UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) [ ☒ ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or [ ☐ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-08052 GLOBE LIFE INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

Core Viewpoint - Globe Life (GL) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Company Performance and Investor Sentiment - The upgrade reflects an improvement in Globe Life's underlying business, suggesting that investors may respond positively by driving the stock price higher [5]. - Over the past three months, the Zacks Consensus Estimate for Globe Life has increased by 0.6%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - Globe Life's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

Financial Data and Key Metrics Changes - In Q4, net income was $266 million or $3.29 per share, compared to $255 million or $3.01 per share a year ago, representing a year-over-year increase [4] - Net operating income for the quarter was $274 million, or $3.39 per share, an increase of 8% over the $3.14 per share from a year ago [4] - For the full year 2025, net operating income was $14.52, 2 cents above the midpoint of previous guidance [4] - Return on equity through December 31 was 20.9%, and book value per share was $74.17 [4][5] - Excluding accumulated other comprehensive income, return on equity was 16%, and book value per share as of December 31 was $96.16, up 11% from a year ago [5] Business Line Data and Key Metrics Changes - Total premium revenue in Q4 grew 5% over the year-ago quarter [7] - Life premium revenue for Q4 increased 3% from the year-ago quarter to $850 million, with life underwriting margin up 4% to $350 million [7][8] - Health insurance premium revenue grew 9% to $392 million, with health underwriting margin also up 9% to $99 million [8] - Administrative expenses were $92 million for the quarter, an increase of approximately 1% over the fourth quarter of 2024 [9] Market Data and Key Metrics Changes - The company expects total premium revenue to grow approximately 7% to 8% for the full year 2026 [7] - Life premium revenue is expected to grow between 4% and 4.5% in 2026, while health premium revenue is expected to grow in the range of 14% to 16% [8][40] Company Strategy and Development Direction - The company focuses on providing financial security in the underserved lower-middle to middle-income market, which has significant growth opportunities [5][6] - The business model is designed to distribute basic protection products that are simple for agents and consumers to understand [5] - The company aims to maintain capital within its insurance operations at levels necessary to support current ratings, targeting a consolidated company action level RBC ratio in the range of 300% to 320% [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's effectiveness for future success and highlighted the significant sustainable growth opportunity [5][6] - The company anticipates continued favorable trends in mortality and experience, which are expected to positively impact future earnings [39] - Management expects normalized earnings per share growth of approximately 10% for 2026, with total premium revenue growth of 7% to 8% [39][40] Other Important Information - The company repurchased approximately 1.3 million shares for a total cost of approximately $170 million in Q4 [30] - The parent company anticipates excess cash flow to increase to approximately $625 million to $675 million in 2026 [32] Q&A Session Summary Question: First-year lapses across various channels - Management acknowledged that first-year lapses for direct-to-consumer and Liberty National were higher than expected, attributing it to fluctuations and monitoring the situation closely [46] Question: Dynamics between Medicare Supplement and Medicare Advantage - Management noted that claim trends have stabilized and that rate increases are expected to bring margins back to normal levels [49][50] Question: Sales growth and efficiencies - Management indicated that technology investments will continue to drive efficiencies and sales growth, with more enhancements expected in 2026 and 2027 [58][60] Question: Remeasurement gains - Management explained that favorable mortality and lapse experiences are driving remeasurement gains, with expectations for continued gains in the future [63] Question: Excess cash flow guidance - Management clarified that excess cash flow guidance remains consistent due to solid statutory earnings, with no significant changes impacting the statutory or GAAP models [68][71] Question: American Income agent count drop - Management stated that the drop in agent count is not uncommon for Q4 and is focusing on retention initiatives to improve productivity [73]

Financial Data and Key Metrics Changes - In Q4, net income was $266 million or $3.29 per share, compared to $255 million or $3.01 per share a year ago, representing a year-over-year increase [4] - Net operating income for the quarter was $274 million, or $3.39 per share, an increase of 8% over the $3.14 per share from a year ago [4] - For the full year 2025, net operating income was $14.52, 2 cents above the midpoint of previous guidance [4] - Return on equity through December 31 was 20.9%, and book value per share was $74.17 [4][5] - Excluding accumulated other comprehensive income, return on equity is 16%, and book value per share as of December 31 is $96.16, up 11% from a year ago [5] Business Line Data and Key Metrics Changes - Total premium revenue in Q4 grew 5% over the year-ago quarter [7] - Life premium revenue for Q4 increased 3% from the year-ago quarter to $850 million [7] - Life underwriting margin was $350 million, up 4% from a year ago [8] - Health premium revenue grew 9% to $392 million, with health underwriting margin also up 9% to $99 million [8] - Administrative expenses were $92 million for the quarter, an increase of approximately 1% over the fourth quarter of 2024 [9] Market Data and Key Metrics Changes - In 2026, life premium revenue is expected to grow between 4% and 4.5%, while health premium revenue is expected to grow in the range of 14%-16% [8][18] - The average producing agent count trends for 2026 are projected as follows: American Income, mid-single-digit growth; Liberty National, high single-digit growth; Family Heritage, low double-digit growth [18] Company Strategy and Development Direction - The company focuses on providing financial security in the underserved lower-middle to middle-income market, which has significant growth opportunities [5][6] - The business model is designed to distribute basic protection products that are simple for agents and consumers to understand [5] - The company aims to maintain capital within its insurance operations at levels necessary to support current ratings, targeting a consolidated company action level RBC ratio in the range of 300%-320% [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and its ability to continue growing, citing favorable mortality trends and premium growth [6][39] - For 2026, the company estimates net operating earnings per diluted share will be in the range of $14.95-$15.65, representing 5% earnings per share growth at the midpoint of the range [39] - The company anticipates total premium revenue growth of 7%-8% for 2026, with specific growth expectations for life and health premiums [40] Other Important Information - The company repurchased approximately 1.3 million shares for a total cost of approximately $170 million in Q4 [30] - The parent company began the year with liquid assets of approximately $90 million and ended the year with approximately $80 million [30] - The company finalized the licensing and formation of Globe Life Re Ltd, a Bermuda reinsurance affiliate, to reinsure a portion of new business and in-force life insurance policies [35] Q&A Session Summary Question: First-year lapses across various channels - Management acknowledged that first-year lapses for direct-to-consumer and Liberty National were higher than expected, attributing it to fluctuations and monitoring the situation closely [46] Question: Dynamics between MedSup and Med Advantage - Management noted that claim trends have stabilized and rate increases are expected to bring margins back to normal levels [49][50] Question: Sales growth and efficiencies - Management indicated that technology investments will continue to drive efficiencies and sales growth, with more enhancements expected in the coming years [58][60] Question: Remeasurement gains - Management explained that favorable mortality and lapse experience are driving remeasurement gains, with expectations for continued gains in the future [63] Question: Excess cash flow and GAAP vs statutory differences - Management clarified that excess cash flow guidance remains consistent, driven by solid statutory earnings and dividends to the parent company [68][71] Question: American Income agent count drop - Management stated that a drop in agent count is not uncommon in Q4 and discussed initiatives to improve agent retention [73]

Financial Data and Key Metrics Changes - In Q4, net income was $266 million or $3.29 per share, compared to $255 million or $3.01 per share a year ago, representing a significant increase [3] - Net operating income for the quarter was $274 million, or $3.39 per share, an increase of 8% over the $3.14 per share from a year ago [3] - For the full year 2025, net operating income was $14.52, 2 cents above the midpoint of previous guidance [3] - Return on equity through December 31 is 20.9%, and book value per share is $74.17 [3] - Excluding accumulated other comprehensive income, return on equity is 16%, and book value per share as of December 31 is $96.16, up 11% from a year ago [4] Business Line Data and Key Metrics Changes - Total premium revenue in Q4 grew 5% over the year-ago quarter, with life premium revenue increasing 3% to $850 million [5][6] - Life underwriting margin was $350 million, up 4% from a year ago, driven by premium growth and lower overall policy obligations [6] - Health insurance premium revenue grew 9% to $392 million, with health underwriting margin also up 9% to $99 million [6] - For 2026, life premium revenue is expected to grow between 4% and 4.5%, while health premium revenue is projected to grow in the range of 14%-16% [6][37] Market Data and Key Metrics Changes - The company serves the underserved lower-middle to middle-income market, with over 50% of Americans being underinsured, indicating a significant growth opportunity [4] - The Medicare Supplement business is experiencing strong sales activity and premium rate increases, contributing to the growth in health premium revenue [6][15] Company Strategy and Development Direction - The company focuses on providing financial security in the underserved market, distributing basic protection products designed to meet the needs of this demographic [4] - The company aims to leverage technology investments to enhance agent productivity and sales growth [56] - The strategy includes maintaining pricing for profitability rather than chasing market share, ensuring long-term stability [82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and its ability to continue growing, citing favorable mortality trends and premium growth [5][36] - The company anticipates continued strong performance in the Medicare Supplement market due to dynamics in the Medicare Advantage space [48] - For 2026, the company expects net operating earnings per diluted share to be in the range of $14.95-$15.65, representing 5% growth at the midpoint [36] Other Important Information - The company repurchased approximately 1.3 million shares for a total cost of approximately $170 million in Q4 [28] - The parent company anticipates excess cash flow to increase to approximately $625 million-$675 million in 2026 [29] Q&A Session Summary Question: First-year lapses across various channels - Management acknowledged that first-year lapses were higher than expected, particularly in direct-to-consumer and Liberty National, but viewed it as fluctuations to monitor [41][42] Question: Dynamics between Medicare Supplement and Medicare Advantage - Management noted that claim trends have stabilized and rate increases are expected to restore margins to normal levels [43][44] Question: Sales growth and efficiency improvements - Management indicated that technology investments will continue to drive efficiency and sales growth, with more enhancements expected in 2026 and 2027 [54][56] Question: Remeasurement gains and their drivers - Management explained that favorable mortality and lapse experience are driving remeasurement gains, with expectations for continued gains in the future [59][60] Question: Excess cash flow guidance - Management clarified that excess cash flow guidance remains consistent due to solid statutory earnings, with no significant changes impacting the statutory or GAAP models [65][66] Question: American Income agent count drop - Management stated that a drop in agent count is not uncommon in Q4 and highlighted initiatives to improve agent retention [71][72]

分组1 - Globe Life reported quarterly earnings of $3.39 per share, missing the Zacks Consensus Estimate of $3.44 per share, but showing an increase from $3.14 per share a year ago, resulting in an earnings surprise of -1.31% [1] - The company posted revenues of $1.52 billion for the quarter ended December 2025, which was below the Zacks Consensus Estimate by 0.73%, and an increase from $1.46 billion year-over-year [2] - Over the last four quarters, Globe Life has surpassed consensus EPS estimates two times but has not beaten consensus revenue estimates [2] 分组2 - The stock has gained approximately 2.7% since the beginning of the year, outperforming the S&P 500's gain of 1.1% [3] - The current consensus EPS estimate for the coming quarter is $3.52 on revenues of $1.56 billion, and for the current fiscal year, it is $15.04 on revenues of $6.35 billion [7] - The Zacks Industry Rank for Insurance - Accident and Health is currently in the bottom 30% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - Net income for Q4 2025 was $3.29 per diluted common share, an increase of 9.3% from $3.01 in Q4 2024[2] - Net operating income for Q4 2025 was $3.39 per diluted common share, up 8% from $3.14 in Q4 2024[2] - For the full year 2025, net income was $14.07 per diluted common share, a rise of 17.8% from $11.94 in 2024[3] - Full year net operating income increased 17% to $14.52 per diluted common share from $12.37 in 2024[3] - Net income for Q4 2025 was $266,083,000, representing a 4.5% increase from $255,196,000 in Q4 2024[61] - Basic net income per common share for Q4 2025 was $3.35, up from $3.04 in Q4 2024, reflecting a 10.2% increase[61] - Total revenue for Q4 2025 was $1,519,621,000, compared to $1,466,277,000 in Q4 2024, marking an increase of 3.6%[61] Insurance Sales and Premiums - Life net sales at the American Income Life Division increased by 10% year-over-year, while life premiums rose by 6%[6] - Health net sales at the Family Heritage Division surged 15%, with premiums increasing by 10% compared to the previous year[6] - Total insurance premium revenue for Q4 2025 was $1.24 billion, a 5% increase from $1.18 billion in Q4 2024[20] - Total life premium for Q4 2025 reached $849.58 million, a 3% increase from $822.96 million in Q4 2024[28] - Life net sales for Q4 2025 were $161.15 million, reflecting an 11% increase compared to $144.93 million in Q4 2024[28] - Health premium for Q4 2025 was $392.34 million, a 9% increase from $358.31 million in Q4 2024[31] - Total health net sales for Q4 2025 were $125.79 million, a 71% increase from $73.64 million in Q4 2024[31] - Total premium revenue for the year ended December 31, 2025, was $4,890,220,000, a 4.8% increase compared to $4,666,272,000 in 2024[61] Investment and Expenses - Excess investment income for Q4 2025 was $30.81 million, down 20% from $38.33 million in Q4 2024[37] - The company reported a net investment income of $281,402,000 for Q4 2025, slightly down from $282,453,000 in Q4 2024[61] - The amortization of deferred acquisition costs for Q4 2025 was $116,770,000, compared to $104,298,000 in Q4 2024, indicating a 12% increase[61] - The ratio of administrative expenses to premium was 7.4%, down from 7.7% in the year-ago quarter[23] Shareholder Actions - The company repurchased 1.3 million shares at a total cost of $170 million during Q4 2025, with an average share price of $134.44[51] Future Projections - Globe Life projects net operating income for 2026 to be between $14.95 and $15.65 per diluted common share, an increase from previous guidance[53] Agent Performance - The average producing agent count at the Liberty National Division grew by 6% year-over-year[6] - The average producing agent count for American Income decreased by 2% to 11,699 in Q4 2025 compared to 11,926 in Q4 2024[33] Investment Portfolio - The investment portfolio at book value as of December 31, 2025, totaled $20.47 billion, with fixed maturities making up 86% of the total[41] - The company’s average invested assets increased by 1% while net investment income remained relatively flat[38] Realized Gains and Losses - The company experienced realized losses of $4,312,000 in Q4 2025, contrasting with realized gains of $2,392,000 in Q4 2024[61]

Financial Results Announcement - Globe Life Inc. will announce its Fourth Quarter 2025 financial results after the market closes on February 4, 2026 [1] - A copy of the earnings press release and other financial information will be available on the company's website [1] Conference Call Details - A live conference call will take place on February 5, 2026, at 11:00am Eastern [2] - The conference call can be accessed via phone at 1-646-357-8766 with the passcode "Globe Life Inc." or online [2] - A replay of the conference call will also be available through the same online link [2] Company Overview - Globe Life Inc. is a holding company that specializes in life and supplemental health insurance targeting the middle-income market [3] - The company distributes its products through various channels, including direct-to-consumer and both exclusive and independent agencies [3]

Group 1 - The Conservative Income Portfolio focuses on value stocks with high margins of safety and utilizes well-priced options to reduce volatility [1] - The Enhanced Equity Income Solutions Portfolio aims to generate yields of 7-9% while minimizing volatility [1] - The performance of these portfolios is benchmarked against a 60:40 allocation, indicating a structured approach to income generation [1] Group 2 - There is a significant trend of investors moving away from active management towards ETFs, leading to substantial capital withdrawals from fee-based structures [2] - The Trapping Value team, with over 40 years of combined experience, emphasizes options income generation and capital preservation [2] - The Conservative Income Portfolio, in collaboration with Preferred Stock Trader, includes two income-generating portfolios and a bond ladder, focusing on lower volatility and high income potential [2]

Core Viewpoint - Globe Life Inc. has established Globe Life Re Ltd. as a Bermuda Class C insurer to provide reinsurance support for its affiliated insurance entities [1][3]. Group 1: Formation and Licensing - Globe Life Re Ltd. is licensed as a Bermuda Class C insurer [1]. - The new entity will engage in affiliated quota share reinsurance business, assuming a proportional share of risk on specified insurance policies [3]. Group 2: Regulatory Oversight and Transactions - All arrangements with Globe Life Re will be conducted on an arm's length basis and will be subject to appropriate regulatory oversight [3]. - The first reinsurance transaction has been executed in line with Globe Life Re's business plan [3]. Group 3: Company Overview - Globe Life Inc. has several insurance subsidiaries, including American Income Life Insurance Company, Family Heritage Life Insurance Company of America, Globe Life And Accident Insurance Company, Liberty National Life Insurance Company, and United American Insurance Company [4]. - The company employs over 16,000 insurance agents and 3,600 corporate employees, managing more than 17 million policies in force [4].