Here are a few analogies for Globe Life (GL):

• Like State Farm or Farmers Insurance, but specializing in life and supplemental health policies for middle-income American families.
• A New York Life or Prudential, focused on providing accessible life and health insurance for the average American household.

• Life Insurance: Provides financial protection to beneficiaries upon the policyholder's death, including whole life, term life, and other life insurance products.
• Supplemental Health Insurance: Offers additional coverage for specific health-related events, such as Medicare supplement, critical illness, and accident plans.
• Annuities: Financial contracts designed to provide a steady income stream, typically during retirement, through single-premium and flexible-premium deferred options.

Globe Life Inc. (GL) Major Customers

Globe Life Inc. primarily sells its life and supplemental health insurance products, and annuities directly to individuals and households.

Customer Categories

• Lower-middle income households
• Middle-income households

J. Matthew Darden Co-Chairman and Chief Executive Officer

Mr. Darden was appointed Co-Chairman and Chief Executive Officer of Globe Life Inc. effective January 1, 2023. He joined Globe Life in 2014 and previously served as the Chief Strategy Officer since 2017 and President of American Income Life since 2018. He has 28 years of experience in the insurance industry, encompassing marketing, sales, administration, finance, accounting, information technology, business combinations, and capital market transactions. Prior to joining Globe Life, he was a Partner with Deloitte & Touche LLP for 16 years. Mr. Darden holds Bachelor of Business Administration and Master of Business Administration degrees from Baylor University and is a Certified Public Accountant.

Frank M. Svoboda Co-Chairman and Chief Executive Officer

Mr. Svoboda was appointed Co-Chairman and Chief Executive Officer of Globe Life Inc. effective January 1, 2023. He joined Globe Life in 2003 and served as Chief Financial Officer from 2012 to 2022 and President of Globe Life And Accident Insurance Company since 2018. He has over 35 years of experience in the insurance industry, with expertise in finance, accounting, tax, mergers and acquisitions, and capital market transactions, including 19 years in public accounting. Before his tenure at Globe Life, he was a Partner with KPMG in its Dallas office. Mr. Svoboda also previously served as President of American Income Life Insurance Co. He earned Bachelor of Science degrees in Accounting and Finance from Nebraska Wesleyan University.

Thomas P. Kalmbach Executive Vice President and Chief Financial Officer

Mr. Kalmbach was appointed Executive Vice President and Chief Financial Officer of Globe Life Inc., effective January 1, 2023. He served as Globe Life’s Chief Actuary since 2019. Before joining Globe Life, Mr. Kalmbach held various actuarial and financial positions with other insurance companies, including a role as Chief Financial Officer with Liberty Life Insurance of Boston. He holds a Bachelor of Science degree from the University of Massachusetts.

Robert E. Hensley Executive Vice President and Chief Investment Officer

Mr. Hensley serves as the Executive Vice President and Chief Investment Officer for Globe Life Inc. In this role, he is responsible for managing the company's significant investment portfolio that supports its insurance liabilities.

Michael C. Majors Executive Vice President and Chief Strategy Officer

Mr. Majors holds the position of Executive Vice President and Chief Strategy Officer at Globe Life Inc. He is responsible for the company's market positioning and initiatives for future growth. He also serves as Executive Vice President, Policy Acquisition.

Key Risks to Globe Life (GL)

Globe Life Inc. (GL) faces several key risks that could significantly impact its business operations and financial performance. These risks primarily stem from regulatory challenges, operational vulnerabilities within its distribution channels, and exposure to market and credit risks in its investment portfolio.

The most significant risk to Globe Life involves extensive regulatory scrutiny, fraud allegations, and ongoing legal proceedings. The company has been subject to a Department of Justice (DOJ) inquiry, securities fraud complaints, and class-action lawsuits. These stem from allegations of widespread insurance fraud within its subsidiaries, including practices such as adding unauthorized policies to customer accounts and underwriting policies for deceased or fictitious individuals. Such allegations have led to a substantial drop in Globe Life's stock price and caused reputational damage. Furthermore, misconduct by independent sales agents could result in additional legal claims and regulatory sanctions.

Secondly, operational risks related to its distribution channels and agent management present a notable challenge. Globe Life's growth relies heavily on the development and maintenance of its distribution channels, as well as the successful recruitment and retention of skilled insurance personnel. The company has also faced a high rate of consumer complaints, indicating potential issues with sales practices or policy administration. The risk of misclassifying independent contractors could also lead to legal and financial repercussions.

Finally, Globe Life is exposed to inherent financial and strategic risks related to its investment portfolio and interest rate fluctuations. Its investment portfolio is subject to market and credit risks, where potential downgrades or defaults of securities could adversely affect net investment income and capital ratios. Changes in interest rates also pose a significant risk, as they can impact investment income, liquidity, and influence policyholder behavior, potentially leading to increased policyholder surrenders requiring asset liquidation.

The addressable markets for Globe Life's main products and services in the United States are substantial. The company operates within the life insurance, supplemental health insurance (including Medicare supplement, critical illness, and accident plans), and annuities sectors.

Life Insurance Market (U.S.)

• The U.S. life insurance market size was estimated at $1.93 trillion in 2024 and is predicted to be worth around $4.74 trillion by 2034, growing at a CAGR of 9.40% from 2025 to 2034.
• Another estimate indicates the U.S. life insurance market was valued at $765.38 billion in 2023 and is projected to reach $1,476.31 billion by 2032, growing at a CAGR of 7.1% from 2024 to 2032.

Supplemental Health Insurance Market (U.S.)

• The overall U.S. supplemental health market size was recorded at $40.8 billion in 2025, and is projected to reach nearly $70.62 billion by 2035, with a compound annual growth rate (CAGR) of 5.64% throughout the forecast timeline.
• The individual supplemental health insurance market produced $9.05 billion in premium at year-end 2023.

Medicare Supplement Insurance (U.S.)

• The U.S. Medicare supplement health insurance market size was valued at $26.97 billion in 2022 and was estimated at $27.90 billion in 2023. It is expected to reach $39.26 billion by 2030, expanding at a CAGR of 5.0% from 2023 to 2030.
• Another source reported the U.S. Medicare supplement health insurance market size at $30.55 billion in 2025 and projected it to reach approximately $50.33 billion by 2035.
• Total earned premiums in the Medicare Supplement market in 2024 totaled $39.1 billion.

Critical Illness Insurance (U.S.)

• The U.S. Critical Illness Insurance Market size was valued at $90.15 billion in 2025 and is projected to reach $173.54 billion by 2033, growing at a CAGR of 8.59% during 2026-2033.
• Another estimate places the U.S. Critical Illness Insurance Market size at $54.45 billion in 2024, projected to reach $111.83 billion by 2035, growing at a CAGR of 6.76% from 2025 to 2035.

Accident Insurance (U.S.)

• The U.S. accident insurance market size was valued at $23.94 billion in 2024 and is expected to reach $33.46 billion by 2032, growing at a CAGR of 4.33% over the forecast period of 2025-2032.
• In-force premium for accident insurance products in the U.S. was $1.7 billion in 2022.

Annuities Market (U.S.)

• Total U.S. annuity sales increased to $461.3 billion in 2025, marking a fourth consecutive record year.
• The U.S. life insurance and annuities market combined was $819 billion in 2024, and it is expected to reach $1,100.2 billion by 2032.

1. Growth in Agent Count and Productivity: Globe Life anticipates continued revenue growth driven by an increase in its producing agent count and enhanced agent productivity. For instance, the American Income Life division saw a 20% increase in average producing agent count in Q4 2023, which is expected to fuel sales growth in 2024.

2. Strong Health Premium Revenue Growth: The company projects significant expansion in its health insurance segment. Globe Life expects health premium revenue to grow between 7% and 8% in 2024, with even higher projections of 14% to 16% growth for 2026. This is partly due to strong demand for health-related products, particularly Medicare Supplement plans.

3. Consistent Life Premium Revenue Growth: Globe Life expects steady growth in life insurance premium revenue. Projections indicate a 4.5% to 5% increase in life premium revenue for 2024, and 4% to 4.5% for 2026, largely attributed to strong performance in its American Income and Liberty National divisions.

4. Increased Net Investment Income: The company benefits from its investment portfolio, with net investment income growing by 6% in Q4 2023. Management anticipates the blended earned yield on its fixed maturity portfolio to rise to approximately 5.4% to 5.5% in 2026 as higher-yielding new investments replace older, lower-yielding securities, contributing to overall revenue.

5. Enhanced Marketing and Technology-Driven Lead Generation: Globe Life is leveraging enhanced marketing efforts and investments in technology to improve lead generation and sales productivity. These initiatives are expected to contribute to overall premium growth across its insurance segments.

Share Repurchases

• Globe Life repurchased 5.4 million shares for $685 million in 2025.
• For the nine months ended September 30, 2024, the company repurchased 9.7 million shares at a total cost of $910 million.
• In November 2024, the board authorized share repurchases of up to $1.8 billion under the existing stock repurchase program, replacing a $1.3 billion authorization from April 2024.

Share Issuance

• Globe Life's shares outstanding declined by 9.88% year-over-year to 0.081 billion for the quarter ending December 31, 2025.
• Shares outstanding decreased by 7.96% in 2025 from 2024, and by 6.96% in 2024 from 2023.

Outbound Investments

• In 2025, Globe Life formed Globe Life Re Ltd., a Bermuda Class C insurer, to provide reinsurance support for its affiliate entities and reinsured $1.2 billion of reserves to Bermuda.
• For 2026, the company plans to invest approximately $900 million to $1.1 billion in fixed maturities and $300 million to $400 million in non-fixed maturities (commercial mortgage loans and limited partnership investments).
• Globe Life's net investment income benefits from higher interest rates on new investments, with approximately 88% of its invested assets being fixed maturities as of December 31, 2024.