1fy2024.htm (EX-32.1) — 5KB
• gl-20240331_g1.jpg (GRAPHIC) — 58KB
• gl-20240331_g2.jpg (GRAPHIC) — 62KB
• gl-20240331_g3.jpg (GRAPHIC) — 56KB
• gl-20240331_g4.jpg (GRAPHIC) — 35KB
• gl-20240331_g5.jpg (GRAPHIC) — 38KB
• gl-20240331_g6.jpg (GRAPHIC) — 38KB
• gl-20240331_g7.jpg (GRAPHIC) — 68KB
• 0000320335-24-000025.txt (&nbsp;) — 21108KB
• gl-20240331.xsd (EX-101.SCH) — 82KB
• gl-20240331_cal.xml (EX-101.CAL) — 133KB
• gl-20240331_def.xml (EX-101.DEF) — 497KB
• gl-20240331_lab.xml (EX-101.LAB) — 943KB
• gl-20240331_pre.xml (EX-101.PRE) — 720KB
• gl-20240331_htm.xml (XML) — 5268KB

. FINANCIAL INFORMATION

PART I . FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Statements of Shareholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Note 1—Significant Accounting Policies 6 Note 2—New Accounting Standards 7 Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income 8 Note 4—Investments 9 Note 5—Commitments and Contingencies 19 Note 6—Policy Liabilities 22 Note 7—Deferred Acquisition Costs 35 Note 8 —Liability for Unpaid Claims 37 Note 9 —Postretirement Benefits 38 Note 10 —Earnings Per Share 40 Note 11—Debt 41 Note 12—Business Segments 42 Cautionary Statements 47

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 48

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 76

Controls and Procedures

Item 4. Controls and Procedures 76

I . OTHER INFORMATION

PART I I . OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 76

Risk Factors

Item 1A. Risk Factors 77

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 79

Other Information

Item 5. Other Information 79

Exhibits

Item 6. Exhibits 80

Signatures

Signatures 81 As used in this Form 10-Q, "Globe Life," the "Company," "we," "our" and "us" refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates. GL Q1 2024 FORM 10-Q Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements Globe Life Inc. Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 Assets: Investments: Fixed maturities—available for sale, at fair value (amortized cost: 2024—$ 19,504,784 ; 2023—$ 18,924,914 , allowance for credit losses: 2024— $ 7,027 ; 2023— $ 7,115 ) $ 18,144,353 $ 17,870,206 Mortgage loans 329,033 279,199 Policy loans 664,641 657,020 Other long-term investments (includes: 2024—$ 844,916 ; 2023—$ 795,583 under the fair value option) 899,085 835,878 Short-term investments 58,413 81,740 Total investments 20,095,525 19,724,043 Cash 83,547 103,156 Accrued investment income 299,398 270,396 Other receivables 645,966 630,223 Deferred acquisition costs 6,131,237 6,009,477 Goodwill 481,791 481,791 Other assets 833,129 832,413 Total assets $ 28,570,593 $ 28,051,499 Liabilities: Future policy benefits at current discount rates: (at original rates: 2024—$ 17,110,880 ; 2023—$ 16,984,615 ) $ 18,882,023 $ 19,460,353 Unearned and advance premium 270,105 254,567 Policy claims and other benefits payable 520,094 514,875 Other policyholders' funds 401,269 236,958 Total policy liabilities 20,073,491 20,466,753 Current and deferred income taxes 630,268 494,639 Short-term debt 733,544 486,113 Long-term debt (estimated fair value: 2024—$ 1,510,512 ; 2023—$ 1,491,229 ) 1,629,978 1,629,559 Other liabilities 464,151 487,632 Total liabilities 23,531,432 23,564,696 Commitments and Contingencies (Note 5) Shareholders' equity: Preferred stock, par value $ 1 per share— 5,000,000 shares authorized; outstanding: 0 in 2024 and 2023 — — Common stock, par value $ 1 per share— 320,000,000 shares authorized; outstanding: (2024— 102,218,183 issued; 2023— 102,218,183 issued) 102,218 102,218 Additional paid-in-capital 526,862 532,474 Accumulated other comprehensive income (loss) ( 2,467,236 ) ( 2,772,419 ) Retained earnings 7,706,655 7,478,813 Treasury stock, at cost: (202

View Full Filing

View this 10-Q filing on SEC EDGAR