Annual Report (10-k)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

[ ☒ ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

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

972-569-4000

(Registrant’s telephone number, including area code)

Yes ¨       No x   

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  

Yes  x       No ¨   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  x       No ¨   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer

x

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐    No  x

As of June 30, 2019, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $9.6 billion based on the closing sale price as reported on the New York Stock Exchange.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class						Outstanding at February 19, 2020
Common Stock, $1.00 par value per share						107,533,326 shares

GLOBE LIFE INC.

Table of Contents

									Page
PART I.
			Item 1.			Business			1
			Item 1A.			Risk Factors			7
			Item 1B.			Unresolved Staff Comments			13
			Item 2.			Properties			13
			Item 3.			Legal Proceedings			13
			Item 4.			Mine Safety Disclosures			13
PART II.
			Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			14
			Item 6.			Selected Financial Data			15
						Cautionary Statements			16
			Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
			Item 7A.			Quantitative and Qualitative Disclosures about Market Risk			48
			Item 8.			Financial Statements and Supplementary Data			48
						Consolidated Balance Sheets			51
						Consolidated Statements of Operations			52
						Consolidated Statements of Comprehensive Income			53
						Consolidated Statements of Shareholders' Equity			54
						Consolidated Statements of Cash Flows			55
						Notes to Consolidated Financial Statements			56
						Note 1—Significant Accounting Policies			56
						Note 2—Statutory Accounting			67
						Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income			68
						Note 4—Investments			70
						Note 5—Deferred Acquisition Costs			83
						Note 6—Commitments and Contingencies			84
						Note 7—Liability for Unpaid Claims			87
						Note 8—Income Taxes			88
						Note 9—Postretirement Benefits			90
						Note 10—Supplemental Disclosures of Cash Flow Information			97
						Note 11—Debt			98
						Note 12—Shareholders' Equity			100
						Note 13—Stock-Based Compensation			101
						Note 14—Business Segments			106
						Note 15—Selected Quarterly Data			113
			Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			114
			Item 9A.			Controls and Procedures			114
			Item 9B.			Other Information			117
PART III.
			Item 10.			Directors, Executive Officers, and Corporate Governance			117
			Item 11.			Executive Compensation			117
			Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			117
			Item 13.			Certain Relationships and Related Transactions and Director Independence			118
			Item 14.			Principal Accountant Fees and Services			118
PART IV.
			Item 15.			Exhibits and Financial Statement Schedules			118