Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-08052 | ||
Entity Registrant Name | GLOBE LIFE INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 63-0780404 | ||
Entity Address, Address Line One | 3700 South Stonebridge Drive | ||
Entity Address, City or Town | McKinney | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75070 | ||
City Area Code | 972 | ||
Local Phone Number | 569-4000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9.3 | ||
Entity Common Stock, Shares Outstanding | 96,497,627 | ||
Documents Incorporated by Reference | Document Parts Into Which Incorporated Proxy Statement for the Annual Meeting of Stockholders to be held on April 27, 2023 (Proxy Statement) Part III | ||
Entity Central Index Key | 0000320335 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, $1.00 par value per share | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $1.00 par value per share | ||
Trading Symbol | GL | ||
Security Exchange Name | NYSE | ||
4.250% Junior Subordinated Debentures | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 4.250% Junior Subordinated Debentures | ||
Trading Symbol | GL PRD | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Dallas, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Fixed maturities—available for sale, at fair value (amortized cost: 2022—$18,301,692; 2021—$17,805,309, allowance for credit losses: 2022— $0; 2021— $387) | $ 16,503,365 | $ 21,305,287 |
Policy loans | 614,866 | 589,634 |
Other long-term investments (includes: 2022—$768,689; 2021—$640,263 under the fair value option) | 976,016 | 793,925 |
Short-term investments | 114,121 | 69,145 |
Total investments | 18,208,368 | 22,757,991 |
Cash | 92,559 | 92,163 |
Accrued investment income | 259,581 | 251,307 |
Other receivables | 484,887 | 487,443 |
Deferred acquisition costs | 5,249,907 | 4,914,728 |
Goodwill | 481,791 | 481,791 |
Other assets | 760,066 | 782,625 |
Total assets | 25,537,159 | 29,768,048 |
Liabilities: | ||
Future policy benefits | 16,721,846 | 16,034,727 |
Unearned and advance premium | 60,742 | 65,472 |
Policy claims and other benefits payable | 430,027 | 412,940 |
Other policyholders' funds | 123,362 | 98,935 |
Total policy liabilities | 17,335,977 | 16,612,074 |
Current and deferred income taxes | 686,172 | 1,765,021 |
Short-term debt | 449,103 | 479,644 |
Long-term debt (estimated fair value: 2022—$1,440,277; 2021—$1,667,009) | 1,627,952 | 1,546,494 |
Other liabilities | 542,094 | 722,009 |
Total liabilities | 20,641,298 | 21,125,242 |
Commitments and Contingencies (Note 6) | ||
Shareholders' equity: | ||
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2022 and 2021 | 0 | 0 |
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2022—105,218,183 issued; 2021—109,218,183 issued) | 105,218 | 109,218 |
Additional paid-in-capital | 529,661 | 520,564 |
Accumulated other comprehensive income (loss) | (1,415,714) | 2,677,583 |
Retained earnings | 6,466,220 | 6,182,100 |
Treasury stock, at cost: (2022—8,478,288 shares; 2021—9,650,845 shares) | (789,524) | (846,659) |
Total shareholders' equity | 4,895,861 | 8,642,806 |
Total liabilities and shareholders' equity | $ 25,537,159 | $ 29,768,048 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed maturities, available for sale, amortized cost | $ 18,301,692 | $ 17,805,309 |
Fixed maturities, available for sale, allowance for credit losses | 0 | 387 |
Other long-term investments under fair value option | 976,016 | 793,925 |
Total long-term debt, fair value | $ 1,440,277 | $ 1,667,009 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 320,000,000 | 320,000,000 |
Common stock, shares issued (in shares) | 105,218,183 | 109,218,183 |
Common stock, shares outstanding (in shares) | 105,218,183 | 109,218,183 |
Common stock, shares held in treasury (in shares) | 8,478,288 | 9,650,845 |
Partnership Interest - Fair Value Option | Investment in Limited Partnerships | ||
Other long-term investments under fair value option | $ 768,689 | $ 640,263 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Revenue | $ 4,302,709 | $ 4,099,887 | $ 3,813,905 |
Net investment income | 987,499 | 952,447 | 927,062 |
Realized gains (losses) | (76,548) | 59,319 | (4,371) |
Other income | 1,246 | 1,216 | 1,325 |
Total revenue | 5,214,906 | 5,112,869 | 4,737,921 |
Benefits and expenses: | |||
Life policyholder benefits | 2,045,730 | 2,071,810 | 1,809,373 |
Health policyholder benefits | 791,809 | 758,745 | 733,481 |
Other policyholder benefits | 27,917 | 29,061 | 30,030 |
Total policyholder benefits | 2,865,456 | 2,859,616 | 2,572,884 |
Amortization of deferred acquisition costs | 624,407 | 603,838 | 575,770 |
Commissions, premium taxes, and non-deferred acquisition costs | 374,383 | 331,510 | 304,841 |
Other operating expense | 353,954 | 322,029 | 301,038 |
Interest expense | 90,395 | 83,486 | 86,704 |
Total benefits and expenses | 4,308,595 | 4,200,479 | 3,841,237 |
Income before income taxes | 906,311 | 912,390 | 896,684 |
Income tax benefit (expense) | (166,607) | (167,431) | (164,911) |
Net income | $ 739,704 | $ 744,959 | $ 731,773 |
Basic net income per common share (in dollars per share) | $ 7.55 | $ 7.30 | $ 6.90 |
Diluted net income per common share (in dollars per share) | $ 7.47 | $ 7.22 | $ 6.82 |
Life premium | |||
Revenue: | |||
Revenue | $ 3,023,296 | $ 2,898,210 | $ 2,672,804 |
Health premium | |||
Revenue: | |||
Revenue | 1,279,412 | 1,201,676 | 1,141,097 |
Other premium | |||
Revenue: | |||
Revenue | $ 1 | $ 1 | $ 4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 739,704 | $ 744,959 | $ 731,773 |
Unrealized gains (losses) on fixed maturities: | |||
unrealized investment gains (losses) | (5,298,692) | (519,345) | 1,510,033 |
Less applicable tax (expense) benefit | 1,112,730 | 109,063 | (317,111) |
Unrealized gains (losses) on investments, net of tax | (4,185,962) | (410,282) | 1,192,922 |
Deferred acquisition costs: | |||
Unrealized gains (losses) attributable to deferred acquisition costs | 9,707 | 1,628 | 1,533 |
Less applicable tax (expense) benefit | (2,039) | (342) | (321) |
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax | 7,668 | 1,286 | 1,212 |
Foreign exchange translation: | |||
Foreign exchange translation adjustments, other than securities | (25,219) | (4,955) | 14,230 |
Less applicable tax (expense) benefit | 5,296 | 1,040 | (2,986) |
Foreign exchange translation adjustments, other than securities, net of tax | (19,923) | (3,915) | 11,244 |
Pension: | |||
Amortization of pension costs | 13,754 | 20,797 | 16,632 |
Plan amendments | 0 | (4,565) | 0 |
Experience gain (loss) | 119,055 | 61,299 | (43,169) |
Pension adjustments | 132,809 | 77,531 | (26,537) |
Less applicable tax (expense) benefit | (27,889) | (16,281) | 5,573 |
Pension adjustments, net of tax | 104,920 | 61,250 | (20,964) |
Other comprehensive income (loss) | (4,093,297) | (351,661) | 1,184,414 |
Comprehensive income (loss) | (3,353,593) | 393,298 | 1,916,187 |
Securities | |||
Unrealized gains (losses) on fixed maturities: | |||
Unrealized holding gains (losses) arising during period | (5,332,818) | (492,267) | 1,493,200 |
Other reclassification adjustments included in net income | 32,377 | (31,710) | 32,809 |
Foreign exchange adjustment on fixed maturities recorded at fair value | 1,749 | 4,632 | 2,330 |
unrealized investment gains (losses) | (5,298,692) | (519,345) | 1,528,339 |
Other investments | |||
Unrealized gains (losses) on fixed maturities: | |||
unrealized investment gains (losses) | $ 0 | $ 0 | $ (18,306) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period Of Adoption, Adjusted Balance | Preferred Stock | Preferred Stock Cumulative Effect, Period Of Adoption, Adjusted Balance | Common Stock | Common Stock Cumulative Effect, Period Of Adoption, Adjusted Balance | Additional Paid-In Capital | Additional Paid-In Capital Cumulative Effect, Period Of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period Of Adoption, Adjusted Balance | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings Cumulative Effect, Period Of Adoption, Adjusted Balance | Treasury Stock | Treasury Stock Cumulative Effect, Period Of Adoption, Adjusted Balance |
Beginning balance at Dec. 31, 2019 | $ 7,294,307 | $ (454) | $ 7,293,853 | $ 0 | $ 0 | $ 117,218 | $ 117,218 | $ 531,554 | $ 531,554 | $ 1,844,830 | $ 1,844,830 | $ 5,551,329 | $ (454) | $ 5,550,875 | $ (750,624) | $ (750,624) |
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Comprehensive income (loss) | 1,916,187 | 1,184,414 | 731,773 | |||||||||||||
Common dividends declared | (79,067) | (79,067) | ||||||||||||||
Acquisition of treasury stock | (443,866) | (443,866) | ||||||||||||||
Stock-based compensation | 35,892 | 14,410 | (482) | 21,964 | ||||||||||||
Exercise of stock options | 48,093 | (26,908) | 75,001 | |||||||||||||
Retirement of treasury stock | 0 | (4,000) | (18,529) | (302,082) | (324,611) | |||||||||||
Ending balance at Dec. 31, 2020 | 8,771,092 | 0 | 113,218 | 527,435 | 3,029,244 | 5,874,109 | (772,914) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Comprehensive income (loss) | 393,298 | (351,661) | 744,959 | |||||||||||||
Common dividends declared | (80,247) | (80,247) | ||||||||||||||
Acquisition of treasury stock | (541,435) | (541,435) | ||||||||||||||
Stock-based compensation | 30,272 | 12,103 | 18,169 | |||||||||||||
Exercise of stock options | 69,826 | (29,398) | 99,224 | |||||||||||||
Retirement of treasury stock | 0 | (4,000) | (18,974) | (327,323) | (350,297) | |||||||||||
Ending balance at Dec. 31, 2021 | 8,642,806 | 0 | 109,218 | 520,564 | 2,677,583 | 6,182,100 | (846,659) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Comprehensive income (loss) | (3,353,593) | (4,093,297) | 739,704 | |||||||||||||
Common dividends declared | (80,956) | (80,956) | ||||||||||||||
Acquisition of treasury stock | (454,638) | (454,638) | ||||||||||||||
Stock-based compensation | 35,650 | 29,119 | (345) | 6,876 | ||||||||||||
Exercise of stock options | 106,592 | (29,838) | 136,430 | |||||||||||||
Retirement of treasury stock | 0 | (4,000) | (20,022) | (344,445) | (368,467) | |||||||||||
Ending balance at Dec. 31, 2022 | $ 4,895,861 | $ 0 | $ 105,218 | $ 529,661 | $ (1,415,714) | $ 6,466,220 | $ (789,524) |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common dividends declared, per share (in dollars per share) | $ 0.83 | $ 0.79 | $ 0.75 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 739,704 | $ 744,959 | $ 731,773 |
Adjustments to reconcile net income to cash provided from operations: | |||
Increase (decrease) in future policy benefits | 828,028 | 854,770 | 798,936 |
Increase (decrease) in other policy benefits | 36,784 | 18,144 | 33,810 |
Deferral of policy acquisition costs | (960,583) | (906,247) | (822,985) |
Amortization of deferred policy acquisition costs | 624,407 | 603,838 | 575,770 |
Change in current and deferred income taxes | 50,718 | 71,919 | 88,157 |
Realized (gains) losses | 76,548 | (59,319) | 4,371 |
Other, net | 26,588 | 109,616 | 66,602 |
Cash provided from (used for) operating activities | 1,422,194 | 1,437,680 | 1,476,434 |
Investments sold or matured: | |||
Fixed maturities available for sale—sold | 390,392 | 116,656 | 52,681 |
Fixed maturities available for sale—matured or other redemptions | 462,002 | 310,991 | 416,321 |
Other long-term investments | 83,151 | 36,346 | 42,990 |
Total investments sold or matured | 935,545 | 463,993 | 511,992 |
Acquisition of investments: | |||
Fixed maturities—available for sale | (1,420,220) | (1,004,384) | (1,262,434) |
Other long-term investments | (290,482) | (258,296) | (266,230) |
Total investments acquired | (1,710,702) | (1,262,680) | (1,528,664) |
Net (increase) decrease in policy loans | (25,232) | (5,255) | (8,887) |
Net (increase) decrease in short-term investments | (44,976) | 38,637 | (69,497) |
Additions to property and equipment | (27,929) | (38,244) | (41,756) |
Other investing activities | 0 | (56,700) | (7,051) |
Investments in low-income housing interests | (69,721) | (53,121) | (37,867) |
Cash provided from (used for) investing activities | (943,015) | (913,370) | (1,181,730) |
Cash provided from (used for) financing activities: | |||
Issuance of common stock | 106,592 | 69,826 | 48,093 |
Cash dividends paid to shareholders | (80,547) | (80,043) | (78,192) |
Repayment of debt | (150,000) | (300,000) | (386,875) |
Proceeds from issuance of debt | 250,492 | 325,000 | 700,000 |
Payment for debt issuance costs | (5,272) | (7,687) | (5,844) |
Net borrowing (repayment) of commercial paper | (46,289) | 74,974 | (34,445) |
Acquisition of treasury stock | (454,638) | (541,435) | (443,866) |
Net receipts (payments) from deposit-type products | (112,791) | (64,238) | (72,928) |
Cash provided from (used for) financing activities | (492,453) | (523,603) | (274,057) |
Effect of foreign exchange rate changes on cash | 13,670 | (3,391) | (1,733) |
Net increase (decrease) in cash | 396 | (2,684) | 18,914 |
Cash at beginning of year | 92,163 | 94,847 | 75,933 |
Cash at end of year | $ 92,559 | $ 92,163 | $ 94,847 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1—Significant Accounting Policies Business : (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (Parent Company) Globe Life provides a variety of life and supplemental health insurance products and annuities to a broad base of customers. The Company is organized into four reportable segments: life insurance, supplemental health insurance, annuities, and investments. Basis of Presentation : The accompanying consolidated financial statements of Globe Life have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), under guidance issued by the Financial Accounting Standards Board (FASB). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Use of Estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes. Principles of Consolidation : The consolidated financial statements include the results of Globe Life Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. When Globe Life acquires a subsidiary or a block of business, the assets acquired and the liabilities assumed are measured at fair value at the acquisition date. Any excess of acquisition cost over the fair value of net assets is recorded as goodwill. Expenses incurred to effect the acquisition are charged to earnings as of the acquisition date. Upon acquisition, the accounts and results of operations are consolidated as of and subsequent to the acquisition date. Acquisition : On August 1, 2021, the Company acquired Beazley Benefits, an operating unit of Beazley Insurance Company, Inc. for $59.2 million. In conjunction with this agreement, the Company also executed a 100% coinsurance agreement assuming the remaining inforce business produced by the unit. The acquisition was accounted for under the acquisition method of accounting as required by GAAP. This guidance requires the assets acquired and liabilities assumed be based on their fair values at the acquisition date. The goodwill related to the purchase is due to expected synergies as a result of combining operations with other factors. The results of operations since the acquisition date have been consolidated. The cash flows associated with the purchase are recorded in the Consolidated Statement of Cash Flows in "Other investing activities." Investments : Globe Life classifies all of its fixed maturity investments as available for sale. Investments classified as available for sale are carried at fair value with unrealized gains and losses, net of taxes, reflected directly in accumulated other comprehensive income (AOCI). Income from investments is recorded in "Net investment income" on the Consolidated Statements of Operations . Gains and losses from sales, maturities, or other redemptions of investments are recorded in "Realized gains (losses)". Interest income and prepayment fees are recognized when earned. Premiums and discounts are amortized using the effective yield method. When amortized cost of a callable debt security exceeds the first call price, the premium is amortized to the earliest call date. Otherwise, the period of amortization or accretion generally extends from the purchase date to the maturity date. "Policy loans", which represent loans provided to policyholders using cash values as collateral, are carried at unpaid principal balances. "Other long-term investments" include limited partnerships, commercial mortgage loan participations ("commercial mortgage loans"), equity securities, and real estate. Investments in equity securities are reported at fair value with changes in fair value, net of taxes, reflected directly in "Realized gains (losses)" in the Consolidated Statements of Operations . Investments in real estate are reported at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life. The investment funds consist of limited partnerships whereby the Company has a pro-rata share of ownership ranging from less than 1% to 20%. For each investment, the Company has elected the fair value option, but would have been otherwise accounted for as an equity method investment. The fair value option is assessed for each individual investment and concluded at the inception of the investment. Each limited partnership investment is evaluated under applicable GAAP to determine if it is a variable interest entity (VIE) and would qualify for consolidation. Only primary beneficiaries are required or allowed to consolidate VIEs. The investments are not consolidated because the Company has no power to control the activities that most significantly affect the economic performance of these entities and therefore the Company is not the primary beneficiary of any of these interests. Globe Life's involvement is limited to its limited partnership interest in the entities. The Company has not provided any other financial support to the entities beyond its commitments to fund its limited partnership interests, and there are no arrangements or agreements with any of the interests to provide other financial support. The maximum loss exposure relative to these interests is limited to their carrying value. The Company has approximately 2% of total assets in low-income housing tax credits and certain limited partnerships (investment funds) that qualify as unconsolidated VIEs. The limited partnership investments are reported at the Company's pro-rata share of the investment fund's net asset value or its equivalent (NAV), as a practical expedient for fair value. Operating results provided by the partnerships can be on a lag up to 3 months; however, the Company makes adjustments for any material transactions occurring within the lag period. Changes in the net asset value are recorded in "Realized gains (losses)" on the Consolidated Statements of Operations . Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. Periodic distributions are recorded in net investment income until cumulative distributions exceed our pro-rata share of cumulative operating earnings at which point the distributions will reduce carrying value. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. The Company had $201 million of capital called during the year from existing investment funds, reducing our unfunded commitments. Our unfunded commitments were $487 million as of December 31, 2022. Commercial mortgage loan participations, a type of investment where the mortgage loan is shared among investors, are accounted for as financing receivables. The commercial mortgage loans are managed by a third-party. The Company purchased the legal rights to interests in commercial mortgage loans which are secured by properties such as hotels, retail, multiple family, or offices. The commercial mortgage loans typically have a term of three years with the option to extend up to two years. The commercial mortgage loans are recorded at unpaid principal balance, net of unamortized origination fees and net of allowance for loan losses. Interest income, net of the amortization of origination fees, is recorded in "Net investment income" under the effective yield method. Our unfunded commitment balance to the commercial loan borrowers was $38 million as of December 31, 2022. "Short-term investments" include investments in interest-bearing assets with original maturities of twelve months or less. Gains and losses realized on the disposition of investments are determined on a specific identification basis. Fair Value Measurements, Investments in Securities : Globe Life measures the fair value of its "fixed maturities" based on a hierarchy consisting of three levels which indicate the quality of the fair value measurements as described below: • Level 1— fair values are based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. • Level 2— fair values are based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that can otherwise be corroborated by observable market data. • Level 3— fair values are based on inputs that are considered unobservable where there is little, if any, market activity for the asset or liability as of the measurement date. In this circumstance, the Company has to rely on values derived by independent brokers or internally-developed assumptions. Unobservable inputs are developed based on the best information available to the Company which may include the Company’s own data or bid and ask prices in the dealer market. Net Asset Value— Certain investments, such as investment funds, that are measured at fair value using the net asset value per share or its equivalent, as a practical expedient, have not been classified in the fair value hierarchy. The net asset value is usually provided by general partners or managers. The great majority of Globe Life's "fixed maturities" are not actively traded and direct quotes are not generally available. Management therefore determines the fair values of these securities after consideration of data provided by third-party pricing services, independent broker/dealers, and other resources. At December 31, 2022, the Company's investments in fixed maturities were primarily composed of the following significant security types: corporate securities, state and municipal securities, U.S. government direct, guaranteed, and government-sponsored enterprises securities. The remaining security types represented approximately 1% of the total in the aggregate. Approximately 97% of the fair value of "fixed maturities" reported at December 31, 2022 was determined using data provided by third-party pricing services. Prices provided by these services are not binding offers, but are estimated exit values. Third-party pricing services use proprietary pricing models to determine security values by discounting cash flows using a market-adjusted spread to a benchmark yield. For all asset classes within Globe Life's significant security types, third-party pricing services use a common valuation technique to model the price of the investments using observable market data. The foundation for these models consists of developing yield spreads based on multiple observable market inputs, including but not limited to: benchmark yield curves, actual trading activity, new issue yields, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector-specific data, economic data, and other inputs that are corroborated in the market. Pricing vendors monitor and review their pricing data continuously with current market and economic data feeds, augmented by ongoing communication within the dealer community. Using the observable market inputs described above, spreads to an appropriate benchmark yield are further developed by the vendors for each security based on security-specific and/or sector-specific risk factors, such as a security’s terms and conditions (coupon, maturity, and call features), credit rating, sector, liquidity, collateral or other cash flow options, and other factors that could impact the risk of the security. Embedded repayment options, such as call and redemption features, are also taken into account in the pricing models. When the spread is determined, it is added to the security’s benchmark yield. The security's expected cash flows are discounted using this spread-adjusted yield, and the resulting present value of the discounted cash flows is the evaluated price. When third-party vendor prices are not available, the Company attempts to obtain valuations from other sources, including but not limited to broker/dealers, broker quotes, and prices on comparable securities. When valuations have been obtained for all securities in the portfolio, management reviews and analyzes the prices to ensure their reasonableness, taking into account available and observable information. When two or more valuations are available for a security and the variance between the prices is 10% or less, the close correlation suggests similar observable inputs were used in deriving the price, and the mean of the prices is used. Securities valued in this manner are classified as Level 2. When the variance between two or more valuations for a security exceeds 10%, additional analysis is performed to determine the most appropriate value for that security, using resources such as broker quotes, prices on comparable securities, recent trades, and any other observable market data. Further review is performed on the available valuations to determine if they can be corroborated within reasonable tolerance to any other observable evidence. If one of the valuations or the mean of the available valuations for a security can be corroborated with other observable evidence, then the corroborated value is used and reported as Level 2. The Company uses information and analytical techniques deemed appropriate for determining the point within the range of reasonable fair value estimates that is most representative of fair value under current market conditions. Valuations that cannot be corroborated within a reasonable tolerance are classified as Level 3. Globe Life invests in a portfolio of private placement fixed maturities. Private placement fixed maturities are generally not an active market. This portfolio is managed by third-parties. The portfolio managers provide valuations for the bonds based on a pricing matrix utilizing observable inputs, such as the benchmark treasury rate and published sector indices, and unobservable inputs such as an internally-developed credit rating. If observable inputs cannot be corroborated, the fair values are classified as Level 3. Refer to Note 4—Investments under the caption Quantitative Information about Level 3 Fair Value Measurements . The fair values for each class of security and by valuation hierarchy level are indicated in Note 4—Investments under the caption Fair value measurements, and Note 9—Postretirement Benefits under the caption Pension Assets . Fair Value Measurements, Other Financial Instruments : Fair values for cash and cash equivalents, short-term investments, short-term debt, receivables, and payables approximate carrying value. Cash and cash equivalents are classified as Level 1. Fair values of commercial mortgage loans are determined based upon expected cash flows discounted at an appropriate risk-adjusted rate and are classified as Level 3. The fair value of investments in limited partnerships that provide low-income housing tax credits is based on discounted projected cash flows and are classified as Level 3. Policy loans are an integral part of Globe Life's subsidiaries’ life insurance policies in force and their fair values cannot be valued separately from the insurance contracts. Investment funds are based on net asset value and are excluded from the fair value hierarchy. The fair values of Globe Life's long and short term debt issues are based on the same methodology as investments in fixed maturities. At December 31, 2022, observable inputs were available for these debt securities and as such were classified as Level 2 in the valuation hierarchy. The fair value for each debt instrument as of December 31, 2022 is disclosed in Note 11—Debt . As described in Note 9—Postretirement Benefits , Globe Life maintains a nonqualified supplemental retirement plan. Accordingly, the assets that support the liability for this plan are considered general assets of the Company. These assets consist of the cash value of corporate-owned life insurance policies (COLI) and exchange traded funds (ETFs). The fair value of the insurance cash values approximates carrying value. Fair values for the ETFs are derived from direct quotes and are considered Level 1 in the fair value hierarchy. Current Expected Credit Loss Reserve (fixed maturities) : At the onset of the evaluation, the Company individually assesses each fixed maturity, on a quarterly basis, to determine whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria are met, the Company will write down the fixed maturity's amortized cost basis to fair value through "Realized gains (losses)". If neither of the aforementioned criteria are met, the Company will evaluate whether the decline in fair value has resulted from a credit event. The Company will evaluate many factors, as further described below, to determine the present value of the expected cash flows. A credit loss occurs when the present value of the expected cash flows is less than the amortized cost basis. This will result in the recording of an allowance for credit losses as a contra asset account to the amortized cost basis with an offsetting provision for credit losses in " Realized gains (losses)" on the Consolidated Statements of Operations . Additionally, the CECL methodology includes a fair value floor where the allowance for credit loss for a security cannot exceed the difference between fair value and amortized cost. When it is determined that there is not a credit loss, the decline in fair value is recognized in Other Comprehensive Income . All changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses recorded to the allowance for credit losses are management's best estimate of the uncollectibility of principal and interest of a fixed maturity. The evaluation of Globe Life's securities for credit losses is a process that is undertaken at least quarterly and is overseen by a team of investment and accounting professionals. The process for making this determination is highly subjective and involves the careful consideration of many factors. The factors considered include, but are not limited to: • The Company’s lack of intent to sell the debt security before recovery; • Whether it is more likely than not the Company will be required to sell prior to maturity; • The reason(s) for the credit related losses; • The financial condition of the issuer and the prospects for recovery in fair value of the security; • Expected future cash flows. The relative weight given to each of these factors can change over time as facts and circumstances change. In many cases, management believes it is appropriate to give more consideration to prospective factors than to retrospective factors. Prospective factors that are given more weight include prospects for recovery, the Company’s ability and general intent to hold the security until anticipated recovery, and expected future cash flows. Among the facts and information considered in the process are: • Financial statements of the issuer • Changes in credit ratings of the issuer • The value of underlying collateral • News and information included in press releases issued by the issuer • News and information reported in the media concerning the issuer • News and information published by or otherwise provided by securities, economic, or research analysts • The nature and amount of recent and expected future sources and uses of cash • Default on a required payment • Issuer bankruptcy filings The expected cash flows are determined using judgment and the best information available to the Company. Inputs used to derive expected cash flows generally include expected default rates, current levels of subordination, and estimated recovery rate. The discount rate utilized in the discounted cash flows is the effective interest rate, which is the rate of return implicit in the asset at acquisition. Current Expected Credit Loss Reserve (commercial mortgage loans) : The Company evaluates the performance and credit quality of the commercial mortgage loan portfolio at least on a quarterly basis, or as needed, by utilizing common metrics such as loan-to-value or debt-service ratios as well as covenants, local market conditions, borrower quality, and underlying collateral. The fair value of the underlying collateral is based on a third-party appraisal of the property at origination of the loan. The fair value is assessed on an annual basis or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. The Company determines the probability of estimated losses for the commercial mortgage loan portfolio on a pool basis each quarter and records an allowance. The allowance for credit losses is based on estimates, historical experience, probability of loss, value of the underlying collateral, and macro factors that affect the collectability of the loan. If management determines that foreclosure of a particular property is probable, the Company may elect the practical expedient for an individual mortgage loan to estimate the expected credit losses, which are based on the fair value of the property less amortized cost, adjusted for selling and other associated costs. See Note 4 for current activity. Cash : " Cash" consists of balances on hand and on deposit in banks and financial institutions. Accrued investment income : "Accrued investment income" consists of interest income or dividends earned on the investment portfolio, but which are yet to be received as of the balance sheet date. The Company will write-off accrued investment income that is deemed to be uncollectible related to the fixed maturities. " Accrued investment income As a practical expedient, the Company excludes the accrued investment income from the amortized cost basis of the investment and separately reports it in another financial statement line item, "Accrued investment income." Additionally, the amount will be excluded from disclosures within Note 4—Investments . Other Receivables : Agent debit balances primarily represent commissions advanced to insurance agents, a common industry practice. These balances are repaid to the Company over time, generally one year, as the premiums associated with the advanced commissions are collected by the Company and a portion of the agents' commissions on such premiums are retained in order to repay the balances. The balances were $460 million at December 31, 2022 and $467 million at December 31, 2021. When an agent sells a policy, commissions are advanced to the agent, and the collection of the advance is made as long as the policy stays in force. While there is a susceptibility to loss should an agent terminate or excessive policy lapses occur, the ability of the Company to continue to collect an agent's commission streams over time from prior sales of policies reduces the Company's exposure to loss. The Company has a very low inherent risk with regards to the collection of agent debit balances and views these balances as recoverable since they are, in aggregate, less than the estimated present value of future commissions discounted at a conservative rate which includes assumptions for lapses and mortality. The Company’s security, or collateral, is in the form of future commission streams collected over the life of the policies sold by the respective agents, which ultimately revert to the Company in the event an agent is terminated. The Company evaluated the agent debit balances on a pool basis to determine the allowance for credit losses, as the loans have similar characteristics. A provision for credit losses will be recorded in "Realized gains (losses)" on the Consolidated Statements of Operations and the asset balance will be reflected in agent debit balances, net of allowance for credit losses ("Other receivables"). Based on factors considered by management, there were no additional credit losses recorded during the year ended December 31, 2022. As of December 31, 2022, the allowance for credit losses was $1.0 million. Deferred Acquisition Costs : Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are essential for the acquisition of new insurance business and are directly related to the successful issuance of an insurance contract including sales commissions, policy issue costs, and underwriting costs. Additionally, deferred acquisition costs (DAC) include the value of business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP. DAC and VOBA are amortized in a systematic manner which matches these costs with the associated revenues. Policies other than universal life-type policies are amortized with interest over the estimated premium-paying period of the policies in a manner which charges each year’s operations in proportion to the receipt of premium income. Universal life-type policies are amortized with interest in proportion to estimated gross profits. The assumptions used to amortize acquisition costs include interest, mortality, and persistency, and are consistent with those used to estimate the liability for future policy benefits. For interest-sensitive and deposit-type products, these assumptions are reviewed on a regular basis and are revised if actual experience differs significantly from original expectations. For all other products, amortization assumptions are generally not revised once established. DAC and VOBA are subject to periodic recoverability and loss recognition testing to determine if there is a premium deficiency. These tests evaluate whether the present value of future contract-related cash flows will support the capitalized DAC and VOBA assets. These cash flows consist primarily of premium income, less benefits and expenses. The present value of these cash flows, less the benefit reserve, is then compared with the unamortized deferred acquisition cost balance. In the event the estimated present value of net cash flows is less, the deficiency would be recognized by a charge to earnings and either a reduction of unamortized acquisition costs or an increase in the liability for future benefits, as described under the caption Future Policy Benefits . Refer to Note 5—Deferred Acquisition Costs . Advertising Costs : Costs related to advertising are generally charged to expense as incurred. However, certain Direct to Consumer advertising costs are capitalized when there is a reliable and demonstrated relationship between total costs and future benefits that is a direct result of incurring these costs. Direct to Consumer advertising costs consist primarily of the production and distribution costs of direct mail advertising materials, and when capitalized are included as a component of DAC. Additionally, they are amortized in the same manner as other DAC. Direct to Consumer advertising costs charged to earnings and included in commissions, premium taxes, and non-deferred acquisition costs were $9.4 million, $10.0 million, and $9.8 million in 2022, 2021, and 2020, respectively. Unamortized capitalized advertising costs included within DAC were $1.5 billion at December 31, 2022 and $1.4 billion at December 31, 2021. Goodwill : The excess cost of a business acquired over the fair value of net assets acquired is reported as goodwill. In accordance with the guidance, goodwill is subject to impairment testing on an annual basis, or whenever potential impairment triggers occur. Impairment testing involves the performance of a qualitative analysis, which involves assessing current events and circumstances to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the event the fair value is less than the carrying value, further testing is required to determine the amount of impairment, if any. If there is an impairment in the goodwill of any reporting unit, it is written down and charged to earnings in the period of the test. Globe Life tests its goodwill annually as of June 30th for each of the years 2020 through 2022. The Company's goodwill was not impaired in any of those periods. Low-Income Housing Tax Credit Interests : Globe Life invests in limited partnerships that provide low-income housing tax credits and other related federal income tax benefits to the Company. Globe Life holds passive interests in limited partnerships that provide investment returns through the provision of tax benefits (principally from the transfer of federal or state tax credits related to federal low-income housing). These investments are considered to be VIEs and do not qualify for consolidation. The carrying value of the Company's investment in these entities was $315 million and $328 million at December 31, 2022 and 2021, respectively, and was included in "Other assets" on the Consolidated Balance Sheets . As of December 31, 2022, Globe Life was obligated under future commitments of $137 million, which are recorded in "Other liabilities". For guaranteed investments acquired prior to January 1, 2015, the Company utilizes the effective-yield method of amortization, while the proportional method of amortization is utilized for all non-guaranteed and guaranteed investments acquired on or after January 1, 2015. All amortization expense is recorded in "Income tax benefit (expense)" on the Consolidated Statements of Operations . Property and Equipment : Property and equipment, included in “Other assets,” is reported at cost less accumulated depreciation. Depreciation is recorded primarily on the straight line method over the estimated useful lives of these assets which range from three fifteen Future Policy Benefits : The liability for future policy benefits for annuity and universal life-type products is represented by policy account value. The liability for future policy benefits for all other life and health products, approximately 90% of total liabilities for future policy benefits, is determined on the net level premium method. This method provides for the present value of expected future benefit payments less the present value of expected future net premiums, based on estimated investment yields, mortality, morbidity, persistency, and other assumptions which were considered appropriate at the time the policies were issued. For limited-payment contracts, a deferred profit liability is also recorded which causes profits to emerge over the life of the contract in proportion to the amount of insurance in force. Assumptions used for traditional life and health insurance products are based primarily on Company experience. Assumptions for interest rates range from 2.5% to 7.0% for Globe Life's insurance companies with an overall weighted average assumed rate of 5.8%. Mortality tables used for individual life insurance include various industry tables and reflect modifications of a variety of generally accepted actuarial tables based on Company experience. Morbidity assumptions for individual health are based on Company experien |
Statutory Accounting
Statutory Accounting | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Statutory Accounting | Note 2—Statutory Accounting Life insurance subsidiaries of Globe Life are required to file statutory financial statements with state insurance regulatory authorities. Accounting principles used to prepare these statutory financial statements differ from GAAP. Consolidated net income and shareholders’ equity (capital and surplus) on a statutory basis for the insurance subsidiaries were as follows: Net Income Shareholders’ Equity Year Ended December 31, At December 31, 2022 2021 2020 2022 2021 Life insurance subsidiaries $ 444,294 $ 373,703 $ 441,589 $ 1,632,018 $ 1,523,247 The excess, if any, of shareholders' equity of the insurance subsidiaries on a GAAP basis over that determined on a statutory basis is not available for distribution by the insurance subsidiaries to the Parent Company without regulatory approval. Insurance subsidiaries’ statutory capital and surplus necessary to satisfy regulatory requirements in the aggregate was $588 million at December 31, 2022. More information on the restrictions on the payment of dividends can be found in Note 12 —Shareholders' Equity . The Company's statutory financial statements are presented on the basis of accounting practices prescribed by the insurance department of the state of domicile of each insurance subsidiary. While all states have adopted the National Association of Insurance Commissioners’ (NAIC) statutory accounting practices (NAIC SAP) as the basis for statutory accounting, certain states have retained prescribed practices of their respective insurance code or administrative code which can differ from NAIC SAP. For Globe Life's life insurance companies, there are no significant differences between NAIC SAP and the accounting practices prescribed by the states of domicile. |
Supplemental Information about
Supplemental Information about Changes to Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Supplemental Information about Changes to Accumulated Other Comprehensive Income | Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income Components of Accumulated Other Comprehensive Income : An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for each of the years 2020 through 2022: Available for Sale Assets Deferred Acquisition Costs Foreign Exchange Pension Adjustments Total For the year ended December 31, 2020: Balance at January 1, 2020 $ 1,982,650 $ (5,916) $ 12,058 $ (143,962) $ 1,844,830 Other comprehensive income (loss) before reclassifications, net of tax 1,167,003 1,212 11,244 (34,103) 1,145,356 Reclassifications, net of tax 25,919 — — 13,139 39,058 Other comprehensive income (loss) 1,192,922 1,212 11,244 (20,964) 1,184,414 Balance at December 31, 2020 3,175,572 (4,704) 23,302 (164,926) 3,029,244 For the year ended December 31, 2021: Other comprehensive income (loss) before reclassifications, net of tax (385,231) 1,286 (3,915) 44,819 (343,041) Reclassifications, net of tax (25,051) — — 16,431 (8,620) Other comprehensive income (loss) (410,282) 1,286 (3,915) 61,250 (351,661) Balance at December 31, 2021 2,765,290 (3,418) 19,387 (103,676) 2,677,583 For the year ended December 31, 2022: Other comprehensive income (loss) before reclassifications, net of tax (4,211,540) 7,668 (19,923) 94,055 (4,129,740) Reclassifications, net of tax 25,578 — — 10,865 36,443 Other comprehensive income (loss) (4,185,962) 7,668 (19,923) 104,920 (4,093,297) Balance at December 31, 2022 $ (1,420,672) $ 4,250 $ (536) $ 1,244 $ (1,415,714) Reclassification adjustments : Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three years ended December 31, 2022. Year Ended December 31, Affected line items in the Statement of Operations Component Line Item 2022 2021 2020 Unrealized investment (gains) losses on available for sale assets: Realized (gains) losses $ 32,165 $ (37,874) $ 26,345 Realized (gains) losses Amortization of (discount) premium 212 6,164 6,464 Net investment income Total before tax 32,377 (31,710) 32,809 Tax (6,799) 6,659 (6,890) Income tax benefit (expense) Total after-tax 25,578 (25,051) 25,919 Pension adjustments: Amortization of prior service cost 1,077 631 632 Other operating expense Amortization of actuarial (gain) loss 12,677 20,166 16,000 Other operating expense Total before tax 13,754 20,797 16,632 Tax (2,889) (4,366) (3,493) Income tax benefit (expense) Total after-tax 10,865 16,431 13,139 Total reclassification (after-tax) $ 36,443 $ (8,620) $ 39,058 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 1.20x Total % of Total Loan-to-value ratio (2) : Less than 70% $ 23,984 $ 107,099 $ 11,900 $ 142,983 79 70% to 80% — 21,904 1,226 23,130 13 81% to 90% 8,226 — — 8,226 4 Greater than 90% 6,966 — — 6,966 4 Total $ 39,176 $ 129,003 $ 13,126 $ 181,305 100 (1) Annual net operating income divided by annual mortgage debt service (principal and interest). (2) Loan balance divided by the fair value of the property. LTVs are generally assessed on an annual basis, or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. December 31, 2021 Recorded Investment Debt Service Coverage Ratios (1) <1.00x 1.00x—1.20x >1.20x Total % of Total Loan-to-value ratio (2) : Less than 70% $ 13,650 $ 80,672 $ — $ 94,322 67 70% to 80% 6,255 19,780 — 26,035 18 81% to 90% 8,166 — — 8,166 6 Greater than 90% 8,754 4,566 — 13,320 9 Total $ 36,825 $ 105,018 $ — $ 141,843 100 (1) Annual net operating income divided by annual mortgage debt service (principal and interest). (2) Loan balance divided by the fair value of the property. LTVs are generally assessed on an annual basis, or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. As of December 31, 2022, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 22 loans in the portfolio. For the year ended December 31, 2022, the allowance for credit losses increased by $1 million to $1.8 million. The provision for credit losses is included in "Realized gains (losses)" in the Consolidated Statements of Operations . Year Ended December 31, 2022 2021 Allowance for credit losses beginning balance $ 827 $ 3,505 Provision (reversal) for credit losses 962 (2,678) Allowance for credit losses ending balance $ 1,789 $ 827 There were no delinquent commercial mortgage loans as of December 31, 2022 and December 31, 2021. As of December 31, 2022, the Company had no commercial mortgage loan in non-accrual status, compared to one in non-accrual status at December 31, 2021." id="sjs-B4">Note 4—Investments Portfolio Composition : Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at December 31, 2022 and 2021, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector." At December 31, 2022 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 394,439 $ — $ 27 $ (38,968) $ 355,498 2 States, municipalities, and political subdivisions 2,791,030 — 24,328 (505,447) 2,309,911 14 Foreign governments 55,164 — 6 (12,706) 42,464 — Corporates, by sector: Financial 4,907,794 — 63,126 (504,489) 4,466,431 27 Utilities 1,924,190 — 36,670 (125,713) 1,835,147 11 Energy 1,436,598 — 22,637 (101,923) 1,357,312 8 Other corporate sectors 6,667,043 — 78,903 (738,772) 6,007,174 37 Total corporates 14,935,625 — 201,336 (1,470,897) 13,666,064 83 Collateralized debt obligations 37,098 — 13,266 — 50,364 — Other asset-backed securities 88,336 — 4 (9,276) 79,064 1 Total fixed maturities $ 18,301,692 $ — $ 238,967 $ (2,037,294) $ 16,503,365 100 (1) Amount reported in the balance sheet. (2) At fair value. At December 31, 2021 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 383,083 $ — $ 64,513 $ (164) $ 447,432 2 States, municipalities, and political subdivisions 2,252,997 — 239,135 (2,907) 2,489,225 12 Foreign governments 59,861 — 900 (5,132) 55,629 — Corporates, by sector: Financial 4,569,160 (387) 907,741 (9,349) 5,467,165 26 Utilities 1,931,391 — 490,119 (1,012) 2,420,498 11 Energy 1,587,892 — 346,780 (1,683) 1,932,989 9 Other corporate sectors 6,879,459 — 1,454,464 (13,362) 8,320,561 39 Total corporates 14,967,902 (387) 3,199,104 (25,406) 18,141,213 85 Collateralized debt obligations 36,468 — 27,037 — 63,505 — Other asset-backed securities 104,998 — 3,715 (430) 108,283 1 Total fixed maturities $ 17,805,309 $ (387) $ 3,534,404 $ (34,039) $ 21,305,287 100 (1) Amount reported in the balance sheet. (2) At fair value. A schedule of fixed maturities available for sale by contractual maturity date at December 31, 2022, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions. At December 31, 2022 Amortized Fair Fixed maturities available for sale: Due in one year or less $ 164,857 $ 165,085 Due after one year through five years 1,068,265 1,067,454 Due after five years through ten years 1,670,440 1,664,710 Due after ten years through twenty years 7,785,675 7,349,267 Due after twenty years 7,486,945 6,127,343 Mortgage-backed and asset-backed securities 125,510 129,506 $ 18,301,692 $ 16,503,365 Analysis of investment operations: "Net investment income" for the three years ended December 31, 2022, is summarized as follows: Year Ended December 31, 2022 2021 2020 Fixed maturities available for sale $ 910,284 $ 892,421 $ 873,352 Policy loans 46,586 45,318 44,801 Other long-term investments (1) 50,556 35,838 26,196 Short-term investments 2,156 24 545 1,009,582 973,601 944,894 Less investment expense (22,083) (21,154) (17,832) Net investment income $ 987,499 $ 952,447 $ 927,062 (1) For the years ended 2022, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $40.3 million, $26.7 million, and $15.3 million, respectively, in net investment income. An analysis of "realized gains (losses)" is as follows: Year Ended December 31, 2022 2021 2020 Realized investment gains (losses): Fixed maturities available for sale: Sales and other (1) $ (32,552) $ 34,916 $ (22,999) Provision for credit losses 387 2,959 (3,346) Investment funds—fair value option (29,353) 22,918 1,045 Other investments (15,030) 7,840 21,563 Realized gains (losses) from investments (76,548) 68,633 (3,737) Realized loss on redemption of debt (2) — (9,314) (634) (76,548) 59,319 (4,371) Applicable tax 16,075 (12,457) 1,955 Realized gains (losses), net of tax $ (60,473) $ 46,862 $ (2,416) (1) For the years ended 2022, 2021 and 2020, the Company recorded $147.6 million, $109.2 million, and $219.8 million of exchanges of fixed maturities (noncash transactions) that resulted in $1.9 million, $25.2 million, and $7.9 million, respectively, in realized gains (losses). (2) Refer to Note 11—Debt for further discussion . Year Ended December 31, 2022 2021 2020 Change in unrealized investment gains (losses) on: Fixed maturities available for sale $ (5,298,692) $ (519,345) $ 1,528,339 Selected information about sales of fixed maturities available for sale is as follows: Year Ended December 31, 2022 2021 2020 Fixed maturities available for sale: Proceeds from sales (1) $ 390,392 $ 116,656 $ 52,681 Gross realized gains 1,296 1,848 2,642 Gross realized losses (57,996) (12,101) (39,153) (1) There were no unsettled sales in the periods ended December 31, 2022, 2021 and 2020. Fair value measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at December 31, 2022 and 2021: Fair Value Measurement at December 31, 2022: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 355,498 $ — $ 355,498 States, municipalities, and political subdivisions — 2,309,911 — 2,309,911 Foreign governments — 42,464 — 42,464 Corporates, by sector: Financial — 4,332,495 133,936 4,466,431 Utilities — 1,723,832 111,315 1,835,147 Energy — 1,346,212 11,100 1,357,312 Other corporate sectors — 5,785,442 221,732 6,007,174 Total corporates — 13,187,981 478,083 13,666,064 Collateralized debt obligations — — 50,364 50,364 Other asset-backed securities — 79,064 — 79,064 Total fixed maturities $ — $ 15,974,918 $ 528,447 $ 16,503,365 Percentage of total — % 97 % 3 % 100 % Fair Value Measurement at December 31, 2021: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 447,432 $ — $ 447,432 States, municipalities, and political subdivisions — 2,489,225 — 2,489,225 Foreign governments — 55,629 — 55,629 Corporates, by sector: Financial — 5,303,547 163,618 5,467,165 Utilities — 2,266,231 154,267 2,420,498 Energy — 1,919,416 13,573 1,932,989 Other corporate sectors — 8,010,331 310,230 8,320,561 Total corporates — 17,499,525 641,688 18,141,213 Collateralized debt obligations — — 63,505 63,505 Other asset-backed securities — 108,283 — 108,283 Total fixed maturities $ — $ 20,600,094 $ 705,193 $ 21,305,287 Percentage of total — % 97 % 3 % 100 % The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- Collateralized Corporates Total Balance at January 1, 2020 $ 13,177 $ 74,104 $ 672,128 $ 759,409 Included in realized gains/losses — — 1,579 1,579 Included in other comprehensive income (173) (2,523) 17,082 14,386 Acquisitions (1) — — 67,820 67,820 Sales — — — — Amortization — 4,551 12 4,563 Other (2) (134) (4,534) (44,116) (48,784) Transfers into Level 3 (3) — — — — Transfers out of Level 3 (3) — — — — Balance at December 31, 2020 12,870 71,598 714,505 798,973 Included in realized gains/losses (82) (6,787) 3,275 (3,594) Included in other comprehensive income 63 12,447 (20,818) (8,308) Acquisitions (1) — — 25,000 25,000 Sales (12,851) (13,213) — (26,064) Amortization — 4,505 9 4,514 Other (2) — (5,045) (80,283) (85,328) Transfers into Level 3 (3) — — — — Transfers out of Level 3 (3) — — — — Balance at December 31, 2021 — 63,505 641,688 705,193 Included in realized gains/losses — — — — Included in other comprehensive income — (13,771) (91,385) (105,156) Acquisitions (1) — — — — Sales — — — — Amortization — 4,519 7 4,526 Other (2) — (3,889) (72,227) (76,116) Transfers into Level 3 (3) — — — — Transfers out of Level 3 (3) — — — — Balance at December 31, 2022 $ — $ 50,364 $ 478,083 $ 528,447 Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period: Asset- Collateralized Corporates Total 2020 $ (173) $ (2,523) $ 17,082 $ 14,386 2021 63 12,447 (20,818) (8,308) 2022 — (13,771) (91,385) (105,156) (1) Acquisitions of Level 3 investments in each of the years 2020 through 2022 are comprised of private placement fixed maturities and equities. (2) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3) Considered to be transferred at the end of the period. Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third-parties. Transfers out of Level 3 occur when quoted prices in active markets becomes available for identical assets/ liabilities or the ability to corroborate by observable market data. The following table represents quantitative information about Level 3 fair value measurements: Quantitative Information about Level 3 Fair Value Measurements As of December 31, 2022 Fair Value Valuation Significant Unobservable Range Weighted- Average (1) Private placement fixed maturities $ 395,037 Determination of credit spread Credit rating A+ to B- BBB- Other corporate bonds 83,046 Discounted Cash Flows Discount rate 6.35% 6.35% Collateralized debt obligations 50,364 Discounted Cash Flows Discount rate 10.25% 10.25% $ 528,447 (1) Unobservable inputs were weighted by the relative fair value of the instruments. The private placement fixed maturities reported as Level 3, are managed by third-party investment managers. These securities are valued based on the contractual cash flows discounted by a yield determined as a treasury benchmark adjusted for a credit spread. The credit spread is developed from observable indices for similar public fixed maturities and unobservable indices for private fixed maturities for corresponding credit ratings. However, the credit ratings for the securities are considered unobservable inputs, as they are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. The collateral underlying collateralized debt obligations consists primarily of trust preferred securities issued by banks and insurance companies. Collateralized debt obligations are valued at the present value of expected future cash flows using an unobservable discount rate. Expected cash flows are determined by scheduling the projected repayment of the collateral assuming no future defaults, deferrals, or recoveries. The discount rate is risk-adjusted to take these items into account. A significant increase (decrease) in the discount rate will produce a significant decrease (increase) in fair value. Additionally, a significant increase (decrease) in the cash flow expectations would result in a significant increase (decrease) in fair value. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities . Other corporate bonds consist of obligations issued out of a special purpose vehicle (SPV). The discount rate is derived using an unobservable spread over an observable index. An increase (decrease) in spread will produce a decrease (increase) in fair value. Unrealized Loss Analysis : The following table discloses information about fixed maturities available for sale in an unrealized loss position. Less than Twelve Months Twelve Months or Longer Total Number of issues (CUSIPs) held: As of December 31, 2022 1,819 157 1,976 As of December 31, 2021 138 42 180 Globe Life's entire fixed maturity portfolio consisted of 2,328 issues by 979 different issuers at December 31, 2022 and 2,060 issues by 843 different issuers at December 31, 2021. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of December 31, 2022 and December 31, 2021. The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2022 and December 31, 2021. Analysis of Gross Unrealized Investment Losses At December 31, 2022 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 349,887 $ (38,218) $ 3,424 $ (750) $ 353,311 $ (38,968) States, municipalities, and political subdivisions 1,767,624 (453,149) 95,124 (52,298) 1,862,748 (505,447) Foreign governments 6,297 (201) 25,134 (12,505) 31,431 (12,706) Corporates, by sector: Financial 2,837,918 (426,132) 109,784 (42,173) 2,947,702 (468,305) Utilities 1,088,219 (116,272) 21,636 (6,268) 1,109,855 (122,540) Energy 855,853 (91,755) — — 855,853 (91,755) Other corporate sectors 4,155,986 (665,831) 94,299 (42,344) 4,250,285 (708,175) Total corporates 8,937,976 (1,299,990) 225,719 (90,785) 9,163,695 (1,390,775) Collateralized debt obligations — — — — — — Other asset-backed securities 60,157 (5,223) 7,960 (2,435) 68,117 (7,658) Total investment grade securities 11,121,941 (1,796,781) 357,361 (158,773) 11,479,302 (1,955,554) Below investment grade securities: States, municipalities, and political subdivisions — — — — — — Corporates, by sector: Financial 120,377 (18,901) 38,348 (17,283) 158,725 (36,184) Utilities 27,722 (3,173) — — 27,722 (3,173) Energy 14,480 (2,182) 20,075 (7,986) 34,555 (10,168) Other corporate sectors 166,159 (25,962) 6,670 (4,635) 172,829 (30,597) Total corporates 328,738 (50,218) 65,093 (29,904) 393,831 (80,122) Collateralized debt obligations — — — — — — Other asset-backed securities — — 10,874 (1,618) 10,874 (1,618) Total below investment grade securities 328,738 (50,218) 75,967 (31,522) 404,705 (81,740) Total fixed maturities $ 11,450,679 $ (1,846,999) $ 433,328 $ (190,295) $ 11,884,007 $ (2,037,294) Gross unrealized losses may fluctuate quarter over quarter due to adverse factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not generally intend to sell and it is likely that management will not be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations. Analysis of Gross Unrealized Investment Losses At December 31, 2021 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 118 $ (1) $ 3,867 $ (163) $ 3,985 $ (164) States, municipalities, and political subdivisions 141,310 (2,824) 2,436 (83) 143,746 (2,907) Foreign governments 12,567 (561) 23,144 (4,571) 35,711 (5,132) Corporates, by sector: Financial 133,654 (1,507) 52,864 (1,932) 186,518 (3,439) Utilities 25,447 (692) 2,372 (320) 27,819 (1,012) Energy 6,519 (238) — — 6,519 (238) Other corporate sectors 115,444 (3,566) 40,249 (3,670) 155,693 (7,236) Total corporates 281,064 (6,003) 95,485 (5,922) 376,549 (11,925) Collateralized debt obligations — — — — — — Other asset-backed securities 10,489 (16) 1 — 10,490 (16) Total investment grade securities 445,548 (9,405) 124,933 (10,739) 570,481 (20,144) Below investment grade securities: States, municipalities, and political subdivisions — — — — — — Corporates, by sector: Financial 15,695 (272) 56,897 (5,638) 72,592 (5,910) Utilities — — — — — — Energy — — 26,639 (1,445) 26,639 (1,445) Other corporate sectors 700 (11) 26,581 (6,115) 27,281 (6,126) Total corporates 16,395 (283) 110,117 (13,198) 126,512 (13,481) Collateralized debt obligations — — — — — — Other asset-backed securities — — 13,043 (414) 13,043 (414) Total below investment grade securities 16,395 (283) 123,160 (13,612) 139,555 (13,895) Total fixed maturities $ 461,943 $ (9,688) $ 248,093 $ (24,351) $ 710,036 $ (34,039) Fixed Maturities, Allowance for Credit Losses : A summary of the activity in the allowance for credit losses is as follows. Refer to Note 1 for factors considered in the recording of the allowance for credit losses. Year Ended December 31, 2022 2021 Allowance for credit losses beginning balance $ 387 $ 3,346 Additions to allowance for which credit losses were not previously recorded — 387 Additions (reductions) to allowance for fixed maturities that previously had an allowance — — Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period (387) (3,346) Allowance for credit losses ending balance $ — $ 387 As of December 31, 2022 and December 31, 2021, the Company did not have any fixed maturities in non-accrual status. Concentrations of Credit Risk : Globe Life maintains a diversified investment portfolio with limited concentration in any given issuer. At December 31, 2022, the investment portfolio, at fair value, consisted of the following: Investment grade fixed maturities: Corporates 73 % States, municipalities, and political subdivisions 13 U.S. Government direct, guaranteed, and government-sponsored enterprises 2 Other 1 Below investment grade fixed maturities: Corporates 2 States, municipalities, and political subdivisions — U.S. Government direct, guaranteed, and government-sponsored enterprises — Other — 91 Other Policy loans, which are secured by the underlying insurance policy values 3 Other investments 6 100 % As of December 31, 2022, state and municipal governments represented 13% of invested assets at fair value. Such investments are made throughout the U.S. At December 31, 2022, the state and municipal bond portfolio at fair value was invested in securities issued within the following states: Texas (25%), California (10%), New York (8%), Michigan (5%), Pennsylvania (4%), and Ohio (4%). Otherwise, there was no concentration within any given state greater than 4%. Corporate fixed maturities represent 75% of Globe Life's invested assets. These investments are spread across a wide range of industries. Below are the ten largest industry concentrations held in the portfolio of corporate fixed maturities at December 31, 2022, based on fair value: Insurance 16 % Electric utilities 10 Banks 9 Oil and natural gas pipelines 6 Chemicals 4 Transportation 4 Food 3 Telecommunications 3 Real estate investment trusts 3 Gas utilities 3 At December 31, 2022, 2% of invested assets at fair value were represented by fixed maturities rated below investment grade. Par value of these investments was $645 million, amortized cost was $542 million, and fair value was $475 million. While these investments could be subject to additional credit risk, such risk should generally be reflected in their fair value. Securities, cash, and short-term investments held on deposit with various state and federal regulatory authorities had an amortized cost and fair value, respectively, of $975 million and $889 million at December 31, 2022 and $969 million and $1.1 billion at December 31, 2021. Other Long-Term Investments : Other long-term investments consist of the following assets: December 31, 2022 2021 Investment funds $ 768,689 $ 640,263 Commercial mortgage loan participations 181,305 141,843 Other 26,022 11,819 Total $ 976,016 $ 793,925 The following table presents additional information about the Company's investment funds as of December 31, 2022 and December 31, 2021 at fair value: December 31, Fair Value Unfunded Commitments Investment Category 2022 2021 2022 Redemption Term/Notice Commercial mortgage loans $ 431,405 $ 423,776 $ 345,780 Fully redeemable and non-redeemable with varying terms. Opportunistic credit 158,524 178,215 — Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period. Infrastructure 159,534 22,664 20,988 Fully redeemable and non-redeemable with varying terms. Other 19,226 15,608 120,097 Total investment funds $ 768,689 $ 640,263 $ 486,865 The Company had $201 million of capital called during the year from existing investment funds. Our unfunded commitments were $487 million as of December 31, 2022. Commercial Mortgage Loan Participations (Commercial Mortgage Loans): Summaries of commercial mortgage loans at December 31, 2022 and 2021 are as follows: 2022 2021 Carrying Value % of Total Carrying Value % of Total Property type: Mixed use $ 62,375 34 $ 57,996 41 Multi-family 42,232 23 14,872 11 Hospitality 27,796 15 23,186 16 Industrial 27,248 15 17,900 13 Retail 15,342 9 19,811 14 Office 8,101 5 8,905 6 Total recorded investment 183,094 101 142,670 101 Less allowance for credit losses (1,789) (1) (827) (1) Carrying value, net of valuation allowance $ 181,305 100 $ 141,843 100 2022 2021 Carrying Value % of Total Carrying Value % of Total Geographic location: California $ 64,477 36 $ 67,659 48 Florida 33,182 18 8,213 6 Texas 22,905 13 5,898 4 New York 19,167 11 18,374 13 Washington 14,925 8 — — Arizona 9,940 5 — — Other 18,498 10 42,526 30 Total recorded investment 183,094 101 142,670 101 Less allowance for credit losses (1,789) (1) (827) (1) Carrying value, net of valuation allowance $ 181,305 100 $ 141,843 100 The following tables are reflective of the key factors, debt service coverage ratios and loan-to-value ratios (LTVs), that are utilized by management to monitor the performance of the portfolios. The Company only invests in commercial mortgage loans that have a loan-to-value ratio less than 80%. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss. December 31, 2022 Recorded Investment Debt Service Coverage Ratios (1) <1.00x 1.00x—1.20x >1.20x Total % of Total Loan-to-value ratio (2) : Less than 70% $ 23,984 $ 107,099 $ 11,900 $ 142,983 79 70% to 80% — 21,904 1,226 23,130 13 81% to 90% 8,226 — — 8,226 4 Greater than 90% 6,966 — — 6,966 4 Total $ 39,176 $ 129,003 $ 13,126 $ 181,305 100 (1) Annual net operating income divided by annual mortgage debt service (principal and interest). (2) Loan balance divided by the fair value of the property. LTVs are generally assessed on an annual basis, or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. December 31, 2021 Recorded Investment Debt Service Coverage Ratios (1) <1.00x 1.00x—1.20x >1.20x Total % of Total Loan-to-value ratio (2) : Less than 70% $ 13,650 $ 80,672 $ — $ 94,322 67 70% to 80% 6,255 19,780 — 26,035 18 81% to 90% 8,166 — — 8,166 6 Greater than 90% 8,754 4,566 — 13,320 9 Total $ 36,825 $ 105,018 $ — $ 141,843 100 (1) Annual net operating income divided by annual mortgage debt service (principal and interest). (2) Loan balance divided by the fair value of the property. LTVs are generally assessed on an annual basis, or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. As of December 31, 2022, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 22 loans in the portfolio. For the year ended December 31, 2022, the allowance for credit losses increased by $1 million to $1.8 million. The provision for credit losses is included in "Realized gains (losses)" in the Consolidated Statements of Operations . Year Ended December 31, 2022 2021 Allowance for credit losses beginning balance $ 827 $ 3,505 Provision (reversal) for credit losses 962 (2,678) Allowance for credit losses ending balance $ 1,789 $ 827 There were no delinquent commercial mortgage loans as of December 31, 2022 and December 31, 2021. As of December 31, 2022, the Company had no commercial mortgage loan in non-accrual status, compared to one in non-accrual status at December 31, 2021. |
Deferred Acquisition Costs
Deferred Acquisition Costs | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Deferred Acquisition Costs | Note 5—Deferred Acquisition Costs An analysis of "DAC" is as follows: Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 4,914,728 $ 4,595,444 $ 4,341,941 Additions: Deferred during period: Commissions 710,659 678,517 600,577 Other expenses 249,924 227,730 222,408 Total deferred 960,583 906,247 822,985 Value of business acquired (1) — 16,500 — Foreign exchange adjustment — — 4,755 Adjustment attributable to unrealized investment losses (2) 9,707 1,628 1,533 Total additions 970,290 924,375 829,273 Deductions: Amortized during period (624,407) (603,838) (575,770) Foreign exchange adjustment (10,704) (1,253) — Total deductions (635,111) (605,091) (575,770) Balance at end of year $ 5,249,907 $ 4,914,728 $ 4,595,444 (1) Refer to Note 1—Significant Accounting Policies for the discussion on the acquisition of Globe Life Benefits. (2) Represents amounts pertaining to investments relating to universal life-type products. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6—Commitments and Contingencies Reinsurance : Insurance affiliates of Globe Life reinsure a portion of insurance risk that is in excess of their retention limits. Current retention limits for new business written on ordinary life insurance range up to $500 thousand per life. Life insurance ceded represented 0.3% of total life insurance in force at December 31, 2022 and 2021. Insurance ceded on life and accident and health products represented 0.2% of premium income for 2022 and 2021. The insurance affiliates of Globe Life would be liable for the reinsured risks ceded to other companies to the extent that such reinsuring companies are unable to meet their obligations. Insurance affiliates also assume insurance risks of other external companies. Life reinsurance assumed represented 1.0% and 1.1% of life insurance in force at December 31, 2022 and 2021, respectively, and reinsurance assumed on life and accident and health products represented 1.5% and 0.8% of premium income for 2022 and 2021, respectively. Leases : Globe Life primarily leases office space, aviation equipment, and other equipment under a variety of operating lease arrangements. Rental expense for the three years ended December 31, 2022 is as follows: Year Ended December 31, 2022 2021 2020 Rental expense $ 4,239 $ 4,674 $ 4,674 Future minimum rental commitments required under operating leases having remaining noncancelable lease terms in excess of one year at December 31, 2022 were as follows: Year Ended December 31, 2023 2024 2025 2026 2027 Thereafter Operating lease commitments $ 3,706 $ 2,848 $ 1,307 $ 1,148 $ 853 $ 5,275 Purchase Commitments : Globe Life has various long-term noncancelable purchase commitments as well as commitments to provide capital for low-income housing tax credit interests. See further discussion related to tax credits in Note 1—Significant Accounting Policies. Year Ended December 31, 2023 2024 2025 2026 2027 Thereafter Purchase commitments $ 95,410 $ 41,447 $ 14,569 $ 16,121 $ 9,168 $ 214,040 Investments : Globe Life is committed to invest under certain contracts related to investments in limited partnerships. See Note 4—Investments for unfunded commitment table. Guarantees : At December 31, 2022, Globe Life had in place three guarantee agreements which were either Parent Company guarantees of subsidiary obligations to a third party or Parent Company guarantees of obligations between wholly-owned subsidiaries. As of December 31, 2022, Globe Life had no liability with respect to these guarantees. Letters of Credit: Globe Life has guaranteed letters of credit in connection with its credit facility with a group of banks as disclosed in Note 11—Debt . The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were assumed from other Globe Life insurance companies. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The agreement was amended on September 30, 2021 and now expires in 2026. The maximum amount of letters of credit available is $250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. On October 26, 2021, the letters of credit were amended to reduce the current amount outstanding to $125 million from $135 million outstanding. Equipment leases: Globe Life has guaranteed performance of certain of its subsidiaries as lessees under two aviation leasing arrangements. At December 31, 2022, total remaining undiscounted payments under the leases were approximately $3 million. The Parent Company would be responsible for any subsidiary obligation in the event the subsidiary did not make payments or otherwise perform under the terms of the lease. Unclaimed Property Audits : Litigation : Globe Life Inc. (formerly Torchmark Corporation) and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including putative class action litigation, alleged breaches of contract, torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries, employment discrimination, and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Parent Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life's financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts. Globe Life's management recognizes that large punitive damage awards bearing little or no relation to actual damages continue to be awarded by juries in jurisdictions in which the Company has substantial business, creating the potential for unpredictable material adverse judgments in any given punitive damage suit. On August 5, 2020, putative class and collective action litigation was filed against American Income Life Insurance Company (“American Income”) and National Income Life Insurance Company (“National Income”) in United States District Court for the Central District of California ( Natalie Bell, Gisele Mobley, Ashly Rai, and John Turner v. American Income Life Insurance Company and National Income Life Insurance Company , Case No. 2:20-cv-07046). On December 18, 2020, the plaintiffs voluntarily dismissed Mr. Turner’s claims and all claims against defendant National Income. Following the dismissal, the complaint alleged that insurance agent trainees should have been classified as employees, and after contracting should have been classified as employees instead of independent contractors. Plaintiff Bell was a former California trainee and plaintiff Rai was a former California agent. They asserted claims under California law on behalf of a putative California class for the four years prior to February 13, 2020 through case conclusion. They made claims under (a) the California Labor Code for alleged meal and rest break violations, overtime, minimum wage, alleged failure to pay wages at the time of termination, expense reimbursement, and alleged failure to provide accurate wage statements; and (b) the California Business and Professions Code for alleged unfair business practices. They also sought liquidated damages, penalties and attorney’s fees under California law. Plaintiff Mobley was a former Florida agent who asserted a claim under Florida law on behalf of a putative Florida class for the five years prior to February 13, 2020 through case conclusion. She made a claim under the Florida General Labor Regulations, including the Florida Minimum Wage Act, for alleged failure to pay all wages owed. The plaintiffs also asserted a national collective action on behalf of all “similarly situated” individuals for minimum wage, overtime, liquidated damages, penalties, an accounting and attorney’s fees and costs under the Fair Labor Standards Act for the three years prior to February 13, 2020 through case conclusion. American Income responded to the complaint with a motion to compel the named plaintiffs to arbitrate their individual claims and other procedural challenges. On April 6, 2021, the court granted American Income’s motion to compel arbitration as to plaintiffs Mobley and Rai, and denied the motion without prejudice as to plaintiff Bell. American Income subsequently renewed its motion to compel arbitration as to plaintiff Bell. On November 30, 2021, the court granted American Income’s motion to compel arbitration as to plaintiff Bell. Thereafter, the parties negotiated the settlement of the named plaintiffs’ individual claims for a non-material amount. The case was then dismissed on January 5, 2023 with prejudice as to the named plaintiffs’ individual claims, and without prejudice as to the claims of any putative class or collective members. On September 30, 2022, putative class action litigation was filed against American Income, Giglione-Ackerman Agency, LLC, Eric Giglione and David Ackerman (collectively, “Defendants”) in New Jersey Superior Court ( Atiya Bell, et al. v. American Income Life Insurance Company, et al ., Case No. MID-L-004928-22). American Income subsequently removed the case to United States District Court for the District of New Jersey (Case No. 2:22-cv-06913-CCC-MAH). Plaintiffs Atiya Bell and Abel Flores (“Plaintiffs”) are former New Jersey independent sales agents who allege they should have been classified as employees, and assert claims under New Jersey state law on behalf of (i) a putative class of registered agents in New Jersey who have worked remotely for at least one week since March 9, 2020, and (ii) a putative class of registered agents in New Jersey who trained for at least one week to become sales agents for American Income in New Jersey during the six years prior to September 30, 2022. Plaintiffs make claims under the New Jersey Wage and Hour Law and the New Jersey Wage Payment Law for the alleged failure to pay minimum wages and overtime pay, including for time spent in training, liquidated damages and attorney’s fees and costs. American Income intends to vigorously dispute the individual and class claims, including enforcing the class action waiver and right to individual arbitration found in American Income’s agent contracts, which has been recognized by other courts. On March 27, 2020, Combined Insurance Company of America (“Combined”) filed a lawsuit in the Circuit Court of the 11 th Judicial Circuit in and for Miami-Dade County, Florida against Family Heritage Life Insurance Company of America (“Family Heritage”) and two former Combined employees who became appointed as insurance sales agents with Family Heritage ( Combined Insurance Company of America v. Reineldo Urgelles, Antonio Pineda, and Family Heritage Life Insurance Company of America , Case No. 2020-007330-CA-01). On May 8, 2020, Combined filed a lawsuit in the 67 th District Court of Tarrant County, Texas against Family Heritage and two different former Combined employees who became appointed as insurance sales agents with Family Heritage ( Combined Insurance Company of America v. Stephen Hernandez, Francisco Azuero, and Family Heritage Life Insurance Company of America , Case No. 067-316824-20). The lawsuits alleged that the individual insurance sales agents, in violation of their restrictive covenants with Combined, conspired with Family Heritage to improperly solicit Combined policyholders to purchase Family Heritage products, and recruit Combined employees to contract as Family Heritage insurance sales agents. As to Family Heritage, the lawsuits alleged claims for conspiracy and tortious interference with business relations, and sought compensatory damages, as well as injunctive and equitable relief. On July 8, 2020 and July 10, 2020, the Texas and Florida courts, respectively, granted Combined’s requests for a temporary injunction. The Texas temporary injunction was subsequently vacated on appeal as to Family Heritage. Combined’s non-equitable claims in both lawsuits were referred to confidential arbitration. On November 12, 2021, Family Heritage filed a motion for summary judgment and Combined filed motions for partial summary judgment. On December 31, 2021, the arbitrator denied Family Heritage’s motion for summary judgment, and on January 2, 2022, the arbitrator granted Combined’s partial motions for summary judgment. On November 28, 2022, the arbitrator awarded Combined non-material damages related to lost profits and disgorgement, attorneys’ fees and costs, which Family Heritage paid on December 9, 2022. |
Liability for Unpaid Claims
Liability for Unpaid Claims | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Liability for Unpaid Claims | Note 7—Liability for Unpaid Claims Activity in the liability for unpaid health claims is summarized as follows: Year Ended December 31, 2022 2021 2020 Balance at beginning of period $ 167,832 $ 162,261 $ 163,808 Incurred related to: Current year 675,785 638,054 584,936 Prior years (15,631) (22,477) (14,829) Total incurred 660,154 615,577 570,107 Paid related to: Current year 517,855 487,096 442,127 Prior years 131,610 122,910 129,527 Total paid 649,465 610,006 571,654 Balance at end of period $ 178,521 $ 167,832 $ 162,261 Below is the reconciliation of the liability of " Policy claims and other benefits payable" in the Consolidated Balance Sheets . December 31, 2022 2021 Policy claims and other benefits payable: Life insurance $ 251,506 $ 245,108 Health insurance 178,521 167,832 Total $ 430,027 $ 412,940 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8—Income Taxes The following table discloses significant components of income taxes for each year presented: Year Ended December 31, 2022 2021 2020 Income tax expense (benefit) from operations: Current income tax expense (benefit) $ 138,248 $ 144,718 $ 129,647 Deferred income tax expense (benefit) 28,359 22,713 35,264 166,607 167,431 164,911 Shareholders’ equity: Other comprehensive income (loss) (1,088,098) (93,480) 314,845 $ (921,491) $ 73,951 $ 479,756 In each of the years 2020 through 2022, deferred income tax expense (benefit) was incurred because of certain differences between net income before income tax expense (benefit) as reported on the Consolidated Statements of Operations and taxable income as reported on Globe Life's income tax returns. As explained in Note 1—Significant Accounting Policies , these differences caused the consolidated financial statement book values of some assets and liabilities to be different from their respective tax bases. The effective income tax rate differed from the expected U.S. federal statutory rate of 21% as shown below: Year Ended December 31, 2022 % 2021 % 2020 % Expected federal income tax expense (benefit) $ 190,325 21.0 $ 191,602 21.0 $ 188,304 21.0 Increase (reduction) in income taxes resulting from: Low income housing investments (11,443) (1.2) (12,115) (1.3) (11,913) (1.3) Share-based awards (5,251) (0.6) (5,597) (0.6) (5,013) (0.6) Tax-exempt investment income (8,961) (1.0) (6,977) (0.8) (5,830) (0.6) Other 1,937 0.2 518 0.1 (637) (0.1) Income tax expense (benefit) $ 166,607 18.4 $ 167,431 18.4 $ 164,911 18.4 The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2022 2021 Deferred tax assets: Unrealized losses $ 373,175 $ — Carryover of tax losses 2,470 5,962 Total gross deferred tax assets 375,645 5,962 Deferred tax liabilities: Unrealized gains — 713,879 Employee and agent compensation 86,063 93,738 Deferred acquisition costs 764,813 723,337 Future policy benefits, unearned and advance premiums, and policy claims 216,268 226,943 Other liabilities 17,479 15,738 Total gross deferred tax liabilities 1,084,623 1,773,635 Net deferred tax liability $ 708,978 $ 1,767,673 Income Tax Return : Globe Life Inc. and its subsidiaries file a life-nonlife consolidated federal income tax return. The statutes of limitations for the Internal Revenue Service's examination and assessment of additional tax are closed for all tax years prior to 2017 with respect to Globe Life's consolidated federal income tax returns. Management concludes that adequate provision has been made in the consolidated financial statements for any potential assessments that may result from current or future tax examinations and other tax-related matters for all open years. Valuations : Globe Life has a $11.8 million net operating loss (NOL) carryforward at December 31, 2022, of which $7.8 million was created prior to 2017 and will begin to expire in 2032 if not otherwise used to offset future taxable income. The remaining NOL carryforward of $4.0 million may be carried forward indefinitely. A valuation allowance is to be recorded when it is more likely than not that deferred tax assets will not be realized by the Company. No valuation allowance has been recorded relating to Globe Life's deferred tax assets as management has determined that Globe Life will more likely than not have sufficient taxable income in future periods to fully realize its existing deferred tax assets. Globe Life's tax liability is adjusted to include a provision for uncertain tax positions taken or expected to be taken in a tax return. However, during the years 2020 through 2022, Globe Life did not have any uncertain tax positions which resulted in unrecognized tax benefits. Tax penalties and interest: Globe Life's continuing practice is to recognize penalties and interest related to income tax matters in income tax expense. The Company recognized no interest income or expense in its Consolidated Statements of Operations for 2022, 2021 or 2020. The Company had no accrued interest or penalties at December 31, 2022 or 2021. |
Postretirement Benefits
Postretirement Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Postretirement Benefits | Note 9—Postretirement Benefits Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP. The total cost of these retirement plans charged to operations was as follows: Year Ended December 31, 2022 2021 2020 Plan Type: Defined Contribution Plans (1) $ 5,824 $ 5,188 $ 4,855 Defined Benefit Pension Plans (2) 37,040 41,778 33,826 (1) 401K plans. (2) Qualified pension plans and SERP. Globe Life accrues expense for the defined contribution plans based on a percentage of the employees’ contributions. The plans are funded by the employee contributions and a Globe Life contribution equal to the amount of accrued expense. Plan contributions are both mandatory and discretionary, depending on the terms of the plan. Pension Plans: Cost for the pension plans has been calculated on the projected unit credit actuarial cost method. All plan measurements for the pension plans are as of December 31 of the respective year. The pension plans covering the majority of employees are qualified and funded. Contributions are made to funded pension plans subject to minimums required by regulation and maximums allowed for tax purposes. Globe Life's SERP provides an additional supplemental defined pension benefit to a limited number of officers. The supplemental benefit is based on the participant’s qualified plan benefit without consideration to the regulatory limits on compensation and benefit payments applicable to qualified plans, except that eligible compensation is capped at $1 million. The SERP is nonqualified and unfunded. However, a Rabbi Trust has been established to support the liability for this plan. The Rabbi Trust consists of life insurance policies on the lives of plan participants with an unaffiliated insurance carrier as well as an investment account. Since this plan is nonqualified, the investments and the policyholder value of the insurance policies in the Rabbi Trust are not included as defined benefit plan assets, but rather assets of the Company. They are included in “Other Assets” in the Consolidated Balance Sheets . Defined benefit and SERP plan contributions were $29.8 million in 2022, $17.9 million in 2021, and $21.9 million in 2020. In 2023, the Company does not expect to increase contributions to the plans from what was contributed in 2022. Pension Assets: Plan assets in the funded plans consist primarily of investments in marketable fixed maturities and equity securities that are valued at fair value. Globe Life measures the fair value of its financial assets, including the assets in its benefit plans, in accordance with accounting guidance which establishes a hierarchy for asset values and provides a methodology for the measurement of value. Please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements , Investments in Securities for a complete discussion of valuation procedures. The following table presents the assets of the Company's pension plans at December 31, 2022 and 2021. Pension Assets by Component at December 31, 2022 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % of Corporate bonds: Financial $ — $ 35,649 $ — $ 35,649 7 Utilities — 23,436 — 23,436 5 Energy — 12,776 — 12,776 3 Other corporates — 56,786 — 56,786 11 Total corporate bonds — 128,647 — 128,647 26 Exchange traded fund (1) 258,297 — — 258,297 52 U.S. Government and Agency — 44,213 — 44,213 9 Other bonds — 200 — 200 — Guaranteed annuity contract (2) — 43,116 — 43,116 8 Short-term investments 4,467 — — 4,467 1 Other 6,547 — — 6,547 1 $ 269,311 $ 216,176 $ — 485,487 97 Other long-term investments (3) 14,288 3 Total pension assets $ 499,775 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan. (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1% of the investment fund. As of December 31, 2022, the expected term of the investment fund is approximately 2 years and the commitment of the investment is fully funded. The investment is non-redeemable. Pension Assets by Component at December 31, 2021 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % of Corporate bonds: Financial $ — $ 52,522 $ — $ 52,522 9 Utilities — 43,663 — 43,663 7 Energy — 22,719 — 22,719 4 Other corporates — 88,673 — 88,673 15 Total corporate bonds — 207,577 — 207,577 35 Exchange traded fund (1) 315,720 — — 315,720 52 Other bonds — 239 — 239 — Guaranteed annuity contract (2) — 34,743 — 34,743 6 Short-term investments 13,731 — — 13,731 2 Other 10,388 — — 10,388 2 $ 339,839 $ 242,559 $ — 582,398 97 Other long-term investments (3) 15,149 3 Total pension assets $ 597,547 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan. (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1% of the investment fund. As of December 31, 2021, the expected term of the investment fund was approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable. Globe Life's investment objectives for its plan assets include preservation of capital and purchasing power as well as long-term growth. Globe Life seeks to preserve capital through investments made in high quality securities with adequate diversification by issuer and industry sector to minimize risk. The portfolio is monitored continuously for changes in quality and diversification mix. The preservation of purchasing power is intended to be accomplished through asset growth, exclusive of contributions and withdrawals in excess of the rate of inflation. Globe Life intends to maintain investments that when combined with future plan contributions will produce adequate long-term growth to provide for all plan obligations. It is also Globe Life's objective that the portfolio’s investment return will meet or exceed the return of a balanced market index. The majority of the securities in the portfolio are highly marketable so that there will be adequate liquidity to meet projected payments. There are no specific policies calling for asset durations to match those of benefit obligations. Allowed investments are limited to equities, fixed maturities, and short-term investments (invested cash). The assets are to be invested in a mix of equity and fixed income investments that best serve the objectives of the pension plan. Factors to be considered in determining the asset mix include funded status, annual pension expense, annual pension contributions, and balance sheet liability. Equities can include common and preferred stocks, securities convertible into equities, mutual funds and exchange traded funds that invest in equities, equity interests in limited partnerships, and other equity-related investments. Primarily, equities are listed on major exchanges and adequate market liquidity is required. Fixed maturities primarily consist of marketable debt securities rated investment grade at purchase by a major rating agency. Short-term investments include fixed maturities with original maturities of less than one year and invested cash. Investments outside of the aforementioned list are not permitted, except by prior approval of the Plan’s Trustees. The investment portfolio is well diversified to avoid undue exposure to a single sector, industry, business, or security. The equity and fixed maturity portfolios are not permitted to invest in any single issuer that would exceed 10% of total plan assets at the time of purchase. The Company does not employ any other special risk management techniques, such as derivatives, in managing the pension investment portfolio. Globe Life's equity securities include an exchange traded fund that mirrors the S&P 500 index which better aligns with a passive approach rather than an actively managed portfolio. At December 31, 2022, there were no restricted investments contained in the portfolio. Plan contributions have been invested primarily in fixed maturity and equity securities during the three years ended December 31, 2022. SERP: The following tables include premiums paid for the company owned life insurance (COLI) for the three years ended December 31, 2022 and investments of the Rabbi Trust for the two years ended December 31, 2022. Year Ended December 31, 2022 2021 2020 Premiums paid for insurance coverage $ 443 $ 2,193 $ 2,480 At December 31, 2022 2021 Total investments: COLI $ 54,681 $ 52,791 Exchange traded funds 71,258 87,133 $ 125,939 $ 139,924 Pension Liability: The following table presents projected benefit obligation (PBO) and accumulated benefit obligation (ABO) for the pension plans and SERP at December 31, 2022 and 2021. Pension Liability December 31, 2022 2021 PBO ABO PBO ABO Pension plans $ 492,103 $ 458,510 $ 686,917 $ 601,647 SERP 70,464 67,776 92,017 87,915 Benefit Obligation $ 562,567 $ 526,286 $ 778,934 $ 689,562 For the year-ended December 31, 2022, the pension plans have plan assets with fair values in excess of projected benefit obligations. The projected benefit obligations and the fair value of plan assets were as follows: At December 31, 2022 2021 Funded benefit pension plans PBO $ 492,103 $ 686,917 Funded benefit pension plans fair value of plan assets 499,775 597,547 For the year-ended December 31, 2022, the funded benefit pension plans have plan assets with fair value in excess of the accumulated benefit obligations. The accumulated benefit obligations and the fair value of plan assets were as follows: At December 31, 2022 2021 Funded benefit pension plans ABO $ 458,510 $ 601,647 Funded benefit pension plans fair value of plan assets 499,775 597,547 The following table discloses the assumptions used to determine Globe Life's pension liabilities and costs for the appropriate periods. The discount and compensation increase rates are used to determine current year projected benefit obligations and subsequent year pension expense. The long-term rate of return is used to determine current year expense. Differences between assumptions and actual experience are included in actuarial gain or loss. Weighted Average Pension Plan Assumptions For Benefit Obligations at December 31: 2022 2021 Discount rate 5.71 % 3.19 % Rate of compensation increase 4.40 4.43 For Periodic Benefit Cost for the Year: 2022 2021 2020 Discount rate 3.19 % 2.92 % 3.49 % Expected long-term returns 6.98 6.67 6.67 Rate of compensation increase 4.43 3.97 3.97 The discount rate is determined based on the expected duration of plan liabilities. A yield is then derived based on the current market yield of a hypothetical portfolio of high quality corporate bonds that match the liability's average life. The rate of compensation increase is projected based on Company experience, modified as appropriate for future expectations. The expected long-term rate of return on plan assets is management’s best estimate of the average rate of earnings expected to be received on the assets invested in the plan over the benefit period. In determining this assumption, consideration is given to the historical rate of return earned on the assets, the projected returns over future periods, and the discount rate used to compute benefit obligations. Net periodic benefit cost for the defined benefit plans by expense component was as follows: Year Ended December 31, 2022 2021 2020 Service cost—benefits earned during the period $ 34,624 $ 31,672 $ 24,461 Interest cost on projected benefit obligation 24,445 21,957 22,825 Expected return on assets (35,539) (32,331) (29,561) Amortization of prior service cost (credit) 1,077 631 632 Recognition of actuarial gain (loss) 12,433 19,849 15,469 Net periodic benefit cost $ 37,040 $ 41,778 $ 33,826 An analysis of the impact on other comprehensive income (loss) concerning pensions and other postretirement benefits is as follows: Year Ended December 31, 2022 2021 2020 Balance at January 1 $ (131,239) $ (208,770) $ (182,233) Amortization of: Prior service cost (credit) 1,077 631 632 Net actuarial (gain) loss (1) 12,677 20,166 16,000 Total amortization 13,754 20,797 16,632 Plan amendments — (4,565) — Experience gain (loss) (2) 119,055 61,299 (43,169) Balance at December 31 $ 1,570 $ (131,239) $ (208,770) (1) Includes amortization of postretirement benefits other than pensions of $289 thousand in 2022, $228 thousand in 2021, and $302 thousand in 2020. (2) The increase in the experience gain (loss) is related to an increase discount rate. The following table presents a reconciliation from the beginning to the end of the year of the PBO and plan assets for the pension plans and SERP. This table also presents the amounts previously recognized as a component of accumulated other comprehensive income. Pension Benefits Year Ended December 31, 2022 2021 Changes in PBO: PBO at beginning of year $ 778,934 $ 763,313 Service cost 34,624 31,672 Interest cost 24,445 21,957 Plan amendments — 4,565 Actuarial loss (gain) (241,995) (16,938) Benefits paid (33,441) (25,635) PBO at end of year 562,567 778,934 Changes in plan assets: Fair value at beginning of year 597,547 529,532 Return on assets (94,175) 75,792 Contributions 29,844 17,858 Benefits paid (33,441) (25,635) Fair value at end of year 499,775 597,547 Funded status at year end $ (62,792) $ (181,387) Changes in the PBO related to actuarial losses (gains) are primarily attributed to changes in the discount rate. Year Ended December 31, Amounts recognized in accumulated other comprehensive income consist of: 2022 2021 Net loss (gain) $ (4,497) $ 120,217 Prior service cost 7,569 8,647 Net amounts recognized at year end $ 3,072 $ 128,864 Globe Life has estimated its expected pension benefits to be paid over the next ten years as of December 31, 2022. These estimates use the same assumptions that measure the benefit obligation at December 31, 2022, taking estimated future employee service into account. Those estimated benefits are as follows: For the year(s): 2023 $ 26,882 2024 29,653 2025 30,948 2026 33,242 2027 35,359 2028-2032 207,853 |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Note 10—Supplemental Disclosures of Cash Flow Information The following table summarizes Globe Life's noncash transactions, which are not reflected on the Consolidated Statements of Cash Flows : Year Ended December 31, 2022 2021 2020 Stock-based compensation not involving cash $ 35,650 $ 30,272 $ 35,892 Commitments for low-income housing interests 136,882 177,010 161,503 Exchanges of fixed maturity investments 147,612 109,226 219,807 Net unsettled security trades — 6,963 1,669 Noncash tax credits 1,000 1,883 — The following table summarizes certain amounts paid during the period: Year Ended December 31, 2022 2021 2020 Interest paid $ 88,814 $ 83,072 $ 83,518 Income taxes paid 114,888 96,218 76,701 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 11—Debt The following table presents information about the terms and outstanding balances of Globe Life's debt. Selected Information about Debt Issues As of December 31, 2022 December 31, Instrument Issue Date Maturity Date Coupon Rate Par Unamortized Discount & Issuance Costs Book Fair Book Senior notes 5/27/1993 5/15/2023 7.875% $ 165,612 $ (112) $ 165,500 $ 166,819 $ 165,216 Senior notes (2) 9/24/2012 9/15/2022 3.800% — — — — 149,752 Senior notes 9/27/2018 9/15/2028 4.550% 550,000 (4,399) 545,601 534,501 544,949 Senior notes 8/21/2020 8/15/2030 2.150% 400,000 (3,781) 396,219 314,996 395,778 Senior notes (1) 5/19/2022 6/15/2032 4.800% 250,000 (4,507) 245,493 236,263 — Junior subordinated debentures 11/17/2017 11/17/2057 5.275% 125,000 (1,590) 123,410 121,817 123,396 Junior subordinated debentures 6/14/2021 6/15/2061 4.250% 325,000 (7,771) 317,229 232,700 317,155 1,815,612 (22,160) 1,793,452 1,607,096 1,696,246 Less current maturity of long-term debt 165,612 (112) 165,500 166,819 149,752 Total long-term debt 1,650,000 (22,048) 1,627,952 1,440,277 1,546,494 Current maturity of long-term debt 165,612 (112) 165,500 166,819 149,752 Commercial paper 285,000 (1,397) 283,603 283,604 329,892 Total short-term debt 450,612 (1,509) 449,103 450,423 479,644 Total deb t $ 2,100,612 $ (23,557) $ 2,077,055 $ 1,890,700 $ 2,026,138 (1) An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation. (2) The $300 million of 3.80% Senior notes matured on September 15, 2022, of which $150 million was owned by Globe Life affiliates. The commercial paper has the highest priority of all the debt, followed by senior notes then junior subordinated debentures. The senior notes due 2023 are noncallable, the remaining senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures is payable quarterly while all other long-term debt is payable semi-annually. Contractual Debt Obligations : The following table presents expected scheduled principal payments under our contractual debt obligations: Year Ended December 31, 2023 2024 2025 2026 2027 Thereafter Debt obligations $ 450,612 $ — $ — $ — $ — $ 1,650,000 Credit Facility : On September 30, 2021, Globe Life amended the credit agreement dated August 24, 2020, which provides for a $750 million revolving credit facility that may be increased to $1 billion upon approval of the participating banks. The amended credit facility matures September 30, 2026, and may be extended up to two one-year periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date. The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $750 million, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of December 31, 2022, the Company was in full compliance with these covenants. Commercial paper outstanding and any long-term debt due within one year are reported as short-term debt on the Consolidated Balance Sheets. A table presenting selected information concerning Globe Life's commercial paper borrowings is presented below. Credit Facility - Commercial Paper At December 31, 2022 2021 Balance at end of period (at par value) $ 285,000 $ 330,033 Annualized interest rate 4.78 % 0.29 % Letters of credit outstanding $ 125,000 $ 125,000 Remaining amount available under credit line 340,000 294,967 Year Ended December 31, 2022 2021 2020 Average balance outstanding during period $ 322,531 $ 311,049 $ 318,409 Daily-weighted average interest rate (annualized) 1.89 % 0.23 % 1.50 % Maximum daily amount outstanding during period $ 500,529 $ 465,033 $ 482,000 Long-term Debt : On May 19, 2022, Globe Life completed the issuance of $400 million principal amount of 4.8% Senior notes due June 15, 2032, of which $150 million is owned by Globe Life affiliates. Total proceeds received by the Parent from the issuance, net of the underwriters’ discount, were $395 million. The proceeds were used to fund $300 million of 3.8% Senior notes, of which $150 million was owned by Globe Life affiliates, that matured on September 15, 2022, as well as for the reduction of commercial paper and other general corporate purposes. Federal Home Loan Bank (FHLB) : In 2021, four of our insurance subsidiaries became members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings. Globe Life owns $14.3 million in FHLB common stock as of December 31, 2022 and $7.9 million as of December 31, 2021. The FHLB stock is restricted for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments " in the Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at Globe Life. As of December 31, 2022, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $597 million, based on pledged assets with a fair value of $746 million. As of December 31, 2022, $23 million was outstanding with the FHLB, and was included in "Other policyholders' funds" on the Consolidated Balance Sheets. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Note 12—Shareholders' Equity Share Data: A summary of common share activity is presented in the following chart. Common Stock Issued Treasury 2020: Balance at January 1, 2020 117,218,183 (9,497,940) Grants of restricted stock — 4,548 Vesting of performance shares — 271,843 Issuance of common stock due to exercise of stock options — 936,289 Treasury stock acquired — (5,135,439) Retirement of treasury stock (4,000,000) 4,000,000 Balance at December 31, 2020 113,218,183 (9,420,699) 2021: Grants of restricted stock — 10,031 Vesting of performance shares — 210,155 Issuance of common stock due to exercise of stock options — 1,191,704 Treasury stock acquired — (5,642,036) Retirement of treasury stock (4,000,000) 4,000,000 Balance at December 31, 2021 109,218,183 (9,650,845) 2022: Grants of restricted stock — 10,746 Vesting of performance shares — 66,751 Issuance of common stock due to exercise of stock options — 1,519,728 Treasury stock acquired — (4,424,668) Retirement of treasury stock (4,000,000) 4,000,000 Balance at December 31, 2022 105,218,183 (8,478,288) There was no activity related to the preferred stock in years 2020 through 2022. Acquisition of Common Shares : Globe Life shares are acquired through open market purchases under the Globe Life stock repurchase program when it is determined to be the best use of Globe Life's excess cash flows. This yields a return that is better than available alternatives and exceeds our cost of equity. When stock options are exercised, proceeds from the exercises are generally used to repurchase approximately the number of shares available with those funds in order to reduce dilution. See the following summary below: Globe Life Share Repurchase Program Share Repurchase for Dilution Purposes Shares Acquired Total Cost Average Price Shares Acquired Total Cost Average Price 2022 3,322 $ 335,145 $ 100.90 1,103 $ 119,493 $ 108.33 2021 4,784 455,030 95.11 858 86,405 100.75 2020 4,459 380,112 85.24 676 63,754 94.28 Restrictions : Earnings per Share : A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows: Year Ended December 31, 2022 2021 2020 Basic weighted average shares outstanding 97,927,770 102,069,781 106,075,267 Weighted average dilutive options outstanding 1,056,874 1,100,351 1,149,327 Diluted weighted average shares outstanding 98,984,644 103,170,132 107,224,594 Antidilutive shares 31,269 2,412,884 2,476,019 Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out of the money employee and Director stock options. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 13—Stock-Based Compensation Globe Life's stock-based compensation consists of stock options, restricted stock, restricted stock units, and performance shares. Certain employees and members of the board of directors (directors) have been granted fixed equity options to buy shares of Globe Life stock at the market value of the stock on the date of grant, under the provisions of the Globe Life stock option plans. The options are exercisable during the period commencing from the date they vest until expiring according to the terms of the grant. Options generally expire the earlier of employee termination or option contract term, which are either seven-year or ten-year terms. Options generally vest in accordance with the following schedule: Shares vested by period Contract Period 6 Months Year 1 Year 2 Year 3 Year 4 Year 5 Directors 7 years 100% —% —% —% —% —% Employees 7 years —% —% 50% 50% —% —% Employees 10 years —% —% 25% 25% 25% 25% All employee options vest immediately upon retirement on or after the attainment of age 65, upon death, or disability. Globe Life generally issues shares for the exercise of stock options from treasury stock. The Company generally uses the proceeds from option exercises to buy shares of Globe Life common stock in the open market to reduce the dilution from option exercises. An analysis of shares available for grant is as follows: Available for Grant 2022 2021 2020 Balance at January 1, 4,727,088 5,984,418 7,167,718 Options expired and forfeited during year (1) 13,405 5,304 3,325 Performance shares expired and forfeited during year (2) 23,250 34,255 35,495 Options granted during year (1) (1,105,180) (1,091,495) (1,127,610) Restricted stock, restricted stock units, and performance shares granted (2) (480,677) (205,394) (94,510) Balance at December 31, 3,177,886 4,727,088 5,984,418 (1) Plan allows for grant of options such that each grant reduces shares available for grant in a range from 0.85 share to 1.0 share. (2) Plan allows for grant of restricted stock such that each stock grant reduces shares available for grant in a range from 3.10 shares to 3.88 shares. A summary of stock compensation activity for each of the three years ended December 31, 2022, is presented below: 2022 2021 2020 Stock-based compensation expense recognized (1) $ 35,650 $ 30,272 $ 35,892 Tax benefit recognized 12,738 11,954 12,550 (1) No stock-based compensation expense was capitalized in any period in accordance with applicable GAAP. Additional stock compensation information is as follows at December 31: 2022 2021 Unrecognized compensation (1) $ 33,977 $ 26,602 Weighted average period of expected recognition (in years) (1) 0.56 0.57 (1) Includes restricted stock and performance shares. No equity awards were cash settled during the three years ended December 31, 2022. Options: The following table summarizes information about stock options outstanding at December 31, 2022. Options Outstanding Options Exercisable Range of Number Weighted- Weighted- Number Weighted- $37.40 - $83.17 2,091,530 2.65 $ 77.06 2,091,530 $ 77.06 87.60 - 90.21 1,025,535 3.30 87.64 910,379 87.65 92.40 - 98.32 1,283,538 4.98 98.27 14,613 93.57 100.74 1,237,167 4.03 100.74 619,080 100.74 103.23 - 105.56 1,324,604 6.10 103.29 31,269 105.56 $37.40 - $105.56 6,962,374 4.08 $ 91.73 3,666,871 $ 84.00 An analysis of option activity for each of the three years ended December 31, 2022, is as follows: 2022 2021 2020 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding—beginning of year 7,197,662 $ 85.11 7,111,231 $ 78.28 6,724,358 $ 70.07 Granted: 7-year term 1,300,211 103.20 1,284,112 98.28 1,326,599 100.85 Exercised (1,519,728) 70.14 (1,191,704) 58.59 (936,289) 51.37 Expired and forfeited (15,771) 96.54 (5,977) 74.15 (3,437) 75.27 Outstanding—end of year 6,962,374 $ 91.73 7,197,662 $ 85.11 7,111,231 $ 78.28 Exercisable at end of year 3,666,871 $ 84.00 3,659,755 $ 75.55 3,389,399 $ 67.19 Additional information about Globe Life's stock option activity as of December 31, 2022 and 2021 is as follows: 2022 2021 Outstanding options: Weighted-average remaining contractual term (in years) 4.08 4.31 Aggregate intrinsic value $ 200,681 $ 77,329 Exercisable options: Weighted-average remaining contractual term (in years) 3.01 3.27 Aggregate intrinsic value $ 134,033 $ 66,978 Selected stock option activity for the three years ended December 31, 2022, is presented below: 2022 2021 2020 Weighted-average grant-date fair value of options granted $ 22.03 $ 18.01 $ 14.64 Intrinsic value of options exercised 58,201 50,641 40,517 Cash received from options exercised 106,592 69,826 48,093 Actual tax benefit received 11,907 10,545 8,508 Additional information concerning Globe Life's unvested options is as follows at December 31: 2022 2021 Number of shares outstanding 3,295,503 3,537,907 Weighted-average exercise price (per share) $ 100.33 $ 94.99 Weighted-average remaining contractual term (in years) 5.26 5.37 Aggregate intrinsic value $ 66,647 $ 10,352 Globe Life expects that substantially all unvested options will vest. Restricted Stock: Restricted stock grants consist of time-vested grants, restricted stock units, and performance shares. Time-vested restricted stock is available to directors and vests over six months. Restricted stock units are also available to directors. The restricted stock units vest over six months and are not converted to shares until the directors’ retirement, death, or disability. Director restricted stock and restricted stock units are generally granted on the first business day of the year. Performance shares are granted to a limited number of senior executives. Performance shares have a three-year performance period and are not settled in shares until the certification of the three-year performance period. While the grant specifies a stated target number of shares, the determination of the actual settlement in shares will be based on the achievement of certain performance objectives of Globe Life over the three-year performance period. Certain executive restricted stock and performance share grants contain terms related to age that could accelerate vesting. Following are the restricted stock units outstanding for each of the three years ended December 31, 2022. Year of grants Outstanding as of year end 2020 77,167 2021 84,426 2022 93,381 Below is the final determination of the performance share grants in 2018 to 2020: Year of grants Final settlement of shares Final settlement date 2018 210,155 February 24, 2021 2019 66,751 February 23, 2022 2020 84,298 February 22, 2023 For the 2021 and 2022 performance share grants, actual shares that could be distributed range from 0 to 209 thousand for the 2021 grants and 0 to 220 thousand shares for the 2022 grants. A summary of restricted stock grants for each of the years in the three-year period ended December 31, 2022, is presented in the table below. 2022 2021 2020 Directors restricted stock: Shares 10,746 10,031 4,548 Price per share $ 94.94 $ 92.40 $ 105.56 Aggregate value $ 1,020 $ 927 $ 480 Percent vested 100 % 97 % 100 % Directors restricted stock units (including dividend equivalents): Shares 8,956 7,258 6,161 Price per share $ 95.62 $ 92.60 $ 103.32 Aggregate value $ 856 $ 672 $ 637 Percent vested 100 % 96 % 100 % Performance shares: Target shares 146,500 139,500 151,200 Target price per share $ 103.23 $ 98.32 $ 100.74 Aggregate value $ 15,123 $ 13,716 $ 15,232 Percent vested — % — % — % Time-vested restricted stockholders are entitled to dividend payments on the unvested stock. Restricted stock unit holders are entitled to dividend equivalents. These equivalents are granted in the form of additional restricted stock units and vest immediately upon grant. Dividend equivalents are applicable only to restricted stock units. Performance shareholders are not entitled to dividend equivalents and are not entitled to dividend payments until the shares are vested and settled. An analysis of nonvested restricted stock is as follows: Executive Executive Directors Directors Total 2020: Balance at December 31, 2019 — 716,542 — — 716,542 Grants — 151,200 4,548 6,161 161,909 Additional performance shares (1) — (65,473) — — (65,473) Restriction lapses — (271,843) (4,548) (6,161) (282,552) Forfeitures — (11,450) — — (11,450) Balance at December 31, 2020 — 518,976 — — 518,976 2021: Grants — 139,500 10,031 7,258 156,789 Additional performance shares (1) — (94,883) — — (94,883) Restriction lapses — (210,155) (9,742) (6,969) (226,866) Forfeitures — (11,050) — — (11,050) Balance at December 31, 2021 — 342,388 289 289 342,966 2022: Grants — 146,500 10,746 8,956 166,202 Additional performance shares (1) — (16,102) — — (16,102) Restriction lapses — (66,751) (11,035) (9,245) (87,031) Forfeitures — (7,500) — — (7,500) Balance at December 31, 2022 — 398,535 — — 398,535 (1) Estimated additional (reduced) share grants expected due to achievement of performance criteria. An analysis of the weighted-average grant-date fair values per share of nonvested restricted stock is as follows for the year 2022: Executive Restricted Stock Executive Performance Shares Directors Restricted Stock Directors Restricted Stock Units Grant-date fair value per share at January 1, 2022 $ — $ 94.75 $ 92.56 $ 92.56 Grants — 103.23 94.94 94.94 Estimated additional performance shares — (81.42) — — Restriction lapses — (82.56) (94.88) (94.94) Forfeitures — (82.56) — — Grant-date fair value per share at December 31, 2022 — 100.68 — — |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 14—Business Segments Globe Life is organized into four segments: life insurance, supplemental health insurance, annuities, and investments. In addition, other expenses not included in these segments are reported in "Corporate & Other." Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and the similarity in regulatory environment and management techniques. There is also an investment segment which manages the investment portfolio, debt, and cash flow for the insurance segments and the corporate function. The Company's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments. Life insurance products marketed by Globe Life include traditional whole life and term life insurance. An immaterial amount of annuities sold as companion products are included in the life segment. Health insurance products are generally guaranteed renewable and include Medicare Supplement, critical illness, accident, and limited-benefit supplemental hospital and surgical coverage. Annuities include fixed-benefit contracts. Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (Direct to Consumer). The following tables present segment premium revenue by each of Globe Life's distribution channels. Premium Income by Distribution Channel For the Year 2022 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 1,505,425 50 $ 117,308 9 $ — — $ 1,622,733 38 Direct to Consumer 981,517 32 71,095 6 — — 1,052,612 24 Liberty National 326,642 11 185,761 14 — — 512,403 12 United American 7,913 — 538,428 42 1 100 546,342 13 Family Heritage 5,587 — 366,820 29 — — 372,407 9 Other 196,212 7 — — — — 196,212 4 $ 3,023,296 100 $ 1,279,412 100 $ 1 100 $ 4,302,709 100 For the Year 2021 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 1,402,878 48 $ 114,950 9 $ — — $ 1,517,828 37 Direct to Consumer 971,461 34 73,946 6 — — 1,045,407 25 Liberty National 311,081 11 187,327 16 — — 498,408 12 United American 8,822 — 481,614 40 1 100 490,437 12 Family Heritage 4,957 — 343,839 29 — — 348,796 9 Other 199,011 7 — — — — 199,011 5 $ 2,898,210 100 $ 1,201,676 100 $ 1 100 $ 4,099,887 100 For the Year 2020 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of American Income $ 1,257,726 47 $ 105,734 9 $ — — $ 1,363,460 36 Direct to Consumer 906,959 34 76,527 7 — — 983,486 26 Liberty National 293,897 11 188,835 16 — — 482,732 13 United American 9,688 — 452,980 40 4 100 462,672 12 Family Heritage 4,253 — 317,021 28 — — 321,274 8 Other 200,281 8 — — — — 200,281 5 $ 2,672,804 100 $ 1,141,097 100 $ 4 100 $ 3,813,905 100 Due to the nature of the life insurance industry, Globe Life has no individual or group which would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States. The measure of profitability established by the chief operating decision makers for insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner the segments are managed. This measure represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on net policy liabilities (benefit reserves less deferred acquisition costs) is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance and annuity segments) in order to match this cost with the investment income earned on the assets supporting the net policy liabilities. The measure of profitability for the Investment segment is excess investment income, which represents the income earned on the investment portfolio in excess of net policy requirements and financing costs associated with Globe Life's debt. Other than the above-mentioned interest allocations and an intersegment commission, there are no other intersegment revenues or expenses. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense, are also included in the “Corporate & Other” segment category. Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations of its insurance products. From time to time, investments are sold, called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations. Management removes items that are related to prior periods when evaluating the operating results of current periods. Management also removes non-operating items unrelated to its core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. With the exception of the administrative settlements noted in the paragraphs above, all of these items are included in “Other operating expense” in the Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables. The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Year Ended December 31, 2022 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 3,023,296 $ 1,279,412 $ 1 $ — $ — $ — $ 4,302,709 Net investment income — — — 987,499 — — 987,499 Other income — — — — 1,246 — 1,246 Total revenue 3,023,296 1,279,412 1 987,499 1,246 — 5,291,454 Expenses: Policy obligations 2,045,730 791,809 27,846 71 — — 2,865,456 Required interest on reserves (771,914) (109,789) (38,090) 919,793 — — — Required interest on DAC 229,957 30,695 191 (260,843) — — — Amortization of acquisition costs 494,431 128,170 1,806 — — — 624,407 Commissions, premium taxes, and non-deferred acquisition costs 256,546 117,815 22 — — — 374,383 Insurance administrative expense (1) — — — — 299,341 8,175 (2,3) 307,516 Parent expense — — — — 11,156 (368) (3) 10,788 Stock-based compensation expense — — — — 35,650 — 35,650 Interest expense — — — 90,395 — — 90,395 Total expenses 2,254,750 958,700 (8,225) 749,416 346,147 7,807 4,308,595 Subtotal 768,546 320,712 8,226 238,083 (344,901) (7,807) 982,859 Non-operating items — — — — — 7,807 (2,3) 7,807 Measure of segment profitability (pretax) $ 768,546 $ 320,712 $ 8,226 $ 238,083 $ (344,901) $ — 990,666 Realized gain (loss)—investments (76,548) Legal proceedings (2,496) Non-operating expenses (5,311) Income before income taxes per Consolidated Statements of Operations $ 906,311 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. (3) Non-operating expenses. Year Ended December 31, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 2,898,210 $ 1,201,676 $ 1 $ — $ — $ — $ 4,099,887 Net investment income — — — 952,447 — — 952,447 Other income — — — — 1,216 — 1,216 Total revenue 2,898,210 1,201,676 1 952,447 1,216 — 5,053,550 Expenses: Policy obligations 2,070,485 758,745 29,061 — — 1,325 (2) 2,859,616 Required interest on reserves (735,282) (102,574) (39,966) 877,822 — — — Required interest on DAC 218,575 28,556 258 (247,389) — — — Amortization of acquisition costs 486,724 115,194 1,920 — — — 603,838 Commissions, premium taxes, and non-deferred acquisition costs 234,033 97,453 24 — — — 331,510 Insurance administrative expense (1) — — — — 271,631 10,398 (3,4) 282,029 Parent expense — — — — 9,553 175 (4) 9,728 Stock-based compensation expense — — — — 30,272 — 30,272 Interest expense — — — 83,486 — — 83,486 Total expenses 2,274,535 897,374 (8,703) 713,919 311,456 11,898 4,200,479 Subtotal 623,675 304,302 8,704 238,528 (310,240) (11,898) 853,071 Non-operating items — — — — — 11,898 (2,3,4) 11,898 Measure of segment profitability (pretax) $ 623,675 $ 304,302 $ 8,704 $ 238,528 $ (310,240) $ — 864,969 Realized gain (loss)—investments 68,633 Realized loss—redemption of debt (9,314) Administrative settlements (1,325) Legal proceedings (8,139) Non-operating expenses (2,434) Income before income taxes per Consolidated Statements of Operations $ 912,390 (1) Administrative expense is not allocated to insurance segments. (2) Administrative settlements. (3) Legal proceedings. (4) Non-operating expenses. Year Ended December 31, 2020 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 2,672,804 $ 1,141,097 $ 4 $ — $ — $ — $ 3,813,905 Net investment income — — — 927,062 — — 927,062 Other income — — — — 1,325 — 1,325 Total revenue 2,672,804 1,141,097 4 927,062 1,325 — 4,742,292 Expenses: Policy obligations 1,809,373 733,481 30,030 — — — 2,572,884 Required interest on reserves (698,112) (93,475) (41,413) 833,000 — — — Required interest on DAC 210,152 26,586 328 (237,066) — — — Amortization of acquisition costs 463,586 110,177 2,007 — — — 575,770 Commissions, premium taxes, and non-deferred acquisition costs 212,859 91,959 23 — — — 304,841 Insurance administrative expense (1) — — — — 250,947 3,985 (2,3) 254,932 Parent expense — — — — 9,891 323 (3) 10,214 Stock-based compensation expense — — — — 35,892 — 35,892 Interest expense — — — 86,704 — — 86,704 Total expenses 1,997,858 868,728 (9,025) 682,638 296,730 4,308 3,841,237 Subtotal 674,946 272,369 9,029 244,424 (295,405) (4,308) 901,055 Non-operating items — — — — — 4,308 (2,3) 4,308 Measure of segment profitability (pretax) $ 674,946 $ 272,369 $ 9,029 $ 244,424 $ (295,405) $ — 905,363 Realized gain (loss)—investments (3,737) Realized loss—redemption of debt (634) Legal Proceedings (3,275) Non-operating expenses (1,033) Income before income taxes per Consolidated Statements of Operations $ 896,684 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. (3) Non-operating expenses. Assets for each segment are reported based on a specific identification basis. The insurance segments’ assets contain DAC. The investment segment includes the investment portfolio, cash, and accrued investment income. Goodwill is assigned to the insurance segments at the time of purchase. All other assets are included in the Corporate & Other category. The tables below reconcile segment assets to total assets as reported in the consolidated financial statements. Assets by Segment At December 31, 2022 Life Health Annuity Investment Corporate & Other Consolidated Cash and invested assets $ — $ — $ — $ 18,300,927 $ — $ 18,300,927 Accrued investment income — — — 259,581 — 259,581 Deferred acquisition costs 4,517,577 722,366 9,964 — — 5,249,907 Goodwill 309,609 172,182 — — 481,791 Other assets — — — — 1,244,953 1,244,953 Total assets $ 4,827,186 $ 894,548 $ 9,964 $ 18,560,508 $ 1,244,953 $ 25,537,159 At December 31, 2021 Life Health Annuity Investment Corporate & Other Consolidated Cash and invested assets $ — $ — $ — $ 22,850,154 $ — $ 22,850,154 Accrued investment income — — — 251,307 — 251,307 Deferred acquisition costs 4,236,401 675,871 2,456 — — 4,914,728 Goodwill 309,609 172,182 — — 481,791 Other assets — — — — 1,270,068 1,270,068 Total assets $ 4,546,010 $ 848,053 $ 2,456 $ 23,101,461 $ 1,270,068 $ 29,768,048 Liabilities for each segment are reported also on a specific identification basis similar to the assets. The insurance segments' liabilities contain future policy benefits, unearned and advance premiums, and policy claims and other benefits payable. Other policyholders' funds are included in Other as well as current and deferred income taxes payable. Debt represents both short and long-term. The tables below reconcile segment liabilities to total liabilities as reported in the consolidated financial statements. Liabilities by Segment At December 31, 2022 Life Health Annuity Investment Corporate & Other Consolidated Future policy benefits $ 13,320,773 $ 2,447,605 $ 953,468 $ — $ — $ 16,721,846 Unearned and advance premiums 18,830 41,912 — — — 60,742 Policy claims and other benefits payable 251,506 178,521 — — — 430,027 Debt — — — 2,077,055 — 2,077,055 Other — — — 23,000 1,328,628 1,351,628 Total liabilities $ 13,591,109 $ 2,668,038 $ 953,468 $ 2,100,055 $ 1,328,628 $ 20,641,298 At December 31, 2021 Life Health Annuity Investment Corporate & Other Consolidated Future policy benefits $ 12,686,851 $ 2,315,507 $ 1,032,369 $ — $ — $ 16,034,727 Unearned and advance premiums 19,874 45,598 — — — 65,472 Policy claims and other benefits payable 245,108 167,832 — — — 412,940 Debt — — — 2,026,138 — 2,026,138 Other — — — — 2,585,965 2,585,965 Total liabilities $ 12,951,833 $ 2,528,937 $ 1,032,369 $ 2,026,138 $ 2,585,965 $ 21,125,242 |
Schedule II. Condensed Financia
Schedule II. Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II. Condensed Financial Information of Registrant | Globe Life Inc. (PARENT COMPANY) SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Balance Sheets (Dollar amounts in thousands) December 31, 2022 2021 Assets: Investments: Long-term investments $ 31,651 $ 31,384 Short-term investments 15,001 — Total investments 46,652 31,384 Cash 58 20,228 Investment in affiliates 6,886,870 10,618,826 Due from affiliates 131,353 170,983 Taxes receivable from affiliates 14,161 33,229 Other assets 173,044 185,143 Total assets $ 7,252,138 $ 11,059,793 Liabilities: Short-term debt $ 449,103 $ 629,607 Long-term debt 1,777,490 1,546,494 Other liabilities 129,684 240,886 Total liabilities 2,356,277 2,416,987 Shareholders’ equity: Preferred stock 351 351 Common stock 105,218 109,218 Additional paid-in capital 880,172 871,075 Accumulated other comprehensive income (1,415,714) 2,677,583 Retained earnings 6,466,220 6,182,100 Treasury stock (1,140,386) (1,197,521) Total shareholders’ equity 4,895,861 8,642,806 Total liabilities and shareholders’ equity $ 7,252,138 $ 11,059,793 See Notes to Condensed Financial Statements and accompanying Report of Independent Registered Public Accounting Firm. Globe Life Inc. (PARENT COMPANY) SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) Condensed Statement of Operations (Dollar amounts in thousands) Year Ended December 31, 2022 2021 2020 Net investment income $ 33,664 $ 32,816 $ 30,199 Realized gains (losses) (9,643) (5,682) 12,792 Total revenue 24,021 27,134 42,991 General operating expenses 59,307 51,378 57,679 Reimbursements from affiliates (51,312) (57,504) (68,556) Interest expense 97,051 86,751 90,197 Total expenses 105,046 80,625 79,320 Operating income (loss) before income taxes and equity in earnings of affiliates (81,025) (53,491) (36,329) Income tax expense 12,426 9,682 7,773 Net operating loss before equity in earnings of affiliates (68,599) (43,809) (28,556) Equity in earnings of affiliates, net of tax 808,303 788,768 760,329 Net income 739,704 744,959 731,773 Other comprehensive income (loss): Attributable to Parent Company 75,076 58,903 (21,477) Attributable to affiliates (4,168,373) (410,564) 1,205,891 Comprehensive income (loss) $ (3,353,593) $ 393,298 $ 1,916,187 See Notes to Condensed Financial Statements and accompanying Report of Independent Registered Public Accounting Firm. Globe Life Inc. (PARENT COMPANY) SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT—(continued) Condensed Statement of Cash Flows (Dollar amounts in thousands) Year Ended December 31, 2022 2021 2020 Net income $ 739,704 $ 744,959 $ 731,773 Equity in earnings of affiliates (808,303) (788,768) (760,329) Cash dividends from subsidiaries 407,042 478,535 485,871 Other, net 26,444 58,617 21,129 Cash provided from operations 364,887 493,343 478,444 Cash provided from (used for) investing activities: Net decrease (increase) in short-term investments (15,001) 19,300 (15,899) Investment in subsidiaries (10,010) (159,924) (7,875) Other long-term investments (2,000) (2,500) — Loaned money to affiliates (846,002) (1,049,932) (1,008,860) Repayments from affiliates 886,002 1,200,932 782,860 Cash provided from (used for) investing activities 12,989 7,876 (249,774) Cash provided from (used for) financing activities: Repayment of debt (300,000) (300,000) (386,875) Proceeds from issuance of debt 400,000 325,000 700,000 Payment for debt issuance costs (5,272) (7,687) (5,844) Net issuance (repayment) of commercial paper (46,289) 74,974 (34,445) Issuance of stock 111,970 69,826 48,093 Acquisitions of treasury stock (454,638) (541,435) (443,866) Borrowed money from affiliate 22,400 32,000 76,000 Repayments to affiliates (22,400) (32,000) (79,500) Payment of dividends (103,817) (103,313) (101,462) Cash provided from (used for) financing activities (398,046) (482,635) (227,899) Net increase (decrease) in cash (20,170) 18,584 771 Cash balance at beginning of period 20,228 1,644 873 Cash balance at end of period $ 58 $ 20,228 $ 1,644 See Notes to Condensed Financial Statements and accompanying Report of Independent Registered Public Accounting Firm. Globe Life Inc. (PARENT COMPANY) SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) Notes to Condensed Financial Statements (Dollar amounts in thousands) Note A—Dividends from Subsidiaries Cash dividends paid to Globe Life from the subsidiaries were as follows: Year Ended December 31, 2022 2021 2020 Dividends from subsidiaries $ 407,042 $ 478,535 $ 485,871 Note B—Supplemental Disclosures of Cash Flow Information The following table summarizes non-cash transactions, which are not reflected on the Condensed Statements of Cash Flows : Year Ended December 31, 2022 2021 2020 Stock-based compensation not involving cash $ 35,650 $ 30,272 $ 35,892 Contribution of property to subsidiary — 5,004 — The following table summarizes certain amounts paid (received) during the period: Year Ended December 31, 2022 2021 2020 Interest paid $ 96,903 $ 86,206 $ 86,504 Income taxes paid (received) (11,537) (11,838) (12,744) Note C—Preferred Stock As of December 31, 2022, Globe Life had 351 thousand shares of Cumulative Preferred Stock, Series A, issued and outstanding, of which 280 thousand shares were 6.50% Cumulative Preferred Stock, Series A, and 71 thousand shares were 7.15% Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a liquidating distribution out of the assets legally available to stockholders in the amount of $1 thousand per share or $351 million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to convert such shares into shares of any other class of Globe Life capital stock. See accompanying Report of Independent Registered Public Accounting Firm. |
SEC Schedule, Article 12-17, Re
SEC Schedule, Article 12-17, Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV. Reinsurance | Globe Life Inc. SCHEDULE IV. REINSURANCE (CONSOLIDATED) (Dollar Amounts in thousands) Gross Ceded to Other Companies (1) Assumed Net Percentage For the Year Ended December 31, 2022 Life insurance in force $ 222,098,389 $ 662,569 $ 2,172,728 $ 223,608,548 1.0 Premiums (2) : Life insurance $ 2,995,104 $ 4,361 $ 19,009 $ 3,009,752 0.6 Health insurance 1,235,493 3,091 47,010 1,279,412 3.7 Total premium $ 4,230,597 $ 7,452 $ 66,019 $ 4,289,164 1.5 For the Year Ended December 31, 2021 Life insurance in force $ 217,350,660 $ 648,766 $ 2,371,163 $ 219,073,057 1.1 Premiums (2) : Life insurance $ 2,868,759 $ 4,286 $ 19,502 $ 2,883,975 0.7 Health insurance 1,192,567 3,312 12,421 1,201,676 1.0 Total premium $ 4,061,326 $ 7,598 $ 31,923 $ 4,085,651 0.8 For the Year Ended December 31, 2020 Life insurance in force $ 203,894,460 $ 669,063 $ 2,551,770 $ 205,777,167 1.2 Premiums (2) : Life insurance $ 2,642,555 $ 4,241 $ 19,775 $ 2,658,089 0.7 Health insurance 1,144,470 3,373 — 1,141,097 — Total premium $ 3,787,025 $ 7,614 $ 19,775 $ 3,799,186 0.5 (1) No amounts have been netted against ceded premium. (2) Excludes policy charges of $13.5 million, $14.2 million, and $14.7 million in each of the years 2022, 2021, and 2020, respectively. See accompanying Report of Independent Registered Public Accounting Firm. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation : The accompanying consolidated financial statements of Globe Life have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), under guidance issued by the Financial Accounting Standards Board (FASB). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Use of Estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes. |
Use of Estimates | Use of Estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes. |
Principles of Consolidation | Principles of Consolidation : The consolidated financial statements include the results of Globe Life Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. When Globe Life acquires a subsidiary or a block of business, the assets acquired and the liabilities assumed are measured at fair value at the acquisition date. Any excess of acquisition cost over the fair value of net assets is recorded as goodwill. Expenses incurred to effect the acquisition are charged to earnings as of the acquisition date. Upon acquisition, the accounts and results of operations are consolidated as of and subsequent to the acquisition date. |
Acquisition | Acquisition : On August 1, 2021, the Company acquired Beazley Benefits, an operating unit of Beazley Insurance Company, Inc. for $59.2 million. In conjunction with this agreement, the Company also executed a 100% coinsurance agreement assuming the remaining inforce business produced by the unit. The acquisition was accounted for under the acquisition method of accounting as required by GAAP. This guidance requires the assets acquired and liabilities assumed be based on their fair values at the acquisition date. The goodwill related to the purchase is due to expected synergies as a result of combining operations with other factors. The results of operations since the acquisition date have been consolidated. The cash flows associated with the purchase are recorded in the Consolidated Statement of Cash Flows in "Other investing activities." |
Investments | Investments : Globe Life classifies all of its fixed maturity investments as available for sale. Investments classified as available for sale are carried at fair value with unrealized gains and losses, net of taxes, reflected directly in accumulated other comprehensive income (AOCI). Income from investments is recorded in "Net investment income" on the Consolidated Statements of Operations . Gains and losses from sales, maturities, or other redemptions of investments are recorded in "Realized gains (losses)". Interest income and prepayment fees are recognized when earned. Premiums and discounts are amortized using the effective yield method. When amortized cost of a callable debt security exceeds the first call price, the premium is amortized to the earliest call date. Otherwise, the period of amortization or accretion generally extends from the purchase date to the maturity date. "Policy loans", which represent loans provided to policyholders using cash values as collateral, are carried at unpaid principal balances. "Other long-term investments" include limited partnerships, commercial mortgage loan participations ("commercial mortgage loans"), equity securities, and real estate. Investments in equity securities are reported at fair value with changes in fair value, net of taxes, reflected directly in "Realized gains (losses)" in the Consolidated Statements of Operations . Investments in real estate are reported at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life. The investment funds consist of limited partnerships whereby the Company has a pro-rata share of ownership ranging from less than 1% to 20%. For each investment, the Company has elected the fair value option, but would have been otherwise accounted for as an equity method investment. The fair value option is assessed for each individual investment and concluded at the inception of the investment. Each limited partnership investment is evaluated under applicable GAAP to determine if it is a variable interest entity (VIE) and would qualify for consolidation. Only primary beneficiaries are required or allowed to consolidate VIEs. The investments are not consolidated because the Company has no power to control the activities that most significantly affect the economic performance of these entities and therefore the Company is not the primary beneficiary of any of these interests. Globe Life's involvement is limited to its limited partnership interest in the entities. The Company has not provided any other financial support to the entities beyond its commitments to fund its limited partnership interests, and there are no arrangements or agreements with any of the interests to provide other financial support. The maximum loss exposure relative to these interests is limited to their carrying value. The Company has approximately 2% of total assets in low-income housing tax credits and certain limited partnerships (investment funds) that qualify as unconsolidated VIEs. The limited partnership investments are reported at the Company's pro-rata share of the investment fund's net asset value or its equivalent (NAV), as a practical expedient for fair value. Operating results provided by the partnerships can be on a lag up to 3 months; however, the Company makes adjustments for any material transactions occurring within the lag period. Changes in the net asset value are recorded in "Realized gains (losses)" on the Consolidated Statements of Operations . Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. Periodic distributions are recorded in net investment income until cumulative distributions exceed our pro-rata share of cumulative operating earnings at which point the distributions will reduce carrying value. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. The Company had $201 million of capital called during the year from existing investment funds, reducing our unfunded commitments. Our unfunded commitments were $487 million as of December 31, 2022. Commercial mortgage loan participations, a type of investment where the mortgage loan is shared among investors, are accounted for as financing receivables. The commercial mortgage loans are managed by a third-party. The Company purchased the legal rights to interests in commercial mortgage loans which are secured by properties such as hotels, retail, multiple family, or offices. The commercial mortgage loans typically have a term of three years with the option to extend up to two years. The commercial mortgage loans are recorded at unpaid principal balance, net of unamortized origination fees and net of allowance for loan losses. Interest income, net of the amortization of origination fees, is recorded in "Net investment income" under the effective yield method. Our unfunded commitment balance to the commercial loan borrowers was $38 million as of December 31, 2022. "Short-term investments" include investments in interest-bearing assets with original maturities of twelve months or less. Gains and losses realized on the disposition of investments are determined on a specific identification basis. |
Fair Value Measurements, Investments in Securities | Fair Value Measurements, Investments in Securities : Globe Life measures the fair value of its "fixed maturities" based on a hierarchy consisting of three levels which indicate the quality of the fair value measurements as described below: • Level 1— fair values are based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. • Level 2— fair values are based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that can otherwise be corroborated by observable market data. • Level 3— fair values are based on inputs that are considered unobservable where there is little, if any, market activity for the asset or liability as of the measurement date. In this circumstance, the Company has to rely on values derived by independent brokers or internally-developed assumptions. Unobservable inputs are developed based on the best information available to the Company which may include the Company’s own data or bid and ask prices in the dealer market. Net Asset Value— Certain investments, such as investment funds, that are measured at fair value using the net asset value per share or its equivalent, as a practical expedient, have not been classified in the fair value hierarchy. The net asset value is usually provided by general partners or managers. The great majority of Globe Life's "fixed maturities" are not actively traded and direct quotes are not generally available. Management therefore determines the fair values of these securities after consideration of data provided by third-party pricing services, independent broker/dealers, and other resources. At December 31, 2022, the Company's investments in fixed maturities were primarily composed of the following significant security types: corporate securities, state and municipal securities, U.S. government direct, guaranteed, and government-sponsored enterprises securities. The remaining security types represented approximately 1% of the total in the aggregate. Approximately 97% of the fair value of "fixed maturities" reported at December 31, 2022 was determined using data provided by third-party pricing services. Prices provided by these services are not binding offers, but are estimated exit values. Third-party pricing services use proprietary pricing models to determine security values by discounting cash flows using a market-adjusted spread to a benchmark yield. For all asset classes within Globe Life's significant security types, third-party pricing services use a common valuation technique to model the price of the investments using observable market data. The foundation for these models consists of developing yield spreads based on multiple observable market inputs, including but not limited to: benchmark yield curves, actual trading activity, new issue yields, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector-specific data, economic data, and other inputs that are corroborated in the market. Pricing vendors monitor and review their pricing data continuously with current market and economic data feeds, augmented by ongoing communication within the dealer community. Using the observable market inputs described above, spreads to an appropriate benchmark yield are further developed by the vendors for each security based on security-specific and/or sector-specific risk factors, such as a security’s terms and conditions (coupon, maturity, and call features), credit rating, sector, liquidity, collateral or other cash flow options, and other factors that could impact the risk of the security. Embedded repayment options, such as call and redemption features, are also taken into account in the pricing models. When the spread is determined, it is added to the security’s benchmark yield. The security's expected cash flows are discounted using this spread-adjusted yield, and the resulting present value of the discounted cash flows is the evaluated price. When third-party vendor prices are not available, the Company attempts to obtain valuations from other sources, including but not limited to broker/dealers, broker quotes, and prices on comparable securities. When valuations have been obtained for all securities in the portfolio, management reviews and analyzes the prices to ensure their reasonableness, taking into account available and observable information. When two or more valuations are available for a security and the variance between the prices is 10% or less, the close correlation suggests similar observable inputs were used in deriving the price, and the mean of the prices is used. Securities valued in this manner are classified as Level 2. When the variance between two or more valuations for a security exceeds 10%, additional analysis is performed to determine the most appropriate value for that security, using resources such as broker quotes, prices on comparable securities, recent trades, and any other observable market data. Further review is performed on the available valuations to determine if they can be corroborated within reasonable tolerance to any other observable evidence. If one of the valuations or the mean of the available valuations for a security can be corroborated with other observable evidence, then the corroborated value is used and reported as Level 2. The Company uses information and analytical techniques deemed appropriate for determining the point within the range of reasonable fair value estimates that is most representative of fair value under current market conditions. Valuations that cannot be corroborated within a reasonable tolerance are classified as Level 3. Globe Life invests in a portfolio of private placement fixed maturities. Private placement fixed maturities are generally not an active market. This portfolio is managed by third-parties. The portfolio managers provide valuations for the bonds based on a pricing matrix utilizing observable inputs, such as the benchmark treasury rate and published sector indices, and unobservable inputs such as an internally-developed credit rating. If observable inputs cannot be corroborated, the fair values are classified as Level 3. Refer to Note 4—Investments under the caption Quantitative Information about Level 3 Fair Value Measurements . The fair values for each class of security and by valuation hierarchy level are indicated in Note 4—Investments under the caption Fair value measurements, and Note 9—Postretirement Benefits under the caption Pension Assets . Fair Value Measurements, Other Financial Instruments : Fair values for cash and cash equivalents, short-term investments, short-term debt, receivables, and payables approximate carrying value. Cash and cash equivalents are classified as Level 1. Fair values of commercial mortgage loans are determined based upon expected cash flows discounted at an appropriate risk-adjusted rate and are classified as Level 3. The fair value of investments in limited partnerships that provide low-income housing tax credits is based on discounted projected cash flows and are classified as Level 3. Policy loans are an integral part of Globe Life's subsidiaries’ life insurance policies in force and their fair values cannot be valued separately from the insurance contracts. Investment funds are based on net asset value and are excluded from the fair value hierarchy. The fair values of Globe Life's long and short term debt issues are based on the same methodology as investments in fixed maturities. At December 31, 2022, observable inputs were available for these debt securities and as such were classified as Level 2 in the valuation hierarchy. The fair value for each debt instrument as of December 31, 2022 is disclosed in Note 11—Debt . As described in Note 9—Postretirement Benefits , Globe Life maintains a nonqualified supplemental retirement plan. Accordingly, the assets that support the liability for this plan are considered general assets of the Company. These assets consist of the cash value of corporate-owned life insurance policies (COLI) and exchange traded funds (ETFs). The fair value of the insurance cash values approximates carrying value. Fair values for the ETFs are derived from direct quotes and are considered Level 1 in the fair value hierarchy. |
Current Expected Credit Loss Reserve (fixed maturities) and Current Expected Credit Loss Reserve (commercial mortgage loans) | Current Expected Credit Loss Reserve (fixed maturities) : At the onset of the evaluation, the Company individually assesses each fixed maturity, on a quarterly basis, to determine whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria are met, the Company will write down the fixed maturity's amortized cost basis to fair value through "Realized gains (losses)". If neither of the aforementioned criteria are met, the Company will evaluate whether the decline in fair value has resulted from a credit event. The Company will evaluate many factors, as further described below, to determine the present value of the expected cash flows. A credit loss occurs when the present value of the expected cash flows is less than the amortized cost basis. This will result in the recording of an allowance for credit losses as a contra asset account to the amortized cost basis with an offsetting provision for credit losses in " Realized gains (losses)" on the Consolidated Statements of Operations . Additionally, the CECL methodology includes a fair value floor where the allowance for credit loss for a security cannot exceed the difference between fair value and amortized cost. When it is determined that there is not a credit loss, the decline in fair value is recognized in Other Comprehensive Income . All changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses recorded to the allowance for credit losses are management's best estimate of the uncollectibility of principal and interest of a fixed maturity. The evaluation of Globe Life's securities for credit losses is a process that is undertaken at least quarterly and is overseen by a team of investment and accounting professionals. The process for making this determination is highly subjective and involves the careful consideration of many factors. The factors considered include, but are not limited to: • The Company’s lack of intent to sell the debt security before recovery; • Whether it is more likely than not the Company will be required to sell prior to maturity; • The reason(s) for the credit related losses; • The financial condition of the issuer and the prospects for recovery in fair value of the security; • Expected future cash flows. The relative weight given to each of these factors can change over time as facts and circumstances change. In many cases, management believes it is appropriate to give more consideration to prospective factors than to retrospective factors. Prospective factors that are given more weight include prospects for recovery, the Company’s ability and general intent to hold the security until anticipated recovery, and expected future cash flows. Among the facts and information considered in the process are: • Financial statements of the issuer • Changes in credit ratings of the issuer • The value of underlying collateral • News and information included in press releases issued by the issuer • News and information reported in the media concerning the issuer • News and information published by or otherwise provided by securities, economic, or research analysts • The nature and amount of recent and expected future sources and uses of cash • Default on a required payment • Issuer bankruptcy filings The expected cash flows are determined using judgment and the best information available to the Company. Inputs used to derive expected cash flows generally include expected default rates, current levels of subordination, and estimated recovery rate. The discount rate utilized in the discounted cash flows is the effective interest rate, which is the rate of return implicit in the asset at acquisition. Current Expected Credit Loss Reserve (commercial mortgage loans) : The Company evaluates the performance and credit quality of the commercial mortgage loan portfolio at least on a quarterly basis, or as needed, by utilizing common metrics such as loan-to-value or debt-service ratios as well as covenants, local market conditions, borrower quality, and underlying collateral. The fair value of the underlying collateral is based on a third-party appraisal of the property at origination of the loan. The fair value is assessed on an annual basis or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. The Company determines the probability of estimated losses for the commercial mortgage loan portfolio on a pool basis each quarter and records an allowance. The allowance for credit losses is based on estimates, historical experience, probability of loss, value of the underlying collateral, and macro factors that affect the collectability of the loan. |
Cash | Cash : " |
Accrued Investment Income | Accrued investment income : "Accrued investment income" consists of interest income or dividends earned on the investment portfolio, but which are yet to be received as of the balance sheet date. The Company will write-off accrued investment income that is deemed to be uncollectible related to the fixed maturities. " Accrued investment income As a practical expedient, the Company excludes the accrued investment income from the amortized cost basis of the investment and separately reports it in another financial statement line item, "Accrued investment income." Additionally, the amount will be excluded from disclosures within Note 4—Investments . |
Other Receivables | Other Receivables : Agent debit balances primarily represent commissions advanced to insurance agents, a common industry practice. These balances are repaid to the Company over time, generally one year, as the premiums associated with the advanced commissions are collected by the Company and a portion of the agents' commissions on such premiums are retained in order to repay the balances. The balances were $460 million at December 31, 2022 and $467 million at December 31, 2021. When an agent sells a policy, commissions are advanced to the agent, and the collection of the advance is made as long as the policy stays in force. While there is a susceptibility to loss should an agent terminate or excessive policy lapses occur, the ability of the Company to continue to collect an agent's commission streams over time from prior sales of policies reduces the Company's exposure to loss. The Company has a very low inherent risk with regards to the collection of agent debit balances and views these balances as recoverable since they are, in aggregate, less than the estimated present value of future commissions discounted at a conservative rate which includes assumptions for lapses and mortality. The Company’s security, or collateral, is in the form of future commission streams collected over the life of the policies sold by the respective agents, which ultimately revert to the Company in the event an agent is terminated. The Company evaluated the agent debit balances on a pool basis to determine the allowance for credit losses, as the loans have similar characteristics. A provision for credit losses will be recorded in "Realized gains (losses)" on the Consolidated Statements of Operations and the asset balance will be reflected in agent debit balances, net of allowance for credit losses ("Other receivables"). Based on factors considered by management, there were no additional credit losses recorded during the year ended December 31, 2022. As of December 31, 2022, the allowance for credit losses was $1.0 million. |
Deferred Acquisition Costs | Deferred Acquisition Costs : Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are essential for the acquisition of new insurance business and are directly related to the successful issuance of an insurance contract including sales commissions, policy issue costs, and underwriting costs. Additionally, deferred acquisition costs (DAC) include the value of business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP. DAC and VOBA are amortized in a systematic manner which matches these costs with the associated revenues. Policies other than universal life-type policies are amortized with interest over the estimated premium-paying period of the policies in a manner which charges each year’s operations in proportion to the receipt of premium income. Universal life-type policies are amortized with interest in proportion to estimated gross profits. The assumptions used to amortize acquisition costs include interest, mortality, and persistency, and are consistent with those used to estimate the liability for future policy benefits. For interest-sensitive and deposit-type products, these assumptions are reviewed on a regular basis and are revised if actual experience differs significantly from original expectations. For all other products, amortization assumptions are generally not revised once established. DAC and VOBA are subject to periodic recoverability and loss recognition testing to determine if there is a premium deficiency. These tests evaluate whether the present value of future contract-related cash flows will support the capitalized DAC and VOBA assets. These cash flows consist primarily of premium income, less benefits and expenses. The present value of these cash flows, less the benefit reserve, is then compared with the unamortized deferred acquisition cost balance. In the event the estimated present value of net cash flows is less, the deficiency would be recognized by a charge to earnings and either a reduction of unamortized acquisition costs or an increase in the liability for future benefits, as described under the caption Future Policy Benefits |
Advertising Costs | Advertising Costs: Costs related to advertising are generally charged to expense as incurred. However, certain Direct to Consumer advertising costs are capitalized when there is a reliable and demonstrated relationship between total costs and future benefits that is a direct result of incurring these costs. Direct to Consumer advertising costs consist primarily of the production and distribution costs of direct mail advertising materials, and when capitalized are included as a component of DAC. Additionally, they are amortized in the same manner as other DAC. |
Goodwill | Goodwill : The excess cost of a business acquired over the fair value of net assets acquired is reported as goodwill. In accordance with the guidance, goodwill is subject to impairment testing on an annual basis, or whenever potential impairment triggers occur. Impairment testing involves the performance of a qualitative analysis, which involves assessing current events and circumstances to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the event the fair value is less than the carrying value, further testing is required to determine the amount of impairment, if any. If there is an impairment in the goodwill of any reporting unit, it is written down and charged to earnings in the period of the test. Globe Life tests its goodwill annually as of June 30th for each of the years 2020 through 2022. The Company's goodwill was not impaired in any of those periods. |
Low-Income Housing Tax Credit Interests | Low-Income Housing Tax Credit Interests : Globe Life invests in limited partnerships that provide low-income housing tax credits and other related federal income tax benefits to the Company. Globe Life holds passive interests in limited partnerships that provide investment returns through the provision of tax benefits (principally from the transfer of federal or state tax credits related to federal low-income housing). These investments are considered to be VIEs and do not qualify for consolidation. The carrying value of the Company's investment in these entities was $315 million and $328 million at December 31, 2022 and 2021, respectively, and was included in "Other assets" on the Consolidated Balance Sheets . As of December 31, 2022, Globe Life was obligated under future commitments of $137 million, which are recorded in "Other liabilities". For guaranteed investments acquired prior to January 1, 2015, the Company utilizes the effective-yield method of amortization, while the proportional method of amortization is utilized for all non-guaranteed and guaranteed investments acquired on or after January 1, 2015. All amortization expense is recorded in "Income tax benefit (expense)" on the Consolidated Statements of Operations |
Property and Equipment | Property and Equipment : three fifteen |
Future Policy Benefits | Future Policy Benefits : The liability for future policy benefits for annuity and universal life-type products is represented by policy account value. The liability for future policy benefits for all other life and health products, approximately 90% of total liabilities for future policy benefits, is determined on the net level premium method. This method provides for the present value of expected future benefit payments less the present value of expected future net premiums, based on estimated investment yields, mortality, morbidity, persistency, and other assumptions which were considered appropriate at the time the policies were issued. For limited-payment contracts, a deferred profit liability is also recorded which causes profits to emerge over the life of the contract in proportion to the amount of insurance in force. Assumptions used for traditional life and health insurance products are based primarily on Company experience. Assumptions for interest rates range from 2.5% to 7.0% for Globe Life's insurance companies with an overall weighted average assumed rate of 5.8%. Mortality tables used for individual life insurance include various industry tables and reflect modifications of a variety of generally accepted actuarial tables based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Globe Life's experience. Once established, assumptions for these products are generally not changed. An additional provision is made on most products to allow for possible adverse deviation from the assumptions. These estimates are reviewed annually and compared with actual experience. If it is determined that existing contract liabilities, together with the present value of future gross premiums, will not be sufficient to cover the present value of future benefits and to recover unamortized deferred acquisition costs, then a premium deficiency exists. Such a deficiency would be recognized immediately by a charge to earnings and either a reduction of unamortized deferred acquisition costs or an increase in the liability for future policy benefits. From that point forward, the liability for future policy benefits would be based on revised assumptions. |
Reinsurance | Reinsuranc e: In the normal course of business, Globe Life insurance subsidiaries will enter into reinsurance agreements to limit their exposure to the risk of loss as well as enhance their capital position. To qualify for reinsurance accounting in accordance with applicable guidance, the assuming company (reinsurer) must have the “reasonable possibility” that it may realize a “significant loss.” In instances where the ceding company does not transfer significant insurance risk to the reinsurer, deposit accounting is utilized. Deposits received are reported in Other Assets on the Consolidated Balance Sheets rather than income in the Consolidated Statements of Operations . As amounts are paid or received in accordance with the agreements, the deposit balance will be adjusted. Any risk charges payable related to reinsurance agreements where deposit accounting is applicable are recorded as an Other Liability. |
Unearned and Advanced Premium | Unearned and Advanced Premium : Premium collected from both life and health policies that have not been earned and recognized in accordance with applicable GAAP. Refer to Recognition of Premium Revenue below. |
Policy Claims and Other Benefits Payable | Policy Claims and Other Benefits Payable : Globe Life establishes a liability for known policy benefits payable and an estimate of claims that have been incurred but not yet reported to the Company. Globe Life makes an estimate of unreported claims after careful evaluation of all information available to the Company. This estimate is based on |
Current and Deferred Income Taxes | Current and Deferred Income Taxes : |
Postretirement Benefits | Postretirement Benefits : Globe Life accounts for its postretirement defined benefit plans by recognizing the funded status of those plans on its Consolidated Balance Sheets in accordance with accounting guidance. Periodic gains and losses attributable to changes in plan assets and liabilities that are not recognized as components of net periodic benefit costs are recognized as components of other comprehensive income, net of tax. The supplemental executive retirement plan is accounted for consistent with the qualified noncontributory pension plan. The net assets are included in a Rabbi Trust and recorded in Other Assets on the Consolidated Balance Sheets |
Treasury Stock | Treasury Stock : |
Recognition of Premium Revenue and Related Expenses | Recognition of Premium Revenue and Related Expenses : Premium income for traditional long-duration life and health insurance products is recognized evenly over the contract period and when due from the policyholder. Premiums for short-duration health contracts are recognized as revenue over the contract period in proportion to the insurance protection provided. Premiums for universal life-type and annuity contracts are added to the policy account value, and revenues for such products are recognized as charges to the policy account value for mortality, administration, and surrenders (retrospective deposit method). Life premium includes policy charges of $13.5 million, $14.2 million, and $14.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. Other premium consists of annuity policy charges in each year. For most insurance products, the related benefits and expenses are matched with revenues by means of the provision of future policy benefits and the amortization of DAC in a manner which recognizes profits as they are earned over the revenue recognition period. For limited-payment life insurance products, the profits are recognized over the contract period. |
Stock-Based Compensation | Stock-Based Compensation : Globe Life accounts for stock-based compensation by recognizing an expense in the consolidated financial statements based on the “fair value method.” The fair value method requires that a fair value be assigned to a stock option or other stock grant on its grant date and that this value be amortized over the grantees’ service period. The fair value method requires the use of an option valuation model to value employee stock options. Globe Life has elected to use the Black-Scholes valuation model for option expensing. A summary of assumptions for options granted in each of the three years 2020 through 2022 is as follows: 2022 2021 2020 Volatility factor 22.3 % 21.8 % 15.7 % Dividend yield 0.8 % 0.8 % 0.7 % Expected term (in years) 5.12 5.11 5.12 Risk-free rate 1.9 % 0.6 % 1.2 % The expected term is generally derived from Company experience. However, expected terms are determined based on the simplified method as permitted under the ASC 718, Stock Compensation, topic when Company experience is insufficient. On April 26, 2018, the shareholders approved the Globe Life Inc. 2018 Incentive Plan, formerly the Torchmark Corporation 2018 Incentive Plan (the "2018 Incentive Plan"). The 2018 Incentive Plan replaced all previous plans. The 2018 Incentive Plan allows for option grants for employees with a seven-year contractual term which vest over three years in addition to ten-year grants which vest over five years as permitted by the previous plans. Director grants vest over six months. The Company has sufficient experience with seven-year grants that vest in three years, but insufficient historical experience with five-year vesting. Therefore, the Company has used the simplified method to determine the expected term for the ten-year grants with five-year vesting and will do so until adequate experience is developed. Volatility and risk-free interest rates are assumed over a period of time consistent with the expected term of the option. Volatility is measured on a historical basis. Monthly data points are utilized to derive volatility for periods greater than three years. Expected dividend yield is based on current dividend yield held constant over the expected term. Once the fair value of an option has been determined, it is amortized on a straight-line basis over the employee’s service period for that grant (from the grant date to the date the grant is fully vested). Expenses for restricted stock and restricted stock units are based on the grant date fair value allocated on a straight-line basis over the service period. Performance share expense is recognized based on management’s estimate of the probability of meeting the metrics identified in the performance share award agreement, assigned to each service period as these estimates develop. Stock-based compensation expense is included in “Other operating expense” in the Consolidated Statements of Operations |
Earnings Per Share | Earnings per Share : Globe Life presents basic and diluted earnings per common share (EPS) on the face of the Consolidated Statements of Operations |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Assumptions for Options Granted | A summary of assumptions for options granted in each of the three years 2020 through 2022 is as follows: 2022 2021 2020 Volatility factor 22.3 % 21.8 % 15.7 % Dividend yield 0.8 % 0.8 % 0.7 % Expected term (in years) 5.12 5.11 5.12 Risk-free rate 1.9 % 0.6 % 1.2 % |
Statutory Accounting (Tables)
Statutory Accounting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Consolidated Net Income and Shareholders' Equity for Insurance Companies | Consolidated net income and shareholders’ equity (capital and surplus) on a statutory basis for the insurance subsidiaries were as follows: Net Income Shareholders’ Equity Year Ended December 31, At December 31, 2022 2021 2020 2022 2021 Life insurance subsidiaries $ 444,294 $ 373,703 $ 441,589 $ 1,632,018 $ 1,523,247 |
Supplemental Information Abou_2
Supplemental Information About Changes to Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Change in Balance by Component of Accumulated Other Comprehensive Income | Components of Accumulated Other Comprehensive Income : An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for each of the years 2020 through 2022: Available for Sale Assets Deferred Acquisition Costs Foreign Exchange Pension Adjustments Total For the year ended December 31, 2020: Balance at January 1, 2020 $ 1,982,650 $ (5,916) $ 12,058 $ (143,962) $ 1,844,830 Other comprehensive income (loss) before reclassifications, net of tax 1,167,003 1,212 11,244 (34,103) 1,145,356 Reclassifications, net of tax 25,919 — — 13,139 39,058 Other comprehensive income (loss) 1,192,922 1,212 11,244 (20,964) 1,184,414 Balance at December 31, 2020 3,175,572 (4,704) 23,302 (164,926) 3,029,244 For the year ended December 31, 2021: Other comprehensive income (loss) before reclassifications, net of tax (385,231) 1,286 (3,915) 44,819 (343,041) Reclassifications, net of tax (25,051) — — 16,431 (8,620) Other comprehensive income (loss) (410,282) 1,286 (3,915) 61,250 (351,661) Balance at December 31, 2021 2,765,290 (3,418) 19,387 (103,676) 2,677,583 For the year ended December 31, 2022: Other comprehensive income (loss) before reclassifications, net of tax (4,211,540) 7,668 (19,923) 94,055 (4,129,740) Reclassifications, net of tax 25,578 — — 10,865 36,443 Other comprehensive income (loss) (4,185,962) 7,668 (19,923) 104,920 (4,093,297) Balance at December 31, 2022 $ (1,420,672) $ 4,250 $ (536) $ 1,244 $ (1,415,714) |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | Reclassification adjustments : Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three years ended December 31, 2022. Year Ended December 31, Affected line items in the Statement of Operations Component Line Item 2022 2021 2020 Unrealized investment (gains) losses on available for sale assets: Realized (gains) losses $ 32,165 $ (37,874) $ 26,345 Realized (gains) losses Amortization of (discount) premium 212 6,164 6,464 Net investment income Total before tax 32,377 (31,710) 32,809 Tax (6,799) 6,659 (6,890) Income tax benefit (expense) Total after-tax 25,578 (25,051) 25,919 Pension adjustments: Amortization of prior service cost 1,077 631 632 Other operating expense Amortization of actuarial (gain) loss 12,677 20,166 16,000 Other operating expense Total before tax 13,754 20,797 16,632 Tax (2,889) (4,366) (3,493) Income tax benefit (expense) Total after-tax 10,865 16,431 13,139 Total reclassification (after-tax) $ 36,443 $ (8,620) $ 39,058 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Fixed Maturities and Equity Securities Available for Sale by Component | Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at December 31, 2022 and 2021, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector." At December 31, 2022 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 394,439 $ — $ 27 $ (38,968) $ 355,498 2 States, municipalities, and political subdivisions 2,791,030 — 24,328 (505,447) 2,309,911 14 Foreign governments 55,164 — 6 (12,706) 42,464 — Corporates, by sector: Financial 4,907,794 — 63,126 (504,489) 4,466,431 27 Utilities 1,924,190 — 36,670 (125,713) 1,835,147 11 Energy 1,436,598 — 22,637 (101,923) 1,357,312 8 Other corporate sectors 6,667,043 — 78,903 (738,772) 6,007,174 37 Total corporates 14,935,625 — 201,336 (1,470,897) 13,666,064 83 Collateralized debt obligations 37,098 — 13,266 — 50,364 — Other asset-backed securities 88,336 — 4 (9,276) 79,064 1 Total fixed maturities $ 18,301,692 $ — $ 238,967 $ (2,037,294) $ 16,503,365 100 (1) Amount reported in the balance sheet. (2) At fair value. At December 31, 2021 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 383,083 $ — $ 64,513 $ (164) $ 447,432 2 States, municipalities, and political subdivisions 2,252,997 — 239,135 (2,907) 2,489,225 12 Foreign governments 59,861 — 900 (5,132) 55,629 — Corporates, by sector: Financial 4,569,160 (387) 907,741 (9,349) 5,467,165 26 Utilities 1,931,391 — 490,119 (1,012) 2,420,498 11 Energy 1,587,892 — 346,780 (1,683) 1,932,989 9 Other corporate sectors 6,879,459 — 1,454,464 (13,362) 8,320,561 39 Total corporates 14,967,902 (387) 3,199,104 (25,406) 18,141,213 85 Collateralized debt obligations 36,468 — 27,037 — 63,505 — Other asset-backed securities 104,998 — 3,715 (430) 108,283 1 Total fixed maturities $ 17,805,309 $ (387) $ 3,534,404 $ (34,039) $ 21,305,287 100 (1) Amount reported in the balance sheet. (2) At fair value. |
Schedule of Fixed Maturities by Contractual Maturity | A schedule of fixed maturities available for sale by contractual maturity date at December 31, 2022, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions. At December 31, 2022 Amortized Fair Fixed maturities available for sale: Due in one year or less $ 164,857 $ 165,085 Due after one year through five years 1,068,265 1,067,454 Due after five years through ten years 1,670,440 1,664,710 Due after ten years through twenty years 7,785,675 7,349,267 Due after twenty years 7,486,945 6,127,343 Mortgage-backed and asset-backed securities 125,510 129,506 $ 18,301,692 $ 16,503,365 |
Schedule of Analysis of Investment Operations | "Net investment income" for the three years ended December 31, 2022, is summarized as follows: Year Ended December 31, 2022 2021 2020 Fixed maturities available for sale $ 910,284 $ 892,421 $ 873,352 Policy loans 46,586 45,318 44,801 Other long-term investments (1) 50,556 35,838 26,196 Short-term investments 2,156 24 545 1,009,582 973,601 944,894 Less investment expense (22,083) (21,154) (17,832) Net investment income $ 987,499 $ 952,447 $ 927,062 (1) For the years ended 2022, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $40.3 million, $26.7 million, and $15.3 million, respectively, in net investment income. |
Schedule of Realized Gains (Losses) on Investments | An analysis of "realized gains (losses)" is as follows: Year Ended December 31, 2022 2021 2020 Realized investment gains (losses): Fixed maturities available for sale: Sales and other (1) $ (32,552) $ 34,916 $ (22,999) Provision for credit losses 387 2,959 (3,346) Investment funds—fair value option (29,353) 22,918 1,045 Other investments (15,030) 7,840 21,563 Realized gains (losses) from investments (76,548) 68,633 (3,737) Realized loss on redemption of debt (2) — (9,314) (634) (76,548) 59,319 (4,371) Applicable tax 16,075 (12,457) 1,955 Realized gains (losses), net of tax $ (60,473) $ 46,862 $ (2,416) (1) For the years ended 2022, 2021 and 2020, the Company recorded $147.6 million, $109.2 million, and $219.8 million of exchanges of fixed maturities (noncash transactions) that resulted in $1.9 million, $25.2 million, and $7.9 million, respectively, in realized gains (losses). (2) Refer to Note 11—Debt for further discussion . Selected information about sales of fixed maturities available for sale is as follows: Year Ended December 31, 2022 2021 2020 Fixed maturities available for sale: Proceeds from sales (1) $ 390,392 $ 116,656 $ 52,681 Gross realized gains 1,296 1,848 2,642 Gross realized losses (57,996) (12,101) (39,153) |
Schedule of Unrealized Gain (Loss) on Investments | An analysis of the net change in unrealized investment gains (losses) is as follows: Year Ended December 31, 2022 2021 2020 Change in unrealized investment gains (losses) on: Fixed maturities available for sale $ (5,298,692) $ (519,345) $ 1,528,339 |
Schedule of Fair Value of Fixed Maturities Measured on a Recurring Basis | The following tables represent the fair value of fixed maturities measured on a recurring basis at December 31, 2022 and 2021: Fair Value Measurement at December 31, 2022: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 355,498 $ — $ 355,498 States, municipalities, and political subdivisions — 2,309,911 — 2,309,911 Foreign governments — 42,464 — 42,464 Corporates, by sector: Financial — 4,332,495 133,936 4,466,431 Utilities — 1,723,832 111,315 1,835,147 Energy — 1,346,212 11,100 1,357,312 Other corporate sectors — 5,785,442 221,732 6,007,174 Total corporates — 13,187,981 478,083 13,666,064 Collateralized debt obligations — — 50,364 50,364 Other asset-backed securities — 79,064 — 79,064 Total fixed maturities $ — $ 15,974,918 $ 528,447 $ 16,503,365 Percentage of total — % 97 % 3 % 100 % Fair Value Measurement at December 31, 2021: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 447,432 $ — $ 447,432 States, municipalities, and political subdivisions — 2,489,225 — 2,489,225 Foreign governments — 55,629 — 55,629 Corporates, by sector: Financial — 5,303,547 163,618 5,467,165 Utilities — 2,266,231 154,267 2,420,498 Energy — 1,919,416 13,573 1,932,989 Other corporate sectors — 8,010,331 310,230 8,320,561 Total corporates — 17,499,525 641,688 18,141,213 Collateralized debt obligations — — 63,505 63,505 Other asset-backed securities — 108,283 — 108,283 Total fixed maturities $ — $ 20,600,094 $ 705,193 $ 21,305,287 Percentage of total — % 97 % 3 % 100 % The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2022 and December 31, 2021. Analysis of Gross Unrealized Investment Losses At December 31, 2022 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 349,887 $ (38,218) $ 3,424 $ (750) $ 353,311 $ (38,968) States, municipalities, and political subdivisions 1,767,624 (453,149) 95,124 (52,298) 1,862,748 (505,447) Foreign governments 6,297 (201) 25,134 (12,505) 31,431 (12,706) Corporates, by sector: Financial 2,837,918 (426,132) 109,784 (42,173) 2,947,702 (468,305) Utilities 1,088,219 (116,272) 21,636 (6,268) 1,109,855 (122,540) Energy 855,853 (91,755) — — 855,853 (91,755) Other corporate sectors 4,155,986 (665,831) 94,299 (42,344) 4,250,285 (708,175) Total corporates 8,937,976 (1,299,990) 225,719 (90,785) 9,163,695 (1,390,775) Collateralized debt obligations — — — — — — Other asset-backed securities 60,157 (5,223) 7,960 (2,435) 68,117 (7,658) Total investment grade securities 11,121,941 (1,796,781) 357,361 (158,773) 11,479,302 (1,955,554) Below investment grade securities: States, municipalities, and political subdivisions — — — — — — Corporates, by sector: Financial 120,377 (18,901) 38,348 (17,283) 158,725 (36,184) Utilities 27,722 (3,173) — — 27,722 (3,173) Energy 14,480 (2,182) 20,075 (7,986) 34,555 (10,168) Other corporate sectors 166,159 (25,962) 6,670 (4,635) 172,829 (30,597) Total corporates 328,738 (50,218) 65,093 (29,904) 393,831 (80,122) Collateralized debt obligations — — — — — — Other asset-backed securities — — 10,874 (1,618) 10,874 (1,618) Total below investment grade securities 328,738 (50,218) 75,967 (31,522) 404,705 (81,740) Total fixed maturities $ 11,450,679 $ (1,846,999) $ 433,328 $ (190,295) $ 11,884,007 $ (2,037,294) Analysis of Gross Unrealized Investment Losses At December 31, 2021 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 118 $ (1) $ 3,867 $ (163) $ 3,985 $ (164) States, municipalities, and political subdivisions 141,310 (2,824) 2,436 (83) 143,746 (2,907) Foreign governments 12,567 (561) 23,144 (4,571) 35,711 (5,132) Corporates, by sector: Financial 133,654 (1,507) 52,864 (1,932) 186,518 (3,439) Utilities 25,447 (692) 2,372 (320) 27,819 (1,012) Energy 6,519 (238) — — 6,519 (238) Other corporate sectors 115,444 (3,566) 40,249 (3,670) 155,693 (7,236) Total corporates 281,064 (6,003) 95,485 (5,922) 376,549 (11,925) Collateralized debt obligations — — — — — — Other asset-backed securities 10,489 (16) 1 — 10,490 (16) Total investment grade securities 445,548 (9,405) 124,933 (10,739) 570,481 (20,144) Below investment grade securities: States, municipalities, and political subdivisions — — — — — — Corporates, by sector: Financial 15,695 (272) 56,897 (5,638) 72,592 (5,910) Utilities — — — — — — Energy — — 26,639 (1,445) 26,639 (1,445) Other corporate sectors 700 (11) 26,581 (6,115) 27,281 (6,126) Total corporates 16,395 (283) 110,117 (13,198) 126,512 (13,481) Collateralized debt obligations — — — — — — Other asset-backed securities — — 13,043 (414) 13,043 (414) Total below investment grade securities 16,395 (283) 123,160 (13,612) 139,555 (13,895) Total fixed maturities $ 461,943 $ (9,688) $ 248,093 $ (24,351) $ 710,036 $ (34,039) |
Schedule of Fair Value, Assets Measured on Recurring Basis Using Significant Unobservable Inputs | The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- Collateralized Corporates Total Balance at January 1, 2020 $ 13,177 $ 74,104 $ 672,128 $ 759,409 Included in realized gains/losses — — 1,579 1,579 Included in other comprehensive income (173) (2,523) 17,082 14,386 Acquisitions (1) — — 67,820 67,820 Sales — — — — Amortization — 4,551 12 4,563 Other (2) (134) (4,534) (44,116) (48,784) Transfers into Level 3 (3) — — — — Transfers out of Level 3 (3) — — — — Balance at December 31, 2020 12,870 71,598 714,505 798,973 Included in realized gains/losses (82) (6,787) 3,275 (3,594) Included in other comprehensive income 63 12,447 (20,818) (8,308) Acquisitions (1) — — 25,000 25,000 Sales (12,851) (13,213) — (26,064) Amortization — 4,505 9 4,514 Other (2) — (5,045) (80,283) (85,328) Transfers into Level 3 (3) — — — — Transfers out of Level 3 (3) — — — — Balance at December 31, 2021 — 63,505 641,688 705,193 Included in realized gains/losses — — — — Included in other comprehensive income — (13,771) (91,385) (105,156) Acquisitions (1) — — — — Sales — — — — Amortization — 4,519 7 4,526 Other (2) — (3,889) (72,227) (76,116) Transfers into Level 3 (3) — — — — Transfers out of Level 3 (3) — — — — Balance at December 31, 2022 $ — $ 50,364 $ 478,083 $ 528,447 Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period: Asset- Collateralized Corporates Total 2020 $ (173) $ (2,523) $ 17,082 $ 14,386 2021 63 12,447 (20,818) (8,308) 2022 — (13,771) (91,385) (105,156) (1) Acquisitions of Level 3 investments in each of the years 2020 through 2022 are comprised of private placement fixed maturities and equities. (2) Includes capitalized interest, foreign exchange adjustments, and principal repayments. |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table represents quantitative information about Level 3 fair value measurements: Quantitative Information about Level 3 Fair Value Measurements As of December 31, 2022 Fair Value Valuation Significant Unobservable Range Weighted- Average (1) Private placement fixed maturities $ 395,037 Determination of credit spread Credit rating A+ to B- BBB- Other corporate bonds 83,046 Discounted Cash Flows Discount rate 6.35% 6.35% Collateralized debt obligations 50,364 Discounted Cash Flows Discount rate 10.25% 10.25% $ 528,447 (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Schedule of Additional Information about Investments in Unrealized Loss Position | The following table discloses information about fixed maturities available for sale in an unrealized loss position. Less than Twelve Months Twelve Months or Longer Total Number of issues (CUSIPs) held: As of December 31, 2022 1,819 157 1,976 As of December 31, 2021 138 42 180 |
Schedule of Fixed Maturities, Allowance for Credit Loss | A summary of the activity in the allowance for credit losses is as follows. Refer to Note 1 for factors considered in the recording of the allowance for credit losses. Year Ended December 31, 2022 2021 Allowance for credit losses beginning balance $ 387 $ 3,346 Additions to allowance for which credit losses were not previously recorded — 387 Additions (reductions) to allowance for fixed maturities that previously had an allowance — — Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period (387) (3,346) Allowance for credit losses ending balance $ — $ 387 |
Schedule of Percentages Of Investments By Major Components At Fair Value | At December 31, 2022, the investment portfolio, at fair value, consisted of the following: Investment grade fixed maturities: Corporates 73 % States, municipalities, and political subdivisions 13 U.S. Government direct, guaranteed, and government-sponsored enterprises 2 Other 1 Below investment grade fixed maturities: Corporates 2 States, municipalities, and political subdivisions — U.S. Government direct, guaranteed, and government-sponsored enterprises — Other — 91 Other Policy loans, which are secured by the underlying insurance policy values 3 Other investments 6 100 % |
Schedule Of Industry Concentrations Held In Corporate Portfolio | Below are the ten largest industry concentrations held in the portfolio of corporate fixed maturities at December 31, 2022, based on fair value: Insurance 16 % Electric utilities 10 Banks 9 Oil and natural gas pipelines 6 Chemicals 4 Transportation 4 Food 3 Telecommunications 3 Real estate investment trusts 3 Gas utilities 3 |
Schedule of Other Long-Term Investments | Other long-term investments consist of the following assets: December 31, 2022 2021 Investment funds $ 768,689 $ 640,263 Commercial mortgage loan participations 181,305 141,843 Other 26,022 11,819 Total $ 976,016 $ 793,925 |
Schedule of Investment Funds | The following table presents additional information about the Company's investment funds as of December 31, 2022 and December 31, 2021 at fair value: December 31, Fair Value Unfunded Commitments Investment Category 2022 2021 2022 Redemption Term/Notice Commercial mortgage loans $ 431,405 $ 423,776 $ 345,780 Fully redeemable and non-redeemable with varying terms. Opportunistic credit 158,524 178,215 — Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period. Infrastructure 159,534 22,664 20,988 Fully redeemable and non-redeemable with varying terms. Other 19,226 15,608 120,097 Total investment funds $ 768,689 $ 640,263 $ 486,865 |
Summary of Commercial Mortgage Loan Participations | Summaries of commercial mortgage loans at December 31, 2022 and 2021 are as follows: 2022 2021 Carrying Value % of Total Carrying Value % of Total Property type: Mixed use $ 62,375 34 $ 57,996 41 Multi-family 42,232 23 14,872 11 Hospitality 27,796 15 23,186 16 Industrial 27,248 15 17,900 13 Retail 15,342 9 19,811 14 Office 8,101 5 8,905 6 Total recorded investment 183,094 101 142,670 101 Less allowance for credit losses (1,789) (1) (827) (1) Carrying value, net of valuation allowance $ 181,305 100 $ 141,843 100 2022 2021 Carrying Value % of Total Carrying Value % of Total Geographic location: California $ 64,477 36 $ 67,659 48 Florida 33,182 18 8,213 6 Texas 22,905 13 5,898 4 New York 19,167 11 18,374 13 Washington 14,925 8 — — Arizona 9,940 5 — — Other 18,498 10 42,526 30 Total recorded investment 183,094 101 142,670 101 Less allowance for credit losses (1,789) (1) (827) (1) Carrying value, net of valuation allowance $ 181,305 100 $ 141,843 100 |
Schedule of Commercial Loan Participations, Credit Quality Indicators | The following tables are reflective of the key factors, debt service coverage ratios and loan-to-value ratios (LTVs), that are utilized by management to monitor the performance of the portfolios. The Company only invests in commercial mortgage loans that have a loan-to-value ratio less than 80%. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss. December 31, 2022 Recorded Investment Debt Service Coverage Ratios (1) <1.00x 1.00x—1.20x >1.20x Total % of Total Loan-to-value ratio (2) : Less than 70% $ 23,984 $ 107,099 $ 11,900 $ 142,983 79 70% to 80% — 21,904 1,226 23,130 13 81% to 90% 8,226 — — 8,226 4 Greater than 90% 6,966 — — 6,966 4 Total $ 39,176 $ 129,003 $ 13,126 $ 181,305 100 (1) Annual net operating income divided by annual mortgage debt service (principal and interest). (2) Loan balance divided by the fair value of the property. LTVs are generally assessed on an annual basis, or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. December 31, 2021 Recorded Investment Debt Service Coverage Ratios (1) <1.00x 1.00x—1.20x >1.20x Total % of Total Loan-to-value ratio (2) : Less than 70% $ 13,650 $ 80,672 $ — $ 94,322 67 70% to 80% 6,255 19,780 — 26,035 18 81% to 90% 8,166 — — 8,166 6 Greater than 90% 8,754 4,566 — 13,320 9 Total $ 36,825 $ 105,018 $ — $ 141,843 100 (1) Annual net operating income divided by annual mortgage debt service (principal and interest). (2) Loan balance divided by the fair value of the property. LTVs are generally assessed on an annual basis, or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. |
Schedule of Commercial Loan Participations, Allowance for Credit Loss | Year Ended December 31, 2022 2021 Allowance for credit losses beginning balance $ 827 $ 3,505 Provision (reversal) for credit losses 962 (2,678) Allowance for credit losses ending balance $ 1,789 $ 827 |
Deferred Acquisition Costs (Tab
Deferred Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Analysis of Deferred Acquisition Costs | An analysis of "DAC" is as follows: Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 4,914,728 $ 4,595,444 $ 4,341,941 Additions: Deferred during period: Commissions 710,659 678,517 600,577 Other expenses 249,924 227,730 222,408 Total deferred 960,583 906,247 822,985 Value of business acquired (1) — 16,500 — Foreign exchange adjustment — — 4,755 Adjustment attributable to unrealized investment losses (2) 9,707 1,628 1,533 Total additions 970,290 924,375 829,273 Deductions: Amortized during period (624,407) (603,838) (575,770) Foreign exchange adjustment (10,704) (1,253) — Total deductions (635,111) (605,091) (575,770) Balance at end of year $ 5,249,907 $ 4,914,728 $ 4,595,444 (1) Refer to Note 1—Significant Accounting Policies for the discussion on the acquisition of Globe Life Benefits. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Rental Expense for Operating Leases | Rental expense for the three years ended December 31, 2022 is as follows: Year Ended December 31, 2022 2021 2020 Rental expense $ 4,239 $ 4,674 $ 4,674 |
Future Minimum Rental Commitments | Future minimum rental commitments required under operating leases having remaining noncancelable lease terms in excess of one year at December 31, 2022 were as follows: Year Ended December 31, 2023 2024 2025 2026 2027 Thereafter Operating lease commitments $ 3,706 $ 2,848 $ 1,307 $ 1,148 $ 853 $ 5,275 |
Long-term Purchase Commitment | Year Ended December 31, 2023 2024 2025 2026 2027 Thereafter Purchase commitments $ 95,410 $ 41,447 $ 14,569 $ 16,121 $ 9,168 $ 214,040 |
Liability for Unpaid Claims (Ta
Liability for Unpaid Claims (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Summary of Liability for Unpaid Health Claims | Activity in the liability for unpaid health claims is summarized as follows: Year Ended December 31, 2022 2021 2020 Balance at beginning of period $ 167,832 $ 162,261 $ 163,808 Incurred related to: Current year 675,785 638,054 584,936 Prior years (15,631) (22,477) (14,829) Total incurred 660,154 615,577 570,107 Paid related to: Current year 517,855 487,096 442,127 Prior years 131,610 122,910 129,527 Total paid 649,465 610,006 571,654 Balance at end of period $ 178,521 $ 167,832 $ 162,261 |
Schedule of Reconciliation of Policy Claims and Other Benefits Payable | Below is the reconciliation of the liability of " Policy claims and other benefits payable" in the Consolidated Balance Sheets . December 31, 2022 2021 Policy claims and other benefits payable: Life insurance $ 251,506 $ 245,108 Health insurance 178,521 167,832 Total $ 430,027 $ 412,940 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Taxes | The following table discloses significant components of income taxes for each year presented: Year Ended December 31, 2022 2021 2020 Income tax expense (benefit) from operations: Current income tax expense (benefit) $ 138,248 $ 144,718 $ 129,647 Deferred income tax expense (benefit) 28,359 22,713 35,264 166,607 167,431 164,911 Shareholders’ equity: Other comprehensive income (loss) (1,088,098) (93,480) 314,845 $ (921,491) $ 73,951 $ 479,756 |
Summary of Effective Income Tax Rate | The effective income tax rate differed from the expected U.S. federal statutory rate of 21% as shown below: Year Ended December 31, 2022 % 2021 % 2020 % Expected federal income tax expense (benefit) $ 190,325 21.0 $ 191,602 21.0 $ 188,304 21.0 Increase (reduction) in income taxes resulting from: Low income housing investments (11,443) (1.2) (12,115) (1.3) (11,913) (1.3) Share-based awards (5,251) (0.6) (5,597) (0.6) (5,013) (0.6) Tax-exempt investment income (8,961) (1.0) (6,977) (0.8) (5,830) (0.6) Other 1,937 0.2 518 0.1 (637) (0.1) Income tax expense (benefit) $ 166,607 18.4 $ 167,431 18.4 $ 164,911 18.4 |
Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2022 2021 Deferred tax assets: Unrealized losses $ 373,175 $ — Carryover of tax losses 2,470 5,962 Total gross deferred tax assets 375,645 5,962 Deferred tax liabilities: Unrealized gains — 713,879 Employee and agent compensation 86,063 93,738 Deferred acquisition costs 764,813 723,337 Future policy benefits, unearned and advance premiums, and policy claims 216,268 226,943 Other liabilities 17,479 15,738 Total gross deferred tax liabilities 1,084,623 1,773,635 Net deferred tax liability $ 708,978 $ 1,767,673 |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost | The total cost of these retirement plans charged to operations was as follows: Year Ended December 31, 2022 2021 2020 Plan Type: Defined Contribution Plans (1) $ 5,824 $ 5,188 $ 4,855 Defined Benefit Pension Plans (2) 37,040 41,778 33,826 (1) 401K plans. (2) Qualified pension plans and SERP. |
Schedule of Pension Assets by Component at Fair Value | The following table presents the assets of the Company's pension plans at December 31, 2022 and 2021. Pension Assets by Component at December 31, 2022 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % of Corporate bonds: Financial $ — $ 35,649 $ — $ 35,649 7 Utilities — 23,436 — 23,436 5 Energy — 12,776 — 12,776 3 Other corporates — 56,786 — 56,786 11 Total corporate bonds — 128,647 — 128,647 26 Exchange traded fund (1) 258,297 — — 258,297 52 U.S. Government and Agency — 44,213 — 44,213 9 Other bonds — 200 — 200 — Guaranteed annuity contract (2) — 43,116 — 43,116 8 Short-term investments 4,467 — — 4,467 1 Other 6,547 — — 6,547 1 $ 269,311 $ 216,176 $ — 485,487 97 Other long-term investments (3) 14,288 3 Total pension assets $ 499,775 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan. (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1% of the investment fund. As of December 31, 2022, the expected term of the investment fund is approximately 2 years and the commitment of the investment is fully funded. The investment is non-redeemable. Pension Assets by Component at December 31, 2021 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % of Corporate bonds: Financial $ — $ 52,522 $ — $ 52,522 9 Utilities — 43,663 — 43,663 7 Energy — 22,719 — 22,719 4 Other corporates — 88,673 — 88,673 15 Total corporate bonds — 207,577 — 207,577 35 Exchange traded fund (1) 315,720 — — 315,720 52 Other bonds — 239 — 239 — Guaranteed annuity contract (2) — 34,743 — 34,743 6 Short-term investments 13,731 — — 13,731 2 Other 10,388 — — 10,388 2 $ 339,839 $ 242,559 $ — 582,398 97 Other long-term investments (3) 15,149 3 Total pension assets $ 597,547 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan. |
Schedule of Information Regarding the SERP | The following tables include premiums paid for the company owned life insurance (COLI) for the three years ended December 31, 2022 and investments of the Rabbi Trust for the two years ended December 31, 2022. Year Ended December 31, 2022 2021 2020 Premiums paid for insurance coverage $ 443 $ 2,193 $ 2,480 At December 31, 2022 2021 Total investments: COLI $ 54,681 $ 52,791 Exchange traded funds 71,258 87,133 $ 125,939 $ 139,924 |
Schedule of Pension Liability | The following table presents projected benefit obligation (PBO) and accumulated benefit obligation (ABO) for the pension plans and SERP at December 31, 2022 and 2021. Pension Liability December 31, 2022 2021 PBO ABO PBO ABO Pension plans $ 492,103 $ 458,510 $ 686,917 $ 601,647 SERP 70,464 67,776 92,017 87,915 Benefit Obligation $ 562,567 $ 526,286 $ 778,934 $ 689,562 For the year-ended December 31, 2022, the pension plans have plan assets with fair values in excess of projected benefit obligations. The projected benefit obligations and the fair value of plan assets were as follows: At December 31, 2022 2021 Funded benefit pension plans PBO $ 492,103 $ 686,917 Funded benefit pension plans fair value of plan assets 499,775 597,547 For the year-ended December 31, 2022, the funded benefit pension plans have plan assets with fair value in excess of the accumulated benefit obligations. The accumulated benefit obligations and the fair value of plan assets were as follows: At December 31, 2022 2021 Funded benefit pension plans ABO $ 458,510 $ 601,647 Funded benefit pension plans fair value of plan assets 499,775 597,547 |
Weighted Average Pension Plan Assumptions | The following table discloses the assumptions used to determine Globe Life's pension liabilities and costs for the appropriate periods. The discount and compensation increase rates are used to determine current year projected benefit obligations and subsequent year pension expense. The long-term rate of return is used to determine current year expense. Differences between assumptions and actual experience are included in actuarial gain or loss. Weighted Average Pension Plan Assumptions For Benefit Obligations at December 31: 2022 2021 Discount rate 5.71 % 3.19 % Rate of compensation increase 4.40 4.43 For Periodic Benefit Cost for the Year: 2022 2021 2020 Discount rate 3.19 % 2.92 % 3.49 % Expected long-term returns 6.98 6.67 6.67 Rate of compensation increase 4.43 3.97 3.97 |
Components of Net Periodic Pension Costs and Post-Retirement Benefit Costs | Net periodic benefit cost for the defined benefit plans by expense component was as follows: Year Ended December 31, 2022 2021 2020 Service cost—benefits earned during the period $ 34,624 $ 31,672 $ 24,461 Interest cost on projected benefit obligation 24,445 21,957 22,825 Expected return on assets (35,539) (32,331) (29,561) Amortization of prior service cost (credit) 1,077 631 632 Recognition of actuarial gain (loss) 12,433 19,849 15,469 Net periodic benefit cost $ 37,040 $ 41,778 $ 33,826 |
Analysis of Impact on Other Comprehensive Income (Loss) | An analysis of the impact on other comprehensive income (loss) concerning pensions and other postretirement benefits is as follows: Year Ended December 31, 2022 2021 2020 Balance at January 1 $ (131,239) $ (208,770) $ (182,233) Amortization of: Prior service cost (credit) 1,077 631 632 Net actuarial (gain) loss (1) 12,677 20,166 16,000 Total amortization 13,754 20,797 16,632 Plan amendments — (4,565) — Experience gain (loss) (2) 119,055 61,299 (43,169) Balance at December 31 $ 1,570 $ (131,239) $ (208,770) (1) Includes amortization of postretirement benefits other than pensions of $289 thousand in 2022, $228 thousand in 2021, and $302 thousand in 2020. (2) The increase in the experience gain (loss) is related to an increase discount rate. |
Reconciliation of Benefit Obligation and Plan Assets | The following table presents a reconciliation from the beginning to the end of the year of the PBO and plan assets for the pension plans and SERP. This table also presents the amounts previously recognized as a component of accumulated other comprehensive income. Pension Benefits Year Ended December 31, 2022 2021 Changes in PBO: PBO at beginning of year $ 778,934 $ 763,313 Service cost 34,624 31,672 Interest cost 24,445 21,957 Plan amendments — 4,565 Actuarial loss (gain) (241,995) (16,938) Benefits paid (33,441) (25,635) PBO at end of year 562,567 778,934 Changes in plan assets: Fair value at beginning of year 597,547 529,532 Return on assets (94,175) 75,792 Contributions 29,844 17,858 Benefits paid (33,441) (25,635) Fair value at end of year 499,775 597,547 Funded status at year end $ (62,792) $ (181,387) |
Schedule of Amounts Recognized as Components Accumulated Other Comprehensive Income | Changes in the PBO related to actuarial losses (gains) are primarily attributed to changes in the discount rate. Year Ended December 31, Amounts recognized in accumulated other comprehensive income consist of: 2022 2021 Net loss (gain) $ (4,497) $ 120,217 Prior service cost 7,569 8,647 Net amounts recognized at year end $ 3,072 $ 128,864 |
Estimated Future Payments for Post-Retirement Benefit Plans | Globe Life has estimated its expected pension benefits to be paid over the next ten years as of December 31, 2022. These estimates use the same assumptions that measure the benefit obligation at December 31, 2022, taking estimated future employee service into account. Those estimated benefits are as follows: For the year(s): 2023 $ 26,882 2024 29,653 2025 30,948 2026 33,242 2027 35,359 2028-2032 207,853 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Noncash Transactions | The following table summarizes Globe Life's noncash transactions, which are not reflected on the Consolidated Statements of Cash Flows : Year Ended December 31, 2022 2021 2020 Stock-based compensation not involving cash $ 35,650 $ 30,272 $ 35,892 Commitments for low-income housing interests 136,882 177,010 161,503 Exchanges of fixed maturity investments 147,612 109,226 219,807 Net unsettled security trades — 6,963 1,669 Noncash tax credits 1,000 1,883 — |
Summary of Amounts Paid | The following table summarizes certain amounts paid during the period: Year Ended December 31, 2022 2021 2020 Interest paid $ 88,814 $ 83,072 $ 83,518 Income taxes paid 114,888 96,218 76,701 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Selected Information about Debt Issues | The following table presents information about the terms and outstanding balances of Globe Life's debt. Selected Information about Debt Issues As of December 31, 2022 December 31, Instrument Issue Date Maturity Date Coupon Rate Par Unamortized Discount & Issuance Costs Book Fair Book Senior notes 5/27/1993 5/15/2023 7.875% $ 165,612 $ (112) $ 165,500 $ 166,819 $ 165,216 Senior notes (2) 9/24/2012 9/15/2022 3.800% — — — — 149,752 Senior notes 9/27/2018 9/15/2028 4.550% 550,000 (4,399) 545,601 534,501 544,949 Senior notes 8/21/2020 8/15/2030 2.150% 400,000 (3,781) 396,219 314,996 395,778 Senior notes (1) 5/19/2022 6/15/2032 4.800% 250,000 (4,507) 245,493 236,263 — Junior subordinated debentures 11/17/2017 11/17/2057 5.275% 125,000 (1,590) 123,410 121,817 123,396 Junior subordinated debentures 6/14/2021 6/15/2061 4.250% 325,000 (7,771) 317,229 232,700 317,155 1,815,612 (22,160) 1,793,452 1,607,096 1,696,246 Less current maturity of long-term debt 165,612 (112) 165,500 166,819 149,752 Total long-term debt 1,650,000 (22,048) 1,627,952 1,440,277 1,546,494 Current maturity of long-term debt 165,612 (112) 165,500 166,819 149,752 Commercial paper 285,000 (1,397) 283,603 283,604 329,892 Total short-term debt 450,612 (1,509) 449,103 450,423 479,644 Total deb t $ 2,100,612 $ (23,557) $ 2,077,055 $ 1,890,700 $ 2,026,138 (1) An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation. Credit Facility - Commercial Paper At December 31, 2022 2021 Balance at end of period (at par value) $ 285,000 $ 330,033 Annualized interest rate 4.78 % 0.29 % Letters of credit outstanding $ 125,000 $ 125,000 Remaining amount available under credit line 340,000 294,967 Year Ended December 31, 2022 2021 2020 Average balance outstanding during period $ 322,531 $ 311,049 $ 318,409 Daily-weighted average interest rate (annualized) 1.89 % 0.23 % 1.50 % Maximum daily amount outstanding during period $ 500,529 $ 465,033 $ 482,000 |
Schedule of Maturities of Long-term Debt | The following table presents expected scheduled principal payments under our contractual debt obligations: Year Ended December 31, 2023 2024 2025 2026 2027 Thereafter Debt obligations $ 450,612 $ — $ — $ — $ — $ 1,650,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Common Stock Activity | A summary of common share activity is presented in the following chart. Common Stock Issued Treasury 2020: Balance at January 1, 2020 117,218,183 (9,497,940) Grants of restricted stock — 4,548 Vesting of performance shares — 271,843 Issuance of common stock due to exercise of stock options — 936,289 Treasury stock acquired — (5,135,439) Retirement of treasury stock (4,000,000) 4,000,000 Balance at December 31, 2020 113,218,183 (9,420,699) 2021: Grants of restricted stock — 10,031 Vesting of performance shares — 210,155 Issuance of common stock due to exercise of stock options — 1,191,704 Treasury stock acquired — (5,642,036) Retirement of treasury stock (4,000,000) 4,000,000 Balance at December 31, 2021 109,218,183 (9,650,845) 2022: Grants of restricted stock — 10,746 Vesting of performance shares — 66,751 Issuance of common stock due to exercise of stock options — 1,519,728 Treasury stock acquired — (4,424,668) Retirement of treasury stock (4,000,000) 4,000,000 Balance at December 31, 2022 105,218,183 (8,478,288) |
Acquisition of Common Shares | See the following summary below: Globe Life Share Repurchase Program Share Repurchase for Dilution Purposes Shares Acquired Total Cost Average Price Shares Acquired Total Cost Average Price 2022 3,322 $ 335,145 $ 100.90 1,103 $ 119,493 $ 108.33 2021 4,784 455,030 95.11 858 86,405 100.75 2020 4,459 380,112 85.24 676 63,754 94.28 |
Reconciliation of Basic and Diluted Weighted Average Shares Outstanding | A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows: Year Ended December 31, 2022 2021 2020 Basic weighted average shares outstanding 97,927,770 102,069,781 106,075,267 Weighted average dilutive options outstanding 1,056,874 1,100,351 1,149,327 Diluted weighted average shares outstanding 98,984,644 103,170,132 107,224,594 Antidilutive shares 31,269 2,412,884 2,476,019 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Grant Contract Periods and Vesting Periods | Options generally vest in accordance with the following schedule: Shares vested by period Contract Period 6 Months Year 1 Year 2 Year 3 Year 4 Year 5 Directors 7 years 100% —% —% —% —% —% Employees 7 years —% —% 50% 50% —% —% Employees 10 years —% —% 25% 25% 25% 25% |
Analysis of Shares Available for Grant | An analysis of shares available for grant is as follows: Available for Grant 2022 2021 2020 Balance at January 1, 4,727,088 5,984,418 7,167,718 Options expired and forfeited during year (1) 13,405 5,304 3,325 Performance shares expired and forfeited during year (2) 23,250 34,255 35,495 Options granted during year (1) (1,105,180) (1,091,495) (1,127,610) Restricted stock, restricted stock units, and performance shares granted (2) (480,677) (205,394) (94,510) Balance at December 31, 3,177,886 4,727,088 5,984,418 (1) Plan allows for grant of options such that each grant reduces shares available for grant in a range from 0.85 share to 1.0 share. |
Summary of Stock Compensation Activity | A summary of stock compensation activity for each of the three years ended December 31, 2022, is presented below: 2022 2021 2020 Stock-based compensation expense recognized (1) $ 35,650 $ 30,272 $ 35,892 Tax benefit recognized 12,738 11,954 12,550 (1) No stock-based compensation expense was capitalized in any period in accordance with applicable GAAP. |
Schedule of Additional Information of Stock-Based Compensation | Additional stock compensation information is as follows at December 31: 2022 2021 Unrecognized compensation (1) $ 33,977 $ 26,602 Weighted average period of expected recognition (in years) (1) 0.56 0.57 |
Summary of Options Outstanding | Options: The following table summarizes information about stock options outstanding at December 31, 2022. Options Outstanding Options Exercisable Range of Number Weighted- Weighted- Number Weighted- $37.40 - $83.17 2,091,530 2.65 $ 77.06 2,091,530 $ 77.06 87.60 - 90.21 1,025,535 3.30 87.64 910,379 87.65 92.40 - 98.32 1,283,538 4.98 98.27 14,613 93.57 100.74 1,237,167 4.03 100.74 619,080 100.74 103.23 - 105.56 1,324,604 6.10 103.29 31,269 105.56 $37.40 - $105.56 6,962,374 4.08 $ 91.73 3,666,871 $ 84.00 |
Analysis of Option Activity | An analysis of option activity for each of the three years ended December 31, 2022, is as follows: 2022 2021 2020 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding—beginning of year 7,197,662 $ 85.11 7,111,231 $ 78.28 6,724,358 $ 70.07 Granted: 7-year term 1,300,211 103.20 1,284,112 98.28 1,326,599 100.85 Exercised (1,519,728) 70.14 (1,191,704) 58.59 (936,289) 51.37 Expired and forfeited (15,771) 96.54 (5,977) 74.15 (3,437) 75.27 Outstanding—end of year 6,962,374 $ 91.73 7,197,662 $ 85.11 7,111,231 $ 78.28 Exercisable at end of year 3,666,871 $ 84.00 3,659,755 $ 75.55 3,389,399 $ 67.19 |
Schedule of Additional Information on Unvested Options | Additional information about Globe Life's stock option activity as of December 31, 2022 and 2021 is as follows: 2022 2021 Outstanding options: Weighted-average remaining contractual term (in years) 4.08 4.31 Aggregate intrinsic value $ 200,681 $ 77,329 Exercisable options: Weighted-average remaining contractual term (in years) 3.01 3.27 Aggregate intrinsic value $ 134,033 $ 66,978 Selected stock option activity for the three years ended December 31, 2022, is presented below: 2022 2021 2020 Weighted-average grant-date fair value of options granted $ 22.03 $ 18.01 $ 14.64 Intrinsic value of options exercised 58,201 50,641 40,517 Cash received from options exercised 106,592 69,826 48,093 Actual tax benefit received 11,907 10,545 8,508 Additional information concerning Globe Life's unvested options is as follows at December 31: 2022 2021 Number of shares outstanding 3,295,503 3,537,907 Weighted-average exercise price (per share) $ 100.33 $ 94.99 Weighted-average remaining contractual term (in years) 5.26 5.37 Aggregate intrinsic value $ 66,647 $ 10,352 |
Schedule Of Restricted Stock Units Outstanding And Vested | Following are the restricted stock units outstanding for each of the three years ended December 31, 2022. Year of grants Outstanding as of year end 2020 77,167 2021 84,426 2022 93,381 |
Schedule of Performance Shares Settled | Below is the final determination of the performance share grants in 2018 to 2020: Year of grants Final settlement of shares Final settlement date 2018 210,155 February 24, 2021 2019 66,751 February 23, 2022 2020 84,298 February 22, 2023 |
Summary of Restricted Stock and Restricted Stock Units Granted | A summary of restricted stock grants for each of the years in the three-year period ended December 31, 2022, is presented in the table below. 2022 2021 2020 Directors restricted stock: Shares 10,746 10,031 4,548 Price per share $ 94.94 $ 92.40 $ 105.56 Aggregate value $ 1,020 $ 927 $ 480 Percent vested 100 % 97 % 100 % Directors restricted stock units (including dividend equivalents): Shares 8,956 7,258 6,161 Price per share $ 95.62 $ 92.60 $ 103.32 Aggregate value $ 856 $ 672 $ 637 Percent vested 100 % 96 % 100 % Performance shares: Target shares 146,500 139,500 151,200 Target price per share $ 103.23 $ 98.32 $ 100.74 Aggregate value $ 15,123 $ 13,716 $ 15,232 Percent vested — % — % — % |
Analysis of Unvested Restricted Stock | An analysis of nonvested restricted stock is as follows: Executive Executive Directors Directors Total 2020: Balance at December 31, 2019 — 716,542 — — 716,542 Grants — 151,200 4,548 6,161 161,909 Additional performance shares (1) — (65,473) — — (65,473) Restriction lapses — (271,843) (4,548) (6,161) (282,552) Forfeitures — (11,450) — — (11,450) Balance at December 31, 2020 — 518,976 — — 518,976 2021: Grants — 139,500 10,031 7,258 156,789 Additional performance shares (1) — (94,883) — — (94,883) Restriction lapses — (210,155) (9,742) (6,969) (226,866) Forfeitures — (11,050) — — (11,050) Balance at December 31, 2021 — 342,388 289 289 342,966 2022: Grants — 146,500 10,746 8,956 166,202 Additional performance shares (1) — (16,102) — — (16,102) Restriction lapses — (66,751) (11,035) (9,245) (87,031) Forfeitures — (7,500) — — (7,500) Balance at December 31, 2022 — 398,535 — — 398,535 (1) Estimated additional (reduced) share grants expected due to achievement of performance criteria. |
Schedule of Weighted-Average Grant-Date Fair Values of Unvested Restricted Stock | An analysis of the weighted-average grant-date fair values per share of nonvested restricted stock is as follows for the year 2022: Executive Restricted Stock Executive Performance Shares Directors Restricted Stock Directors Restricted Stock Units Grant-date fair value per share at January 1, 2022 $ — $ 94.75 $ 92.56 $ 92.56 Grants — 103.23 94.94 94.94 Estimated additional performance shares — (81.42) — — Restriction lapses — (82.56) (94.88) (94.94) Forfeitures — (82.56) — — Grant-date fair value per share at December 31, 2022 — 100.68 — — |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Premium Income by Distribution Channel | Premium Income by Distribution Channel For the Year 2022 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 1,505,425 50 $ 117,308 9 $ — — $ 1,622,733 38 Direct to Consumer 981,517 32 71,095 6 — — 1,052,612 24 Liberty National 326,642 11 185,761 14 — — 512,403 12 United American 7,913 — 538,428 42 1 100 546,342 13 Family Heritage 5,587 — 366,820 29 — — 372,407 9 Other 196,212 7 — — — — 196,212 4 $ 3,023,296 100 $ 1,279,412 100 $ 1 100 $ 4,302,709 100 For the Year 2021 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 1,402,878 48 $ 114,950 9 $ — — $ 1,517,828 37 Direct to Consumer 971,461 34 73,946 6 — — 1,045,407 25 Liberty National 311,081 11 187,327 16 — — 498,408 12 United American 8,822 — 481,614 40 1 100 490,437 12 Family Heritage 4,957 — 343,839 29 — — 348,796 9 Other 199,011 7 — — — — 199,011 5 $ 2,898,210 100 $ 1,201,676 100 $ 1 100 $ 4,099,887 100 For the Year 2020 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of American Income $ 1,257,726 47 $ 105,734 9 $ — — $ 1,363,460 36 Direct to Consumer 906,959 34 76,527 7 — — 983,486 26 Liberty National 293,897 11 188,835 16 — — 482,732 13 United American 9,688 — 452,980 40 4 100 462,672 12 Family Heritage 4,253 — 317,021 28 — — 321,274 8 Other 200,281 8 — — — — 200,281 5 $ 2,672,804 100 $ 1,141,097 100 $ 4 100 $ 3,813,905 100 |
Schedule of Reconciliation of Segment Operating Information to Consolidated Statement of Operations | The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Year Ended December 31, 2022 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 3,023,296 $ 1,279,412 $ 1 $ — $ — $ — $ 4,302,709 Net investment income — — — 987,499 — — 987,499 Other income — — — — 1,246 — 1,246 Total revenue 3,023,296 1,279,412 1 987,499 1,246 — 5,291,454 Expenses: Policy obligations 2,045,730 791,809 27,846 71 — — 2,865,456 Required interest on reserves (771,914) (109,789) (38,090) 919,793 — — — Required interest on DAC 229,957 30,695 191 (260,843) — — — Amortization of acquisition costs 494,431 128,170 1,806 — — — 624,407 Commissions, premium taxes, and non-deferred acquisition costs 256,546 117,815 22 — — — 374,383 Insurance administrative expense (1) — — — — 299,341 8,175 (2,3) 307,516 Parent expense — — — — 11,156 (368) (3) 10,788 Stock-based compensation expense — — — — 35,650 — 35,650 Interest expense — — — 90,395 — — 90,395 Total expenses 2,254,750 958,700 (8,225) 749,416 346,147 7,807 4,308,595 Subtotal 768,546 320,712 8,226 238,083 (344,901) (7,807) 982,859 Non-operating items — — — — — 7,807 (2,3) 7,807 Measure of segment profitability (pretax) $ 768,546 $ 320,712 $ 8,226 $ 238,083 $ (344,901) $ — 990,666 Realized gain (loss)—investments (76,548) Legal proceedings (2,496) Non-operating expenses (5,311) Income before income taxes per Consolidated Statements of Operations $ 906,311 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. (3) Non-operating expenses. Year Ended December 31, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 2,898,210 $ 1,201,676 $ 1 $ — $ — $ — $ 4,099,887 Net investment income — — — 952,447 — — 952,447 Other income — — — — 1,216 — 1,216 Total revenue 2,898,210 1,201,676 1 952,447 1,216 — 5,053,550 Expenses: Policy obligations 2,070,485 758,745 29,061 — — 1,325 (2) 2,859,616 Required interest on reserves (735,282) (102,574) (39,966) 877,822 — — — Required interest on DAC 218,575 28,556 258 (247,389) — — — Amortization of acquisition costs 486,724 115,194 1,920 — — — 603,838 Commissions, premium taxes, and non-deferred acquisition costs 234,033 97,453 24 — — — 331,510 Insurance administrative expense (1) — — — — 271,631 10,398 (3,4) 282,029 Parent expense — — — — 9,553 175 (4) 9,728 Stock-based compensation expense — — — — 30,272 — 30,272 Interest expense — — — 83,486 — — 83,486 Total expenses 2,274,535 897,374 (8,703) 713,919 311,456 11,898 4,200,479 Subtotal 623,675 304,302 8,704 238,528 (310,240) (11,898) 853,071 Non-operating items — — — — — 11,898 (2,3,4) 11,898 Measure of segment profitability (pretax) $ 623,675 $ 304,302 $ 8,704 $ 238,528 $ (310,240) $ — 864,969 Realized gain (loss)—investments 68,633 Realized loss—redemption of debt (9,314) Administrative settlements (1,325) Legal proceedings (8,139) Non-operating expenses (2,434) Income before income taxes per Consolidated Statements of Operations $ 912,390 (1) Administrative expense is not allocated to insurance segments. (2) Administrative settlements. (3) Legal proceedings. (4) Non-operating expenses. Year Ended December 31, 2020 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 2,672,804 $ 1,141,097 $ 4 $ — $ — $ — $ 3,813,905 Net investment income — — — 927,062 — — 927,062 Other income — — — — 1,325 — 1,325 Total revenue 2,672,804 1,141,097 4 927,062 1,325 — 4,742,292 Expenses: Policy obligations 1,809,373 733,481 30,030 — — — 2,572,884 Required interest on reserves (698,112) (93,475) (41,413) 833,000 — — — Required interest on DAC 210,152 26,586 328 (237,066) — — — Amortization of acquisition costs 463,586 110,177 2,007 — — — 575,770 Commissions, premium taxes, and non-deferred acquisition costs 212,859 91,959 23 — — — 304,841 Insurance administrative expense (1) — — — — 250,947 3,985 (2,3) 254,932 Parent expense — — — — 9,891 323 (3) 10,214 Stock-based compensation expense — — — — 35,892 — 35,892 Interest expense — — — 86,704 — — 86,704 Total expenses 1,997,858 868,728 (9,025) 682,638 296,730 4,308 3,841,237 Subtotal 674,946 272,369 9,029 244,424 (295,405) (4,308) 901,055 Non-operating items — — — — — 4,308 (2,3) 4,308 Measure of segment profitability (pretax) $ 674,946 $ 272,369 $ 9,029 $ 244,424 $ (295,405) $ — 905,363 Realized gain (loss)—investments (3,737) Realized loss—redemption of debt (634) Legal Proceedings (3,275) Non-operating expenses (1,033) Income before income taxes per Consolidated Statements of Operations $ 896,684 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. (3) Non-operating expenses. |
Schedule of Assets by Segment | The tables below reconcile segment assets to total assets as reported in the consolidated financial statements. Assets by Segment At December 31, 2022 Life Health Annuity Investment Corporate & Other Consolidated Cash and invested assets $ — $ — $ — $ 18,300,927 $ — $ 18,300,927 Accrued investment income — — — 259,581 — 259,581 Deferred acquisition costs 4,517,577 722,366 9,964 — — 5,249,907 Goodwill 309,609 172,182 — — 481,791 Other assets — — — — 1,244,953 1,244,953 Total assets $ 4,827,186 $ 894,548 $ 9,964 $ 18,560,508 $ 1,244,953 $ 25,537,159 At December 31, 2021 Life Health Annuity Investment Corporate & Other Consolidated Cash and invested assets $ — $ — $ — $ 22,850,154 $ — $ 22,850,154 Accrued investment income — — — 251,307 — 251,307 Deferred acquisition costs 4,236,401 675,871 2,456 — — 4,914,728 Goodwill 309,609 172,182 — — 481,791 Other assets — — — — 1,270,068 1,270,068 Total assets $ 4,546,010 $ 848,053 $ 2,456 $ 23,101,461 $ 1,270,068 $ 29,768,048 |
Schedule of Liabilities by Segment | The tables below reconcile segment liabilities to total liabilities as reported in the consolidated financial statements. Liabilities by Segment At December 31, 2022 Life Health Annuity Investment Corporate & Other Consolidated Future policy benefits $ 13,320,773 $ 2,447,605 $ 953,468 $ — $ — $ 16,721,846 Unearned and advance premiums 18,830 41,912 — — — 60,742 Policy claims and other benefits payable 251,506 178,521 — — — 430,027 Debt — — — 2,077,055 — 2,077,055 Other — — — 23,000 1,328,628 1,351,628 Total liabilities $ 13,591,109 $ 2,668,038 $ 953,468 $ 2,100,055 $ 1,328,628 $ 20,641,298 At December 31, 2021 Life Health Annuity Investment Corporate & Other Consolidated Future policy benefits $ 12,686,851 $ 2,315,507 $ 1,032,369 $ — $ — $ 16,034,727 Unearned and advance premiums 19,874 45,598 — — — 65,472 Policy claims and other benefits payable 245,108 167,832 — — — 412,940 Debt — — — 2,026,138 — 2,026,138 Other — — — — 2,585,965 2,585,965 Total liabilities $ 12,951,833 $ 2,528,937 $ 1,032,369 $ 2,026,138 $ 2,585,965 $ 21,125,242 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Jan. 01, 2023 USD ($) | Aug. 01, 2021 USD ($) | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Significant of Account Policies [Line Items] | |||||
Number of reportable segments | segment | 4 | ||||
Concentration risk percentage | 100% | ||||
Capital called from investment funds | $ 201,000 | ||||
Investment funds, unfunded commitments | $ 487,000 | ||||
Percentage of investment securities not classified as corporate securities, state and municipal securities, redeemable preferred stocks and U.S. government securities (less than) | 1% | ||||
Fair value determined by third party | 97% | ||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued investment income | ||||
Agent debit balances | $ 460,000 | $ 467,000 | |||
Agent debit balances, allowance for credit losses | 1,000 | ||||
Advertising costs charged to earnings and included in other operating | 9,400 | 10,000 | $ 9,800 | ||
Capitalized advertising costs | 1,500,000 | 1,400,000 | |||
Carrying value of investment in low-income housing interests | 315,000 | 328,000 | |||
Obligations under future commitments for low-income housing interests | 137,000 | ||||
Original cost of property and equipment | 406,000 | 378,000 | |||
Accumulated depreciation | 194,000 | 173,000 | |||
Depreciation expense | $ 21,000 | 20,000 | 17,000 | ||
Traditional life and health, interest rate, low end | 2.50% | ||||
Traditional life and health, interest rate, high end | 7% | ||||
Traditional life and health, weighted average interest rate | 5.80% | ||||
Insurance policy charges | $ 13,500 | 14,200 | 14,700 | ||
Amortized during period | $ (624,407) | (603,838) | $ (575,770) | ||
Beazley Insurance Company | |||||
Significant of Account Policies [Line Items] | |||||
Acquisition consideration | $ 59,200 | ||||
Commercial loan participations | |||||
Significant of Account Policies [Line Items] | |||||
Financing receivable, term | 3 years | ||||
Financing receivable, extension term | 2 years | ||||
Unfunded loan commitment | |||||
Significant of Account Policies [Line Items] | |||||
Unfunded commitment balance to commercial loan borrowers | $ 38,000 | ||||
Commercial mortgage loan participations | |||||
Significant of Account Policies [Line Items] | |||||
Unfunded commitment balance to commercial loan borrowers | 181,305 | $ 141,843 | |||
Accrued interest receivable | 903 | ||||
Investment in Limited Partnerships | |||||
Significant of Account Policies [Line Items] | |||||
Capital called from investment funds | 201,000 | ||||
Investment funds, unfunded commitments | $ 486,865 | ||||
Equity Option | Torchmark Corporation 2018 Incentive Plan | |||||
Significant of Account Policies [Line Items] | |||||
Term over which monthly data points are used to derive volatility | 3 years | ||||
Equity Option | Employee | Three Year Vesting Period | Torchmark Corporation 2018 Incentive Plan | |||||
Significant of Account Policies [Line Items] | |||||
Option grants contractual term | 7 years | ||||
Vesting period | 3 years | ||||
Equity Option | Employee | Five Year Vesting Period | Torchmark Corporation 2018 Incentive Plan | |||||
Significant of Account Policies [Line Items] | |||||
Option grants contractual term | 10 years | ||||
Vesting period | 5 years | ||||
Equity Option | Director | Torchmark Corporation 2018 Incentive Plan | |||||
Significant of Account Policies [Line Items] | |||||
Vesting period | 6 months | ||||
Low-income housing credits and certain limited partnerships | Total Assets | Investment Type | |||||
Significant of Account Policies [Line Items] | |||||
Concentration risk percentage | 2% | ||||
Life insurance | |||||
Significant of Account Policies [Line Items] | |||||
Proportion of future policy reserves which are not universal life type | 90% | ||||
Minimum | Investment in Limited Partnerships | |||||
Significant of Account Policies [Line Items] | |||||
Investment funds ownership percentage | 1% | ||||
Maximum | Investment in Limited Partnerships | |||||
Significant of Account Policies [Line Items] | |||||
Investment funds ownership percentage | 20% | ||||
Equipment | Minimum | |||||
Significant of Account Policies [Line Items] | |||||
Property and equipment, estimated useful life | 3 years | ||||
Equipment | Maximum | |||||
Significant of Account Policies [Line Items] | |||||
Property and equipment, estimated useful life | 10 years | ||||
Building and Improvements | Minimum | |||||
Significant of Account Policies [Line Items] | |||||
Property and equipment, estimated useful life | 15 years | ||||
Building and Improvements | Maximum | |||||
Significant of Account Policies [Line Items] | |||||
Property and equipment, estimated useful life | 40 years | ||||
Cumulative Effect, Period of Adoption, Adjustment | Minimum | Accounting Standards Update 2018-12 | Forecast | |||||
Significant of Account Policies [Line Items] | |||||
Decrease in AOCI | $ 7,500,000 | ||||
Increase in future policy benefits before discount rate change | 9,500,000 | ||||
Decrease in AOCI | 1,200,000 | ||||
Increase in future policy benefits | 1,500,000 | ||||
Amortized during period | 105,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Maximum | Accounting Standards Update 2018-12 | Forecast | |||||
Significant of Account Policies [Line Items] | |||||
Decrease in AOCI | 8,500,000 | ||||
Increase in future policy benefits before discount rate change | 11,000,000 | ||||
Decrease in AOCI | 1,800,000 | ||||
Increase in future policy benefits | 2,300,000 | ||||
Amortized during period | $ 115,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Assumptions for Options Granted (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Volatility factor | 22.30% | 21.80% | 15.70% |
Dividend yield | 0.80% | 0.80% | 0.70% |
Expected term (in years) | 5 years 1 month 13 days | 5 years 1 month 9 days | 5 years 1 month 13 days |
Risk-free rate | 1.90% | 0.60% | 1.20% |
Statutory Accounting - Consolid
Statutory Accounting - Consolidated Net Income and Shareholders' Equity for Insurance Companies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Insurance [Abstract] | |||
Life insurance subsidiaries, net income | $ 444,294 | $ 373,703 | $ 441,589 |
Life insurance subsidiaries, shareholders' equity | $ 1,632,018 | $ 1,523,247 |
Statutory Accounting - Addition
Statutory Accounting - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Insurance [Abstract] | |
Surplus adequate to satisfy regulatory compliance | $ 588 |
Supplemental Information abou_3
Supplemental Information about Changes to Accumulated Other Comprehensive Income - Schedule of Change in Balance by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in AOCI, Net of Tax | |||
Beginning balance | $ 8,642,806 | $ 8,771,092 | $ 7,294,307 |
Other comprehensive income (loss) before reclassifications, net of tax | (4,129,740) | (343,041) | 1,145,356 |
Reclassifications, net of tax | 36,443 | (8,620) | 39,058 |
Other comprehensive income (loss) | (4,093,297) | (351,661) | 1,184,414 |
Ending balance | 4,895,861 | 8,642,806 | 8,771,092 |
Total | |||
Increase (Decrease) in AOCI, Net of Tax | |||
Beginning balance | 2,677,583 | 3,029,244 | 1,844,830 |
Ending balance | (1,415,714) | 2,677,583 | 3,029,244 |
Available for Sale Assets | |||
Increase (Decrease) in AOCI, Net of Tax | |||
Beginning balance | 2,765,290 | 3,175,572 | 1,982,650 |
Other comprehensive income (loss) before reclassifications, net of tax | (4,211,540) | (385,231) | 1,167,003 |
Reclassifications, net of tax | 25,578 | (25,051) | 25,919 |
Other comprehensive income (loss) | (4,185,962) | (410,282) | 1,192,922 |
Ending balance | (1,420,672) | 2,765,290 | 3,175,572 |
Deferred Acquisition Costs | |||
Increase (Decrease) in AOCI, Net of Tax | |||
Beginning balance | (3,418) | (4,704) | (5,916) |
Other comprehensive income (loss) before reclassifications, net of tax | 7,668 | 1,286 | 1,212 |
Reclassifications, net of tax | 0 | 0 | 0 |
Other comprehensive income (loss) | 7,668 | 1,286 | 1,212 |
Ending balance | 4,250 | (3,418) | (4,704) |
Foreign Exchange | |||
Increase (Decrease) in AOCI, Net of Tax | |||
Beginning balance | 19,387 | 23,302 | 12,058 |
Other comprehensive income (loss) before reclassifications, net of tax | (19,923) | (3,915) | 11,244 |
Reclassifications, net of tax | 0 | 0 | 0 |
Other comprehensive income (loss) | (19,923) | (3,915) | 11,244 |
Ending balance | (536) | 19,387 | 23,302 |
Pension Adjustments | |||
Increase (Decrease) in AOCI, Net of Tax | |||
Beginning balance | (103,676) | (164,926) | (143,962) |
Other comprehensive income (loss) before reclassifications, net of tax | 94,055 | 44,819 | (34,103) |
Reclassifications, net of tax | 10,865 | 16,431 | 13,139 |
Other comprehensive income (loss) | 104,920 | 61,250 | (20,964) |
Ending balance | $ 1,244 | $ (103,676) | $ (164,926) |
Supplemental Information abou_4
Supplemental Information about Changes to Accumulated Other Comprehensive Income - Summary of Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrealized investment (gains) losses on available for sale assets: | |||
Realized (gains) losses | $ 76,548 | $ (68,633) | $ 3,737 |
Net investment income | (987,499) | (952,447) | (927,062) |
Other operating expense | 353,954 | 322,029 | 301,038 |
Total before tax | (906,311) | (912,390) | (896,684) |
Tax | 166,607 | 167,431 | 164,911 |
Total after-tax | (739,704) | (744,959) | (731,773) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Unrealized investment (gains) losses on available for sale assets: | |||
Total after-tax | 36,443 | (8,620) | 39,058 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Available for Sale Assets | |||
Unrealized investment (gains) losses on available for sale assets: | |||
Realized (gains) losses | 32,165 | (37,874) | 26,345 |
Net investment income | 212 | 6,164 | 6,464 |
Total before tax | 32,377 | (31,710) | 32,809 |
Tax | (6,799) | 6,659 | (6,890) |
Total after-tax | 25,578 | (25,051) | 25,919 |
Reclassification out of Accumulated Other Comprehensive Income | Pension Adjustments | |||
Unrealized investment (gains) losses on available for sale assets: | |||
Total before tax | 13,754 | 20,797 | 16,632 |
Tax | (2,889) | (4,366) | (3,493) |
Total after-tax | 10,865 | 16,431 | 13,139 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost | |||
Unrealized investment (gains) losses on available for sale assets: | |||
Other operating expense | 1,077 | 631 | 632 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial (gain) loss | |||
Unrealized investment (gains) losses on available for sale assets: | |||
Other operating expense | $ 12,677 | $ 20,166 | $ 16,000 |
Investments - Summary of Fixed
Investments - Summary of Fixed Maturities Available for Sale by Component (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for Credit Losses | $ 0 | $ (387) |
Fair Value | 16,503,365 | 21,305,287 |
Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,301,692 | 17,805,309 |
Allowance for Credit Losses | 0 | (387) |
Gross Unrealized Gains | 238,967 | 3,534,404 |
Gross Unrealized Losses | (2,037,294) | (34,039) |
Fair Value | $ 16,503,365 | $ 21,305,287 |
Percentage of Fixed Maturities at Fair Value | 100% | 100% |
U.S. Government direct, guaranteed, and government-sponsored enterprises | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 394,439 | $ 383,083 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 27 | 64,513 |
Gross Unrealized Losses | (38,968) | (164) |
Fair Value | $ 355,498 | $ 447,432 |
Percentage of Fixed Maturities at Fair Value | 2% | 2% |
States, municipalities, and political subdivisions | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,791,030 | $ 2,252,997 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 24,328 | 239,135 |
Gross Unrealized Losses | (505,447) | (2,907) |
Fair Value | $ 2,309,911 | $ 2,489,225 |
Percentage of Fixed Maturities at Fair Value | 14% | 12% |
Foreign governments | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 55,164 | $ 59,861 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 6 | 900 |
Gross Unrealized Losses | (12,706) | (5,132) |
Fair Value | $ 42,464 | $ 55,629 |
Percentage of Fixed Maturities at Fair Value | 0% | 0% |
Corporates | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 14,935,625 | $ 14,967,902 |
Allowance for Credit Losses | 0 | (387) |
Gross Unrealized Gains | 201,336 | 3,199,104 |
Gross Unrealized Losses | (1,470,897) | (25,406) |
Fair Value | $ 13,666,064 | $ 18,141,213 |
Percentage of Fixed Maturities at Fair Value | 83% | 85% |
Corporates | Financial | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 4,907,794 | $ 4,569,160 |
Allowance for Credit Losses | 0 | (387) |
Gross Unrealized Gains | 63,126 | 907,741 |
Gross Unrealized Losses | (504,489) | (9,349) |
Fair Value | $ 4,466,431 | $ 5,467,165 |
Percentage of Fixed Maturities at Fair Value | 27% | 26% |
Corporates | Utilities | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,924,190 | $ 1,931,391 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 36,670 | 490,119 |
Gross Unrealized Losses | (125,713) | (1,012) |
Fair Value | $ 1,835,147 | $ 2,420,498 |
Percentage of Fixed Maturities at Fair Value | 11% | 11% |
Corporates | Energy | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,436,598 | $ 1,587,892 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 22,637 | 346,780 |
Gross Unrealized Losses | (101,923) | (1,683) |
Fair Value | $ 1,357,312 | $ 1,932,989 |
Percentage of Fixed Maturities at Fair Value | 8% | 9% |
Corporates | Other corporate sectors | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 6,667,043 | $ 6,879,459 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 78,903 | 1,454,464 |
Gross Unrealized Losses | (738,772) | (13,362) |
Fair Value | $ 6,007,174 | $ 8,320,561 |
Percentage of Fixed Maturities at Fair Value | 37% | 39% |
Collateralized debt obligations | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 37,098 | $ 36,468 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 13,266 | 27,037 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 50,364 | $ 63,505 |
Percentage of Fixed Maturities at Fair Value | 0% | 0% |
Other asset-backed securities | Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 88,336 | $ 104,998 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 4 | 3,715 |
Gross Unrealized Losses | (9,276) | (430) |
Fair Value | $ 79,064 | $ 108,283 |
Percentage of Fixed Maturities at Fair Value | 1% | 1% |
Investments - Schedule of Fixed
Investments - Schedule of Fixed Maturities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost, net | ||
Due in one year or less | $ 164,857 | |
Due after one year through five years | 1,068,265 | |
Due after five years through ten years | 1,670,440 | |
Due after ten years through twenty years | 7,785,675 | |
Due after twenty years | 7,486,945 | |
Mortgage-backed and asset-backed securities | 125,510 | |
Fixed maturities, net of allowance for credit losses | 18,301,692 | |
Fair Value | ||
Due in one year or less | 165,085 | |
Due after one year through five years | 1,067,454 | |
Due after five years through ten years | 1,664,710 | |
Due after ten years through twenty years | 7,349,267 | |
Due after twenty years | 6,127,343 | |
Mortgage-backed and asset-backed securities | 129,506 | |
Fixed maturities, fair value | $ 16,503,365 | $ 21,305,287 |
Investments - Schedule of Analy
Investments - Schedule of Analysis of Investment Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Line Items] | |||
Investment income, gross | $ 1,009,582 | $ 973,601 | $ 944,894 |
Less investment expense | (22,083) | (21,154) | (17,832) |
Net investment income | 987,499 | 952,447 | 927,062 |
Fixed maturities available for sale | |||
Net Investment Income [Line Items] | |||
Investment income, gross | 910,284 | 892,421 | 873,352 |
Policy loans | |||
Net Investment Income [Line Items] | |||
Investment income, gross | 46,586 | 45,318 | 44,801 |
Other long-term investments | |||
Net Investment Income [Line Items] | |||
Investment income, gross | 50,556 | 35,838 | 26,196 |
Short-term investments | |||
Net Investment Income [Line Items] | |||
Investment income, gross | 2,156 | 24 | 545 |
Fair value option | |||
Net Investment Income [Line Items] | |||
Net investment income | $ 40,300 | $ 26,700 | $ 15,300 |
Investments - Realized Gain (Lo
Investments - Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Sales and other | $ (32,552) | $ 34,916 | $ (22,999) |
Provision for credit losses | 387 | 2,959 | (3,346) |
Investment funds—fair value option | (29,353) | 22,918 | 1,045 |
Other investments | (15,030) | 7,840 | 21,563 |
Realized gains (losses) from investments | (76,548) | 68,633 | (3,737) |
Realized loss—redemption of debt | 0 | (9,314) | (634) |
Total realized gains (losses) | (76,548) | 59,319 | (4,371) |
Applicable tax | 16,075 | (12,457) | 1,955 |
Realized gains (losses), net of tax | (60,473) | 46,862 | (2,416) |
Exchanges of fixed maturities | 147,600 | 109,200 | 219,800 |
Exchanges of fixed maturities, net realized gains | $ 1,900 | $ 25,200 | $ 7,900 |
Investments - Unrealized Gain (
Investments - Unrealized Gain (Loss) on Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (Loss) on Securities [Line Items] | |||
Change in unrealized investment gains (losses) on | $ (5,298,692) | $ (519,345) | $ 1,510,033 |
Fixed maturities available for sale | |||
Gain (Loss) on Securities [Line Items] | |||
Change in unrealized investment gains (losses) on | $ (5,298,692) | $ (519,345) | $ 1,528,339 |
Investments - Schedule of Selec
Investments - Schedule of Selected Information about Sales of Fixed Maturities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sales | $ 390,392 | $ 116,656 | $ 52,681 |
Fixed maturities available for sale | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sales | 390,392 | 116,656 | 52,681 |
Gross realized gains | 1,296 | 1,848 | 2,642 |
Gross realized losses | $ (57,996) | $ (12,101) | $ (39,153) |
Investments - Assets Measured a
Investments - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 16,503,365 | $ 21,305,287 |
Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 16,503,365 | $ 21,305,287 |
Percentage of total | 100% | 100% |
U.S. Government direct, guaranteed, and government-sponsored enterprises | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 355,498 | $ 447,432 |
States, municipalities, and political subdivisions | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,309,911 | 2,489,225 |
Foreign governments | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 42,464 | 55,629 |
Corporates | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 13,666,064 | 18,141,213 |
Corporates | Financial | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,466,431 | 5,467,165 |
Corporates | Utilities | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,835,147 | 2,420,498 |
Corporates | Energy | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,357,312 | 1,932,989 |
Corporates | Other corporate sectors | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,007,174 | 8,320,561 |
Collateralized debt obligations | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 50,364 | 63,505 |
Other asset-backed securities | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 79,064 | 108,283 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Percentage of total | 0% | 0% |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government direct, guaranteed, and government-sponsored enterprises | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | States, municipalities, and political subdivisions | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign governments | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Financial | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Utilities | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Energy | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Other corporate sectors | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized debt obligations | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other asset-backed securities | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 15,974,918 | $ 20,600,094 |
Percentage of total | 97% | 97% |
Significant Other Observable Inputs (Level 2) | U.S. Government direct, guaranteed, and government-sponsored enterprises | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 355,498 | $ 447,432 |
Significant Other Observable Inputs (Level 2) | States, municipalities, and political subdivisions | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,309,911 | 2,489,225 |
Significant Other Observable Inputs (Level 2) | Foreign governments | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 42,464 | 55,629 |
Significant Other Observable Inputs (Level 2) | Corporates | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 13,187,981 | 17,499,525 |
Significant Other Observable Inputs (Level 2) | Corporates | Financial | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,332,495 | 5,303,547 |
Significant Other Observable Inputs (Level 2) | Corporates | Utilities | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,723,832 | 2,266,231 |
Significant Other Observable Inputs (Level 2) | Corporates | Energy | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,346,212 | 1,919,416 |
Significant Other Observable Inputs (Level 2) | Corporates | Other corporate sectors | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,785,442 | 8,010,331 |
Significant Other Observable Inputs (Level 2) | Collateralized debt obligations | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other asset-backed securities | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 79,064 | 108,283 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 528,447 | |
Significant Unobservable Inputs (Level 3) | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 528,447 | $ 705,193 |
Percentage of total | 3% | 3% |
Significant Unobservable Inputs (Level 3) | U.S. Government direct, guaranteed, and government-sponsored enterprises | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Significant Unobservable Inputs (Level 3) | States, municipalities, and political subdivisions | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Foreign governments | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 83,046 | |
Significant Unobservable Inputs (Level 3) | Corporates | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 478,083 | 641,688 |
Significant Unobservable Inputs (Level 3) | Corporates | Financial | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 133,936 | 163,618 |
Significant Unobservable Inputs (Level 3) | Corporates | Utilities | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 111,315 | 154,267 |
Significant Unobservable Inputs (Level 3) | Corporates | Energy | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,100 | 13,573 |
Significant Unobservable Inputs (Level 3) | Corporates | Other corporate sectors | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 221,732 | 310,230 |
Significant Unobservable Inputs (Level 3) | Collateralized debt obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 50,364 | |
Significant Unobservable Inputs (Level 3) | Collateralized debt obligations | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 50,364 | 63,505 |
Significant Unobservable Inputs (Level 3) | Other asset-backed securities | Fixed maturities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Investments - Schedule of Chang
Investments - Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | |||
Beginning Balance | $ 705,193 | $ 798,973 | $ 759,409 |
Included in realized gains/losses | 0 | (3,594) | 1,579 |
Included in other comprehensive income | (105,156) | (8,308) | 14,386 |
Acquisitions | 0 | 25,000 | 67,820 |
Sales | 0 | (26,064) | 0 |
Amortization | 4,526 | 4,514 | 4,563 |
Other | (76,116) | (85,328) | (48,784) |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Ending Balance | 528,447 | $ 705,193 | $ 798,973 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized gains (losses) | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Attributable to Parent Company | Attributable to Parent Company | |
Asset- backed Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | |||
Beginning Balance | 0 | $ 12,870 | $ 13,177 |
Included in realized gains/losses | 0 | (82) | 0 |
Included in other comprehensive income | 0 | 63 | (173) |
Acquisitions | 0 | 0 | 0 |
Sales | 0 | (12,851) | 0 |
Amortization | 0 | 0 | 0 |
Other | 0 | 0 | (134) |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 12,870 |
Collateralized debt obligations | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | |||
Beginning Balance | 63,505 | 71,598 | 74,104 |
Included in realized gains/losses | 0 | (6,787) | 0 |
Included in other comprehensive income | (13,771) | 12,447 | (2,523) |
Acquisitions | 0 | 0 | 0 |
Sales | 0 | (13,213) | 0 |
Amortization | 4,519 | 4,505 | 4,551 |
Other | (3,889) | (5,045) | (4,534) |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Ending Balance | 50,364 | 63,505 | 71,598 |
Corporates | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | |||
Beginning Balance | 641,688 | 714,505 | 672,128 |
Included in realized gains/losses | 0 | 3,275 | 1,579 |
Included in other comprehensive income | (91,385) | (20,818) | 17,082 |
Acquisitions | 0 | 25,000 | 67,820 |
Sales | 0 | 0 | 0 |
Amortization | 7 | 9 | 12 |
Other | (72,227) | (80,283) | (44,116) |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Ending Balance | $ 478,083 | $ 641,688 | $ 714,505 |
Investments - Unrealized Gains
Investments - Unrealized Gains or (Losses) Included in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Change in unrealized gains (losses) for the period | $ (105,156) | $ (8,308) | $ 14,386 |
Asset- backed Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Change in unrealized gains (losses) for the period | 0 | 63 | (173) |
Collateralized debt obligations | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Change in unrealized gains (losses) for the period | (13,771) | 12,447 | (2,523) |
Corporates | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Change in unrealized gains (losses) for the period | $ (91,385) | $ (20,818) | $ 17,082 |
Investments - Quantitative Info
Investments - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 16,503,365 | $ 21,305,287 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 528,447 | |
Significant Unobservable Inputs (Level 3) | Private placement fixed maturities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 395,037 | |
Significant Unobservable Inputs (Level 3) | Other corporate bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 83,046 | |
Significant Unobservable Inputs (Level 3) | Other corporate bonds | Discounted Cash Flows | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0635 | |
Significant Unobservable Inputs (Level 3) | Other corporate bonds | Discounted Cash Flows | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0635 | |
Significant Unobservable Inputs (Level 3) | Collateralized debt obligations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 50,364 | |
Significant Unobservable Inputs (Level 3) | Collateralized debt obligations | Discounted Cash Flows | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1025 | |
Significant Unobservable Inputs (Level 3) | Collateralized debt obligations | Discounted Cash Flows | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1025 |
Investments - Information about
Investments - Information about Investments in Unrealized Loss Position (Details) | Dec. 31, 2022 Issue issuer | Dec. 31, 2021 issuer Issue |
Investments, Debt and Equity Securities [Abstract] | ||
Less than Twelve Months | 1,819 | 138 |
Twelve Months or Longer | 157 | 42 |
Total | 1,976 | 180 |
Fixed maturity, portfolio issues | 2,328 | 2,060 |
Fixed portfolio, number of issuers | issuer | 979 | 843 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Investment Losses by Class of Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | $ 11,450,679 | $ 461,943 |
Unrealized Loss, Less than Twelve Months | (1,846,999) | (9,688) |
Fair Value, Twelve Months or Longer | 433,328 | 248,093 |
Unrealized Loss, Twelve Months or Longer | (190,295) | (24,351) |
Fair Value | 11,884,007 | 710,036 |
Unrealized Loss | (2,037,294) | (34,039) |
Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 11,121,941 | 445,548 |
Unrealized Loss, Less than Twelve Months | (1,796,781) | (9,405) |
Fair Value, Twelve Months or Longer | 357,361 | 124,933 |
Unrealized Loss, Twelve Months or Longer | (158,773) | (10,739) |
Fair Value | 11,479,302 | 570,481 |
Unrealized Loss | (1,955,554) | (20,144) |
Investment Grade | U.S. Government direct, guaranteed, and government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 349,887 | 118 |
Unrealized Loss, Less than Twelve Months | (38,218) | (1) |
Fair Value, Twelve Months or Longer | 3,424 | 3,867 |
Unrealized Loss, Twelve Months or Longer | (750) | (163) |
Fair Value | 353,311 | 3,985 |
Unrealized Loss | (38,968) | (164) |
Investment Grade | States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 1,767,624 | 141,310 |
Unrealized Loss, Less than Twelve Months | (453,149) | (2,824) |
Fair Value, Twelve Months or Longer | 95,124 | 2,436 |
Unrealized Loss, Twelve Months or Longer | (52,298) | (83) |
Fair Value | 1,862,748 | 143,746 |
Unrealized Loss | (505,447) | (2,907) |
Investment Grade | Foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 6,297 | 12,567 |
Unrealized Loss, Less than Twelve Months | (201) | (561) |
Fair Value, Twelve Months or Longer | 25,134 | 23,144 |
Unrealized Loss, Twelve Months or Longer | (12,505) | (4,571) |
Fair Value | 31,431 | 35,711 |
Unrealized Loss | (12,706) | (5,132) |
Investment Grade | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 8,937,976 | 281,064 |
Unrealized Loss, Less than Twelve Months | (1,299,990) | (6,003) |
Fair Value, Twelve Months or Longer | 225,719 | 95,485 |
Unrealized Loss, Twelve Months or Longer | (90,785) | (5,922) |
Fair Value | 9,163,695 | 376,549 |
Unrealized Loss | (1,390,775) | (11,925) |
Investment Grade | Corporates | Financial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 2,837,918 | 133,654 |
Unrealized Loss, Less than Twelve Months | (426,132) | (1,507) |
Fair Value, Twelve Months or Longer | 109,784 | 52,864 |
Unrealized Loss, Twelve Months or Longer | (42,173) | (1,932) |
Fair Value | 2,947,702 | 186,518 |
Unrealized Loss | (468,305) | (3,439) |
Investment Grade | Corporates | Utilities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 1,088,219 | 25,447 |
Unrealized Loss, Less than Twelve Months | (116,272) | (692) |
Fair Value, Twelve Months or Longer | 21,636 | 2,372 |
Unrealized Loss, Twelve Months or Longer | (6,268) | (320) |
Fair Value | 1,109,855 | 27,819 |
Unrealized Loss | (122,540) | (1,012) |
Investment Grade | Corporates | Energy | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 855,853 | 6,519 |
Unrealized Loss, Less than Twelve Months | (91,755) | (238) |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 855,853 | 6,519 |
Unrealized Loss | (91,755) | (238) |
Investment Grade | Corporates | Other corporate sectors | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 4,155,986 | 115,444 |
Unrealized Loss, Less than Twelve Months | (665,831) | (3,566) |
Fair Value, Twelve Months or Longer | 94,299 | 40,249 |
Unrealized Loss, Twelve Months or Longer | (42,344) | (3,670) |
Fair Value | 4,250,285 | 155,693 |
Unrealized Loss | (708,175) | (7,236) |
Investment Grade | Collateralized debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Investment Grade | Other asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 60,157 | 10,489 |
Unrealized Loss, Less than Twelve Months | (5,223) | (16) |
Fair Value, Twelve Months or Longer | 7,960 | 1 |
Unrealized Loss, Twelve Months or Longer | (2,435) | 0 |
Fair Value | 68,117 | 10,490 |
Unrealized Loss | (7,658) | (16) |
Below Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 328,738 | 16,395 |
Unrealized Loss, Less than Twelve Months | (50,218) | (283) |
Fair Value, Twelve Months or Longer | 75,967 | 123,160 |
Unrealized Loss, Twelve Months or Longer | (31,522) | (13,612) |
Fair Value | 404,705 | 139,555 |
Unrealized Loss | (81,740) | (13,895) |
Below Investment Grade | States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Below Investment Grade | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 328,738 | 16,395 |
Unrealized Loss, Less than Twelve Months | (50,218) | (283) |
Fair Value, Twelve Months or Longer | 65,093 | 110,117 |
Unrealized Loss, Twelve Months or Longer | (29,904) | (13,198) |
Fair Value | 393,831 | 126,512 |
Unrealized Loss | (80,122) | (13,481) |
Below Investment Grade | Corporates | Financial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 120,377 | 15,695 |
Unrealized Loss, Less than Twelve Months | (18,901) | (272) |
Fair Value, Twelve Months or Longer | 38,348 | 56,897 |
Unrealized Loss, Twelve Months or Longer | (17,283) | (5,638) |
Fair Value | 158,725 | 72,592 |
Unrealized Loss | (36,184) | (5,910) |
Below Investment Grade | Corporates | Utilities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 27,722 | 0 |
Unrealized Loss, Less than Twelve Months | (3,173) | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 27,722 | 0 |
Unrealized Loss | (3,173) | 0 |
Below Investment Grade | Corporates | Energy | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 14,480 | 0 |
Unrealized Loss, Less than Twelve Months | (2,182) | 0 |
Fair Value, Twelve Months or Longer | 20,075 | 26,639 |
Unrealized Loss, Twelve Months or Longer | (7,986) | (1,445) |
Fair Value | 34,555 | 26,639 |
Unrealized Loss | (10,168) | (1,445) |
Below Investment Grade | Corporates | Other corporate sectors | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 166,159 | 700 |
Unrealized Loss, Less than Twelve Months | (25,962) | (11) |
Fair Value, Twelve Months or Longer | 6,670 | 26,581 |
Unrealized Loss, Twelve Months or Longer | (4,635) | (6,115) |
Fair Value | 172,829 | 27,281 |
Unrealized Loss | (30,597) | (6,126) |
Below Investment Grade | Collateralized debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Below Investment Grade | Other asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 10,874 | 13,043 |
Unrealized Loss, Twelve Months or Longer | (1,618) | (414) |
Fair Value | 10,874 | 13,043 |
Unrealized Loss | $ (1,618) | $ (414) |
Investments - Fixed Maturities,
Investments - Fixed Maturities, Allowance for Credit Loss (Details) - Corporates - Fixed maturities available for sale - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses beginning balance | $ 387 | $ 3,346 |
Additions to allowance for which credit losses were not previously recorded | 0 | 387 |
Additions (reductions) to allowance for fixed maturities that previously had an allowance | 0 | 0 |
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period | (387) | (3,346) |
Allowance for credit losses ending balance | $ 0 | $ 387 |
Investments - Concentrations of
Investments - Concentrations of Credit Risk - Investment Portfolio (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 100% |
State and municipal governments, percent of invested assets at fair value | 13% |
Texas | |
Debt Securities, Available-for-sale [Line Items] | |
State and municipal governments, percent of invested assets at fair value | 25% |
California | |
Debt Securities, Available-for-sale [Line Items] | |
State and municipal governments, percent of invested assets at fair value | 10% |
New York | |
Debt Securities, Available-for-sale [Line Items] | |
State and municipal governments, percent of invested assets at fair value | 8% |
Michigan | |
Debt Securities, Available-for-sale [Line Items] | |
State and municipal governments, percent of invested assets at fair value | 5% |
Pennsylvania | |
Debt Securities, Available-for-sale [Line Items] | |
State and municipal governments, percent of invested assets at fair value | 4% |
Ohio | |
Debt Securities, Available-for-sale [Line Items] | |
State and municipal governments, percent of invested assets at fair value | 4% |
Fixed maturities available for sale | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 91% |
Policy loans | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 3% |
Other | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 6% |
Corporates | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 75% |
Corporates | Fixed maturities available for sale | Investment Grade | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 73% |
Corporates | Fixed maturities available for sale | Below Investment Grade | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 2% |
States, municipalities, and political subdivisions | Fixed maturities available for sale | Investment Grade | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 13% |
States, municipalities, and political subdivisions | Fixed maturities available for sale | Below Investment Grade | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 0% |
U.S. Government direct, guaranteed, and government-sponsored enterprises | Fixed maturities available for sale | Investment Grade | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 2% |
U.S. Government direct, guaranteed, and government-sponsored enterprises | Fixed maturities available for sale | Below Investment Grade | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 0% |
Other | Fixed maturities available for sale | Investment Grade | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 1% |
Other | Fixed maturities available for sale | Below Investment Grade | Investment portfolio | Credit Concentration Risk | |
Debt Securities, Available-for-sale [Line Items] | |
Concentration risk percentage | 0% |
Investments - Concentrations _2
Investments - Concentrations of Credit Risk - Industry Concentrations (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Insurance | 16% | |
Electric utilities | 10% | |
Banks | 9% | |
Oil and natural gas pipelines | 6% | |
Chemicals | 4% | |
Transportation | 4% | |
Food | 3% | |
Telecommunications | 3% | |
Real estate investment trusts | 3% | |
Gas utilities | 3% | |
Percentage of invested assets rated below investment grade | 2% | |
Par value of investments rated below investment grade | $ 645 | |
Amortized cost of investments rated below investment grade | 542 | |
Fair value of investments rated below investment grade | 475 | |
Securities, cash, and short-term investments, amortized cost | 975 | $ 969 |
Securities, cash, and short-term investments, fair value | $ 889 | $ 1,100 |
Investments - Schedule of Other
Investments - Schedule of Other Long-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | $ 976,016 | $ 793,925 |
Commercial mortgage loan participations | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | 181,305 | 141,843 |
Other | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | 26,022 | 11,819 |
Partnership Interest - Fair Value Option | Investment funds | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | $ 768,689 | $ 640,263 |
Investments - Schedule of Inves
Investments - Schedule of Investment Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Alternative Investment [Line Items] | ||
Investment funds, unfunded commitments | $ 487,000 | |
Capital called from investment funds | 201,000 | |
Investment funds | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 768,689 | $ 640,263 |
Investment funds, unfunded commitments | 486,865 | |
Capital called from investment funds | 201,000 | |
Investment funds | Commercial mortgage loans | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 431,405 | 423,776 |
Investment funds, unfunded commitments | 345,780 | |
Investment funds | Opportunistic credit | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 158,524 | 178,215 |
Investment funds, unfunded commitments | $ 0 | |
Investments, initial redemption, term | 2 years | |
Investments, redemption, term | 36 months | |
Investment funds | Infrastructure | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | $ 159,534 | 22,664 |
Investment funds, unfunded commitments | 20,988 | |
Investment funds | Other investments | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 19,226 | $ 15,608 |
Investment funds, unfunded commitments | $ 120,097 |
Investments - Commercial Mortga
Investments - Commercial Mortgage Loan Participations (Details) - Commercial mortgage loan participations - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 183,094 | $ 142,670 | |
Carrying value, gross, percent | 101% | 101% | |
Allowance for credit losses | $ (1,789) | $ (827) | $ (3,505) |
Allowance for credit losses, percent | (1.00%) | (1.00%) | |
Carrying value, net of valuation allowance | $ 181,305 | $ 141,843 | |
Carrying value, net, percent | 100% | 100% | |
California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 64,477 | $ 67,659 | |
Carrying value, gross, percent | 36% | 48% | |
Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 33,182 | $ 8,213 | |
Carrying value, gross, percent | 18% | 6% | |
Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 22,905 | $ 5,898 | |
Carrying value, gross, percent | 13% | 4% | |
New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 19,167 | $ 18,374 | |
Carrying value, gross, percent | 11% | 13% | |
Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 14,925 | $ 0 | |
Carrying value, gross, percent | 8% | 0% | |
Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 9,940 | $ 0 | |
Carrying value, gross, percent | 5% | 0% | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 18,498 | $ 42,526 | |
Carrying value, gross, percent | 10% | 30% | |
Mixed use | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 62,375 | $ 57,996 | |
Carrying value, gross, percent | 34% | 41% | |
Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 42,232 | $ 14,872 | |
Carrying value, gross, percent | 23% | 11% | |
Hospitality | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 27,796 | $ 23,186 | |
Carrying value, gross, percent | 15% | 16% | |
Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 27,248 | $ 17,900 | |
Carrying value, gross, percent | 15% | 13% | |
Retail | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 15,342 | $ 19,811 | |
Carrying value, gross, percent | 9% | 14% | |
Office | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 8,101 | $ 8,905 | |
Carrying value, gross, percent | 5% | 6% |
Investments - Commercial Mort_2
Investments - Commercial Mortgage Loan Participations Recorded Investment (Details) - Commercial mortgage loan participations - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | $ 181,305 | $ 141,843 |
Carrying value, net of valuation allowance, percent | 100% | 100% |
Less than 70% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | $ 142,983 | $ 94,322 |
Carrying value, net of valuation allowance, percent | 79% | 67% |
70% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | $ 23,130 | $ 26,035 |
Carrying value, net of valuation allowance, percent | 13% | 18% |
81% to 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | $ 8,226 | $ 8,166 |
Carrying value, net of valuation allowance, percent | 4% | 6% |
Greater than 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | $ 6,966 | $ 13,320 |
Carrying value, net of valuation allowance, percent | 4% | 9% |
Less Than 1.00x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | $ 39,176 | $ 36,825 |
Less Than 1.00x | Less than 70% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 23,984 | 13,650 |
Less Than 1.00x | 70% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 0 | 6,255 |
Less Than 1.00x | 81% to 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 8,226 | 8,166 |
Less Than 1.00x | Greater than 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 6,966 | 8,754 |
1.00x-1.20x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 129,003 | 105,018 |
1.00x-1.20x | Less than 70% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 107,099 | 80,672 |
1.00x-1.20x | 70% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 21,904 | 19,780 |
1.00x-1.20x | 81% to 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 0 | 0 |
1.00x-1.20x | Greater than 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 0 | 4,566 |
Greater Than 1.20x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 13,126 | 0 |
Greater Than 1.20x | Less than 70% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 11,900 | 0 |
Greater Than 1.20x | 70% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 1,226 | 0 |
Greater Than 1.20x | 81% to 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | 0 | 0 |
Greater Than 1.20x | Greater than 90% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value, net of valuation allowance | $ 0 | $ 0 |
Investments - Commercial Mort_3
Investments - Commercial Mortgage Loan Participations, Allowance for Credit Loss (Details) - Commercial mortgage loan participations $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of loans | loan | 22 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses beginning balance | $ 827 | $ 3,505 |
Provision (reversal) for credit losses | 962 | (2,678) |
Allowance for credit losses ending balance | $ 1,789 | $ 827 |
Investments - Additional Inform
Investments - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 2,037,294 | $ 34,039 | |
Increase (decrease) in gross unrealized losses | 2,000,000 | ||
Increase (decrease) in allowance | $ 1,000 | ||
Commercial mortgage loan participations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of loans | loan | 22 | ||
Allowance for credit losses | $ 1,789 | $ 827 | $ 3,505 |
Financing receivable, number of loans in delinquent | loan | 0 |
Deferred Acquisition Costs (Det
Deferred Acquisition Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement Analysis of Deferred Policy Acquisition Costs | |||
Balance at beginning of year | $ 4,914,728 | $ 4,595,444 | $ 4,341,941 |
Deferred during period: | |||
Commissions | 710,659 | 678,517 | 600,577 |
Other expenses | 249,924 | 227,730 | 222,408 |
Total deferred | 960,583 | 906,247 | 822,985 |
Value of business acquired | 0 | 16,500 | 0 |
Foreign exchange adjustment | 0 | 0 | 4,755 |
Adjustment attributable to unrealized investment losses | 9,707 | 1,628 | 1,533 |
Total additions | 970,290 | 924,375 | 829,273 |
Amortized during period | (624,407) | (603,838) | (575,770) |
Foreign exchange adjustment | (10,704) | (1,253) | 0 |
Total deductions | (635,111) | (605,091) | (575,770) |
Balance at end of year | $ 5,249,907 | $ 4,914,728 | $ 4,595,444 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) state guarantee lease | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | Oct. 26, 2021 USD ($) | Oct. 25, 2021 USD ($) | |
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Retention limits per life | $ 500,000 | ||||
Life insurance ceded as percent of total life insurance in force | 0.30% | 0.30% | |||
Life and accident and health insurance ceded as a percent of premium income | 0.20% | 0.20% | |||
Life insurance assumed as a percent of life insurance in force | 1% | 1.10% | |||
Life and accident and health insurance assumed as a percent of premium income | 1.50% | 0.80% | 0.50% | ||
Number of guarantee agreements | guarantee | 3 | ||||
Guaranty liabilities | $ 0 | ||||
Letters of credit outstanding | $ 125,000,000 | $ 125,000,000 | $ 135,000,000 | $ 125,000,000 | |
Number of states private entities contracted with for audits | state | 47 | ||||
Letter of Credit | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Letter of credit maximum available amount | $ 250,000,000 | ||||
Equipment Lease Guarantees | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Number of guaranteed leasing agreements | lease | 2 | ||||
Remaining undiscounted payments under guaranteed lease agreements | $ 3,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Rental Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rental expense | $ 4,239 | $ 4,674 | $ 4,674 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Rental Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 3,706 |
2024 | 2,848 |
2025 | 1,307 |
2026 | 1,148 |
2027 | 853 |
Thereafter | $ 5,275 |
Commitments and Contingencies_4
Commitments and Contingencies - Low-Income Housing Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 95,410 |
2024 | 41,447 |
2025 | 14,569 |
2026 | 16,121 |
2027 | 9,168 |
Thereafter | $ 214,040 |
Liability for Unpaid Claims - S
Liability for Unpaid Claims - Summary of Liability for Unpaid Health Claims (Details) - Health claims - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Activity in the Liability for Unpaid Health Claims | |||
Beginning balance | $ 167,832 | $ 162,261 | $ 163,808 |
Incurred related to: | |||
Current year | 675,785 | 638,054 | 584,936 |
Prior years | (15,631) | (22,477) | (14,829) |
Total incurred | 660,154 | 615,577 | 570,107 |
Paid related to: | |||
Current year | 517,855 | 487,096 | 442,127 |
Prior year | 131,610 | 122,910 | 129,527 |
Total paid | 649,465 | 610,006 | 571,654 |
Ending balance | $ 178,521 | $ 167,832 | $ 162,261 |
Liability for Unpaid Claims - R
Liability for Unpaid Claims - Reconciliation of Net Incurred and Paid Claims Development to Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | $ 430,027 | $ 412,940 |
Life insurance | ||
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | 251,506 | 245,108 |
Health insurance | ||
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | $ 178,521 | $ 167,832 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense (benefit) | $ 138,248 | $ 144,718 | $ 129,647 |
Deferred income tax expense (benefit) | 28,359 | 22,713 | 35,264 |
Income tax expense (benefit) | 166,607 | 167,431 | 164,911 |
Shareholders’ equity: | |||
Other comprehensive income (loss) | (1,088,098) | (93,480) | 314,845 |
Income tax expense (benefit) | $ (921,491) | $ 73,951 | $ 479,756 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Expected federal income tax expense (benefit) | $ 190,325 | $ 191,602 | $ 188,304 |
Low income housing investments | (11,443) | (12,115) | (11,913) |
Share-based awards | (5,251) | (5,597) | (5,013) |
Tax-exempt investment income | (8,961) | (6,977) | (5,830) |
Other | 1,937 | 518 | (637) |
Income tax expense (benefit) | $ 166,607 | $ 167,431 | $ 164,911 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Expected federal income tax expense (benefit) | 21% | 21% | 21% |
Low income housing investments | (1.20%) | (1.30%) | (1.30%) |
Share-based awards | (0.60%) | (0.60%) | (0.60%) |
Tax-exempt investment income | (1.00%) | (0.80%) | (0.60%) |
Other | 0.20% | 0.10% | (0.10%) |
Income tax expense (benefit) | 18.40% | 18.40% | 18.40% |
Income Taxes - Significant Port
Income Taxes - Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Unrealized losses | $ 373,175 | $ 0 |
Carryover of tax losses | 2,470 | 5,962 |
Total gross deferred tax assets | 375,645 | 5,962 |
Deferred tax liabilities: | ||
Unrealized gains | 0 | 713,879 |
Employee and agent compensation | 86,063 | 93,738 |
Deferred acquisition costs | 764,813 | 723,337 |
Future policy benefits, unearned and advance premiums, and policy claims | 216,268 | 226,943 |
Other liabilities | 17,479 | 15,738 |
Total gross deferred tax liabilities | 1,084,623 | 1,773,635 |
Net deferred tax liability | $ 708,978 | $ 1,767,673 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | |||
Operating loss carryforwards | $ 11,800,000 | ||
Operating loss carryforwards, subject to expiration | 7,800,000 | ||
Operating loss carryforwards, not subject to expiration | 4,000,000 | ||
Deferred tax assets, valuation allowance | 0 | ||
Uncertain tax positions | 0 | $ 0 | $ 0 |
Amount of accrued interest or penalties | $ 0 | $ 0 |
Postretirement Benefits - Total
Postretirement Benefits - Total Cost of Retirement Plans Charged to Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plans | $ 5,824 | $ 5,188 | $ 4,855 |
Defined Benefit Pension Plans | $ 37,040 | $ 41,778 | $ 33,826 |
Postretirement Benefits - Addit
Postretirement Benefits - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Capped eligible compensation | $ 1 | ||
Maximum allowed investment percentage in any single issuer in pension plan assets at time of purchase | 10% | ||
SERP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions | $ 29.8 | $ 17.9 | $ 21.9 |
Postretirement Benefits - Pensi
Postretirement Benefits - Pension Assets by Components at Fair Value (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 499,775 | $ 597,547 | $ 529,532 |
Percentage of plan assets | 100% | 100% | |
Investment funds, percentage ownership by pension plan | 1% | 1% | |
Expected life of investment | 2 years | 3 years | |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 485,487 | $ 582,398 | |
Percentage of plan assets | 97% | 97% | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 269,311 | $ 339,839 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 216,176 | 242,559 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 14,288 | $ 15,149 | |
Percentage of plan assets | 3% | 3% | |
Total corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 128,647 | $ 207,577 | |
Percentage of total plan assets, within plan asset category | 26% | 35% | |
Total corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 | |
Total corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 128,647 | 207,577 | |
Total corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Financial | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 35,649 | $ 52,522 | |
Percentage of total plan assets, within plan asset category | 7% | 9% | |
Financial | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 | |
Financial | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 35,649 | 52,522 | |
Financial | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Utilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 23,436 | $ 43,663 | |
Percentage of total plan assets, within plan asset category | 5% | 7% | |
Utilities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 | |
Utilities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 23,436 | 43,663 | |
Utilities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Energy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 12,776 | $ 22,719 | |
Percentage of total plan assets, within plan asset category | 3% | 4% | |
Energy | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 | |
Energy | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 12,776 | 22,719 | |
Energy | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Other corporates | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 56,786 | $ 88,673 | |
Percentage of total plan assets, within plan asset category | 11% | 15% | |
Other corporates | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 | |
Other corporates | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 56,786 | 88,673 | |
Other corporates | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Exchange traded funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 258,297 | $ 315,720 | |
Percentage of total plan assets, within plan asset category | 52% | 52% | |
Exchange traded funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 258,297 | $ 315,720 | |
Exchange traded funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Exchange traded funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
U.S. Government and Agency | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 44,213 | ||
Percentage of total plan assets, within plan asset category | 9% | ||
U.S. Government and Agency | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | ||
U.S. Government and Agency | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 44,213 | ||
U.S. Government and Agency | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | ||
Other bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 200 | $ 239 | |
Percentage of total plan assets, within plan asset category | 0% | 0% | |
Other bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 | |
Other bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 200 | 239 | |
Other bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Guaranteed annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 43,116 | $ 34,743 | |
Percentage of total plan assets, within plan asset category | 8% | 6% | |
Guaranteed annuity contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 | |
Guaranteed annuity contract | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 43,116 | 34,743 | |
Guaranteed annuity contract | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 4,467 | $ 13,731 | |
Percentage of total plan assets, within plan asset category | 1% | 2% | |
Short-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 4,467 | $ 13,731 | |
Short-term investments | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Short-term investments | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 6,547 | $ 10,388 | |
Percentage of total plan assets, within plan asset category | 1% | 2% | |
Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 6,547 | $ 10,388 | |
Other | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | 0 | 0 | |
Other | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Postretirement Benefits - Activ
Postretirement Benefits - Activity for the SERP (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Premiums paid for insurance coverage | $ 443 | $ 2,193 | $ 2,480 |
Total investments: | |||
Company owned life insurance | 54,681 | 52,791 | |
Exchange traded funds | 71,258 | 87,133 | |
Total investments of SERP | $ 125,939 | $ 139,924 |
Postretirement Benefits - Pen_2
Postretirement Benefits - Pension Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
PBO | $ 562,567 | $ 778,934 | |
ABO | 526,286 | 689,562 | |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Funded benefit pension plans PBO | 492,103 | 686,917 | |
Funded benefit pension plans fair value of plan assets | 499,775 | 597,547 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Funded benefit pension plans ABO | 458,510 | 601,647 | |
Funded benefit pension plans fair value of plan assets | 499,775 | 597,547 | |
Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
PBO | 562,567 | 778,934 | $ 763,313 |
Qualified Plan | Pension plans | Funded defined benefit pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
PBO | 492,103 | 686,917 | |
ABO | 458,510 | 601,647 | |
Nonqualified Plan | SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
PBO | 70,464 | 92,017 | |
ABO | $ 67,776 | $ 87,915 |
Postretirement Benefits - Weigh
Postretirement Benefits - Weighted Average Pension Plan Assumptions and Weighted Average Assumptions for Post-Retirement Benefit Plans Other Than Pensions (Details) - Pension Plan | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 5.71% | 3.19% | |
Rate of compensation increase | 4.40% | 4.43% | |
Discount rate | 3.19% | 2.92% | 3.49% |
Expected long-term returns | 6.98% | 6.67% | 6.67% |
Rate of compensation increase | 4.43% | 3.97% | 3.97% |
Postretirement Benefits - Compo
Postretirement Benefits - Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Service cost—benefits earned during the period | $ 34,624 | $ 31,672 | $ 24,461 |
Interest cost on projected benefit obligation | 24,445 | 21,957 | 22,825 |
Expected return on assets | (35,539) | (32,331) | (29,561) |
Amortization of prior service cost (credit) | 1,077 | 631 | 632 |
Recognition of actuarial gain (loss) | 12,433 | 19,849 | 15,469 |
Net periodic benefit cost | $ 37,040 | $ 41,778 | $ 33,826 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Amortization of pension costs | Amortization of pension costs | Amortization of pension costs |
Postretirement Benefits - Analy
Postretirement Benefits - Analysis of Impact on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Impact on Other Comprehensive Income | |||
Balance at January 1 | $ (131,239) | $ (208,770) | $ (182,233) |
Prior service cost (credit) | 1,077 | 631 | 632 |
Net actuarial (gain) loss | 12,677 | 20,166 | 16,000 |
Total amortization | 13,754 | 20,797 | 16,632 |
Plan amendments | 0 | (4,565) | 0 |
Experience gain (loss) | 119,055 | 61,299 | (43,169) |
Balance at December 31 | 1,570 | (131,239) | (208,770) |
Other Benefits | |||
Defined Benefit Plan, Impact on Other Comprehensive Income | |||
Total amortization | $ 289 | $ 228 | $ 302 |
Postretirement Benefits - Recon
Postretirement Benefits - Reconciliation of Benefit Obligation and Plan Assets, Pension Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in PBO: | |||
PBO at beginning of year | $ 778,934 | ||
Service cost | 34,624 | $ 31,672 | $ 24,461 |
Interest cost | 24,445 | 21,957 | 22,825 |
PBO at end of year | 562,567 | 778,934 | |
Pension Plan | |||
Changes in PBO: | |||
PBO at beginning of year | 778,934 | 763,313 | |
Service cost | 34,624 | 31,672 | |
Interest cost | 24,445 | 21,957 | |
Plan amendments | 0 | 4,565 | |
Actuarial loss (gain) | (241,995) | (16,938) | |
Benefits paid | (33,441) | (25,635) | |
PBO at end of year | 562,567 | 778,934 | 763,313 |
Changes in plan assets: | |||
Fair value at beginning of year | 597,547 | 529,532 | |
Return on assets | (94,175) | 75,792 | |
Contributions | 29,844 | 17,858 | |
Benefits paid | (33,441) | (25,635) | |
Fair value at end of year | 499,775 | 597,547 | $ 529,532 |
Funded status at year end | $ (62,792) | $ (181,387) |
Postretirement Benefits - Sched
Postretirement Benefits - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net amounts recognized at year end | $ 1,570 | $ (131,239) | $ (208,770) | $ (182,233) |
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net loss (gain) | (4,497) | 120,217 | ||
Prior service cost | 7,569 | 8,647 | ||
Net amounts recognized at year end | $ 3,072 | $ 128,864 |
Postretirement Benefits - Estim
Postretirement Benefits - Estimated Future Payments for Pension Benefits and Other Postretirement Benefit Plans (Details) - Pension Plan $ in Thousands | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 26,882 |
2024 | 29,653 |
2025 | 30,948 |
2026 | 33,242 |
2027 | 35,359 |
2028-2032 | $ 207,853 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information - Summary of Noncash Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Stock-based compensation not involving cash | $ 35,650 | $ 30,272 | $ 35,892 |
Commitments for low-income housing interests | 136,882 | 177,010 | 161,503 |
Exchanges of fixed maturity investments | 147,612 | 109,226 | 219,807 |
Net unsettled security trades | 0 | 6,963 | 1,669 |
Noncash tax credits | $ 1,000 | $ 1,883 | $ 0 |
Supplemental Disclosures of C_4
Supplemental Disclosures of Cash Flow Information - Summary of Amount Paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 88,814 | $ 83,072 | $ 83,518 |
Income taxes paid | $ 114,888 | $ 96,218 | $ 76,701 |
Debt - Additional Information (
Debt - Additional Information (Details) | 12 Months Ended | ||||
May 19, 2022 USD ($) | Sep. 30, 2021 USD ($) extension_option | Dec. 31, 2022 USD ($) | Sep. 15, 2022 | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
FHLB stock | $ 14,300,000 | $ 7,900,000 | |||
Long-term debt, net, book value | 1,793,452,000 | $ 1,696,246,000 | |||
Estimate of Fair Value Measurement | Asset Pledged as Collateral | |||||
Debt Instrument [Line Items] | |||||
Fair value of pledged assets | $ 746,000,000 | ||||
Senior notes | |||||
Debt Instrument [Line Items] | |||||
Optional redemption, period from issuance date | 5 years | ||||
Senior Notes Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.80% | 3.80% | |||
Borrowed money from affiliate | $ 150,000,000 | ||||
Federal Home Loan Bank Borrowings | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 597,000,000 | ||||
Long-term debt, net, book value | $ 23,000,000 | ||||
Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 750,000,000 | ||||
Potential maximum borrowing capacity | $ 1,000,000,000 | ||||
Number of extension options | extension_option | 2 | ||||
Extension term | 1 year | ||||
Junior Subordinated Debentures Due 2056 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.25% | ||||
4.80% Senior Notes Due June 15, 2032 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt, principal amount | $ 400,000,000 | ||||
Interest rate | 4.80% | ||||
Borrowed money from affiliate | $ 150,000,000 | ||||
Total proceeds from issuance of debt to parent | $ 395,000,000 |
Debt - Selected Information abo
Debt - Selected Information about Debt Issues (Details) - USD ($) | May 19, 2022 | Dec. 31, 2022 | Sep. 15, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||||
Long-term debt, par value, gross | $ 1,815,612,000 | |||
Current maturity of long-term debt, par value | 165,612,000 | |||
Total long-term debt | 1,650,000,000 | |||
Total short-term debt, par value | 450,612,000 | |||
Total debt, par value | 2,100,612,000 | |||
Unamortized discount & issuance costs, noncurrent | (22,160,000) | |||
Unamortized discount & issuance costs, current maturities | (112,000) | |||
Unamortized discount & issuance costs, long-term debt | (22,048,000) | |||
Unamortized discount & issuance costs, current | (1,509,000) | |||
Total debt, unamortized discount & issuance costs, | (23,557,000) | |||
Debt | 2,077,055,000 | $ 2,026,138,000 | ||
Long-term debt, net, book value | 1,793,452,000 | 1,696,246,000 | ||
Current maturity of long-term debt, book value | 165,500,000 | 149,752,000 | ||
Long-term debt | 1,627,952,000 | 1,546,494,000 | ||
Total short-term debt, book value | 449,103,000 | 479,644,000 | ||
Total debt, book value | 2,077,055,000 | 2,026,138,000 | ||
Long-term debt, gross, fair value | 1,607,096,000 | |||
Current maturity of term loan, fair value | 166,819,000 | |||
Long-term debt, net, fair value | 1,440,277,000 | |||
Total short-term debt, fair value | 450,423,000 | |||
Total debt, fair value | 1,890,700,000 | |||
Commercial Paper | ||||
Debt Instrument [Line Items] | ||||
Total short-term debt, par value | 285,000,000 | |||
Unamortized discount & issuance costs, current | (1,397,000) | |||
Total short-term debt, book value | 283,603,000 | 329,892,000 | ||
Total short-term debt, fair value | $ 283,604,000 | |||
Senior Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Coupon Rate | 7.875% | |||
Long-term debt, par value, gross | $ 165,612,000 | |||
Unamortized discount & issuance costs, noncurrent | (112,000) | |||
Debt | 165,500,000 | 165,216,000 | ||
Long-term debt, gross, fair value | 166,819,000 | |||
Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Coupon Rate | 3.80% | 3.80% | ||
Debt | 149,752,000 | |||
Debt repayment | $ 300,000,000 | |||
Borrowed money from affiliate | $ 150,000,000 | |||
Senior Notes Due 2022 | Consolidation Eliminations | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net, book value | $ 150,000,000 | |||
Senior Notes Due 2028 | ||||
Debt Instrument [Line Items] | ||||
Coupon Rate | 4.55% | |||
Long-term debt, par value, gross | $ 550,000,000 | |||
Unamortized discount & issuance costs, noncurrent | (4,399,000) | |||
Debt | 545,601,000 | 544,949,000 | ||
Long-term debt, gross, fair value | $ 534,501,000 | |||
Senior Notes Due 2030 | ||||
Debt Instrument [Line Items] | ||||
Coupon Rate | 2.15% | |||
Long-term debt, par value, gross | $ 400,000,000 | |||
Unamortized discount & issuance costs, noncurrent | (3,781,000) | |||
Debt | 396,219,000 | 395,778,000 | ||
Long-term debt, gross, fair value | $ 314,996,000 | |||
Senior Notes Due June 15 2032 | ||||
Debt Instrument [Line Items] | ||||
Coupon Rate | 4.80% | |||
Long-term debt, par value, gross | $ 250,000,000 | |||
Unamortized discount & issuance costs, noncurrent | (4,507,000) | |||
Debt | 245,493,000 | 0 | ||
Long-term debt, gross, fair value | $ 236,263,000 | |||
Junior Subordinated Debentures Due 2057 | ||||
Debt Instrument [Line Items] | ||||
Coupon Rate | 5.275% | |||
Long-term debt, par value, gross | $ 125,000,000 | |||
Unamortized discount & issuance costs, noncurrent | (1,590,000) | |||
Debt | 123,410,000 | 123,396,000 | ||
Long-term debt, gross, fair value | $ 121,817,000 | |||
Junior Subordinated Debentures Due 2061 | ||||
Debt Instrument [Line Items] | ||||
Coupon Rate | 4.25% | |||
Long-term debt, par value, gross | $ 325,000,000 | |||
Unamortized discount & issuance costs, noncurrent | (7,771,000) | |||
Debt | 317,229,000 | $ 317,155,000 | ||
Long-term debt, gross, fair value | $ 232,700,000 |
Debt - Amount of Debt Due in Ne
Debt - Amount of Debt Due in Next Five Years (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 450,612 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | $ 1,650,000 |
Debt - Short-Term Borrowings (D
Debt - Short-Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 26, 2021 | Oct. 25, 2021 | |
Short-term Debt [Line Items] | |||||
Annualized interest rate | 4.78% | 0.29% | |||
Letters of credit outstanding | $ 125,000 | $ 125,000 | $ 135,000 | $ 125,000 | |
Remaining amount available under credit line | 340,000 | 294,967 | |||
Average balance outstanding during period | $ 322,531 | $ 311,049 | $ 318,409 | ||
Daily-weighted average interest rate (annualized) | 1.89% | 0.23% | 1.50% | ||
Maximum daily amount outstanding during period | $ 500,529 | $ 465,033 | $ 482,000 | ||
Short-term Debt | |||||
Short-term Debt [Line Items] | |||||
Balance at end of period (at par value) | $ 285,000 | $ 330,033 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Activity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity | |||
Common stock, issued, beginning balance (in shares) | 109,218,183 | ||
Grants of restricted stock (in shares) | 166,202 | 156,789 | 161,909 |
Vesting of performance shares (in shares) | 87,031 | 226,866 | 282,552 |
Issuance of common stock due to exercise of stock options (in shares) | 1,519,728 | 1,191,704 | 936,289 |
Common stock, issued, ending balance (in shares) | 105,218,183 | 109,218,183 | |
Performance Shares | |||
Increase (Decrease) in Stockholders' Equity | |||
Grants of restricted stock (in shares) | 146,500 | 139,500 | 151,200 |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity | |||
Common stock, issued, beginning balance (in shares) | 109,218,183 | 113,218,183 | 117,218,183 |
Treasury stock, beginning balance (in shares) | (9,650,845) | (9,420,699) | (9,497,940) |
Grants of restricted stock (in shares) | 10,746 | 10,031 | 4,548 |
Issuance of common stock due to exercise of stock options (in shares) | 1,519,728 | 1,191,704 | 936,289 |
Treasury stock acquired (in shares) | (4,424,668) | (5,642,036) | (5,135,439) |
Retirement of treasury stock (in shares) | 4,000,000 | 4,000,000 | 4,000,000 |
Common stock, issued, ending balance (in shares) | 105,218,183 | 109,218,183 | 113,218,183 |
Treasury stock, ending balance (in shares) | (8,478,288) | (9,650,845) | (9,420,699) |
Common Stock | Performance Shares | |||
Increase (Decrease) in Stockholders' Equity | |||
Vesting of performance shares (in shares) | 66,751 | 210,155 | 271,843 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Globe Life Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Shares Acquired (in shares) | 3,322 | 4,784 | 4,459 |
Total Cost | $ 335,145 | $ 455,030 | $ 380,112 |
Average Price (in dollars per share) | $ 100.90 | $ 95.11 | $ 85.24 |
Share Repurchase for Dilution Purposes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Shares Acquired (in shares) | 1,103 | 858 | 676 |
Total Cost | $ 119,493 | $ 86,405 | $ 63,754 |
Average Price (in dollars per share) | $ 108.33 | $ 100.75 | $ 94.28 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Dividends paid by subsidiaries to parent company | $ 407,000 | $ 479,000 | $ 486,000 |
Maximum amount of dividends expected to be available from subsidiaries without regulatory approval during next year | 420,000 | ||
Restricted net assets | 1,200,000 | ||
Retained earnings restricted by lenders' covenants | 4,300,000 | ||
Retained earnings | $ 6,466,220 | $ 6,182,100 |
Shareholders' Equity - Reconcil
Shareholders' Equity - Reconciliation of Basic and Diluted Weighted Average Shares Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Basic weighted average shares outstanding (in shares) | 97,927,770 | 102,069,781 | 106,075,267 |
Weighted average dilutive options outstanding (in shares) | 1,056,874 | 1,100,351 | 1,149,327 |
Diluted weighted average shares outstanding (in shares) | 98,984,644 | 103,170,132 | 107,224,594 |
Antidilutive shares (in shares) | 31,269 | 2,412,884 | 2,476,019 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - shares | 12 Months Ended | 36 Months Ended |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of equity awards settled for cash (in shares) | 0 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Minimum | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance shares target distribution | 0 | 0 |
Maximum | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance shares target distribution | 220,000 | 209,000 |
Director | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 6 months | |
Director | Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 6 months | |
Directors | Director | Equity Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options expiration term | 7 years | |
Employee 10 Year Grants | Employee | Equity Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options expiration term | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grant Contract and Vesting Periods (Details) - Equity Option | 12 Months Ended |
Dec. 31, 2022 | |
Director | Director | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Contract Period | 7 years |
Director | Director | 6 Months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 100% |
Employee 7 Year Grants | Employee | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Contract Period | 7 years |
Employee 7 Year Grants | Employee | Year 2 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 50% |
Employee 7 Year Grants | Employee | Year 3 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 50% |
Employee 10 Year Grants | Employee | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Contract Period | 10 years |
Employee 10 Year Grants | Employee | Year 2 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 25% |
Employee 10 Year Grants | Employee | Year 3 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 25% |
Employee 10 Year Grants | Employee | Year 4 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 25% |
Employee 10 Year Grants | Employee | Year 5 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 25% |
Stock-Based Compensation - Anal
Stock-Based Compensation - Analysis of Shares Available for Grant (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Activity by Share-based Payment Award | |||
Balance at January 1 (in shares) | 4,727,088 | 5,984,418 | 7,167,718 |
Expired and forfeited during year (in shares) | 13,405 | 5,304 | 3,325 |
Performance shares expired and forfeited during year (in shares) | 23,250 | 34,255 | 35,495 |
Balance at December 31 (in shares) | 3,177,886 | 4,727,088 | 5,984,418 |
Stock Options | |||
Activity by Share-based Payment Award | |||
Options granted during year (in shares) | (1,105,180) | (1,091,495) | (1,127,610) |
Restricted Stock, Restricted Stock Units And Performance Shares | |||
Activity by Share-based Payment Award | |||
Restricted stock, restricted stock units, and performance shares granted (in shares) | (480,677) | (205,394) | (94,510) |
Minimum | |||
Activity by Share-based Payment Award | |||
Ratio by which each grant of stock options reduces shares available for grant | 0.85 | ||
Ratio by which each grant of restricted stock reduces shares available for options | 3.10 | ||
Maximum | |||
Activity by Share-based Payment Award | |||
Ratio by which each grant of stock options reduces shares available for grant | 1 | ||
Ratio by which each grant of restricted stock reduces shares available for options | 3.88 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Compensation Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock-based compensation expense recognized | $ 35,650,000 | $ 30,272,000 | $ 35,892,000 |
Tax benefit recognized | 12,738,000 | 11,954,000 | 12,550,000 |
Stock-based compensation expense capitalized | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Ad_2
Stock-Based Compensation - Additional Stock Compensation Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Unrecognized compensation | $ 33,977 | $ 26,602 |
Weighted average period of expected recognition (in years) | 6 months 21 days | 6 months 25 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Options Outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 6,962,374 | 7,197,662 | 7,111,231 | 6,724,358 |
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 4 years 29 days | 4 years 3 months 21 days | ||
Options Outstanding, Weighted- Average Exercise Price (in dollars per share) | $ 91.73 | $ 85.11 | $ 78.28 | $ 70.07 |
Options Exercisable, Number Exercisable (in shares) | 3,666,871 | 3,659,755 | 3,389,399 | |
Options Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ 84 | $ 75.55 | $ 67.19 | |
$37.40 - $83.17 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Minimum (in dollars per share) | 37.40 | |||
Range of Exercise Prices, Maximum (in dollars per share) | $ 83.17 | |||
Options Outstanding, Number Outstanding (in shares) | 2,091,530 | |||
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 2 years 7 months 24 days | |||
Options Outstanding, Weighted- Average Exercise Price (in dollars per share) | $ 77.06 | |||
Options Exercisable, Number Exercisable (in shares) | 2,091,530 | |||
Options Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ 77.06 | |||
87.60 - 90.21 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Minimum (in dollars per share) | 87.60 | |||
Range of Exercise Prices, Maximum (in dollars per share) | $ 90.21 | |||
Options Outstanding, Number Outstanding (in shares) | 1,025,535 | |||
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 3 years 3 months 18 days | |||
Options Outstanding, Weighted- Average Exercise Price (in dollars per share) | $ 87.64 | |||
Options Exercisable, Number Exercisable (in shares) | 910,379 | |||
Options Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ 87.65 | |||
92.40 - 98.32 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Minimum (in dollars per share) | 92.40 | |||
Range of Exercise Prices, Maximum (in dollars per share) | $ 98.32 | |||
Options Outstanding, Number Outstanding (in shares) | 1,283,538 | |||
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 4 years 11 months 23 days | |||
Options Outstanding, Weighted- Average Exercise Price (in dollars per share) | $ 98.27 | |||
Options Exercisable, Number Exercisable (in shares) | 14,613 | |||
Options Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ 93.57 | |||
100.74 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Minimum (in dollars per share) | $ 100.74 | |||
Options Outstanding, Number Outstanding (in shares) | 1,237,167 | |||
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 4 years 10 days | |||
Options Outstanding, Weighted- Average Exercise Price (in dollars per share) | $ 100.74 | |||
Options Exercisable, Number Exercisable (in shares) | 619,080 | |||
Options Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ 100.74 | |||
103.23 - 105.56 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Minimum (in dollars per share) | 103.23 | |||
Range of Exercise Prices, Maximum (in dollars per share) | $ 105.56 | |||
Options Outstanding, Number Outstanding (in shares) | 1,324,604 | |||
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 6 years 1 month 6 days | |||
Options Outstanding, Weighted- Average Exercise Price (in dollars per share) | $ 103.29 | |||
Options Exercisable, Number Exercisable (in shares) | 31,269 | |||
Options Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ 105.56 | |||
$37.40 - $105.56 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Minimum (in dollars per share) | 37.40 | |||
Range of Exercise Prices, Maximum (in dollars per share) | $ 105.56 | |||
Options Outstanding, Number Outstanding (in shares) | 6,962,374 | |||
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 4 years 29 days | |||
Options Outstanding, Weighted- Average Exercise Price (in dollars per share) | $ 91.73 | |||
Options Exercisable, Number Exercisable (in shares) | 3,666,871 | |||
Options Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ 84 |
Stock-Based Compensation - An_2
Stock-Based Compensation - Analysis of Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options | |||
Options Outstanding-beginning of year (in shares) | 7,197,662 | 7,111,231 | 6,724,358 |
Options Exercised (in shares) | (1,519,728) | (1,191,704) | (936,289) |
Options Expired and forfeited (in shares) | (15,771) | (5,977) | (3,437) |
Options Outstanding-end of year (in shares) | 6,962,374 | 7,197,662 | 7,111,231 |
Options Exercisable at end of year (in shares) | 3,666,871 | 3,659,755 | 3,389,399 |
Weighted-Average Exercise Price | |||
Outstanding-beginning of year, weighted average exercise price (in dollars per share) | $ 85.11 | $ 78.28 | $ 70.07 |
Options exercised in the period - weighted average exercise price (in dollars per share) | 70.14 | 58.59 | 51.37 |
Options expired and forfeited in the period - weighted average exercise price (in dollars per share) | 96.54 | 74.15 | 75.27 |
Outstanding-end of year, weighted average exercise price (in dollars per share) | 91.73 | 85.11 | 78.28 |
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ 84 | $ 75.55 | $ 67.19 |
7-year term | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contract Period | 7 years | ||
Options | |||
Options Granted (in shares) | 1,300,211 | 1,284,112 | 1,326,599 |
Weighted-Average Exercise Price | |||
Options granted in the period- weighted average exercise price (in dollars per share) | $ 103.20 | $ 98.28 | $ 100.85 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Additional Information of Stock Option Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Weighted-average remaining contractual term (in years) | 4 years 29 days | 4 years 3 months 21 days |
Aggregate intrinsic value | $ 200,681 | $ 77,329 |
Weighted-average remaining contractual term (in years) | 3 years 3 days | 3 years 3 months 7 days |
Aggregate intrinsic value | $ 134,033 | $ 66,978 |
Stock-Based Compensation - Sele
Stock-Based Compensation - Selected Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 22.03 | $ 18.01 | $ 14.64 |
Intrinsic value of options exercised | $ 58,201 | $ 50,641 | $ 40,517 |
Cash received from options exercised | 106,592 | 69,826 | 48,093 |
Actual tax benefit received | $ 11,907 | $ 10,545 | $ 8,508 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Additional Information on Unvested Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average remaining contractual term (in years) | 4 years 29 days | 4 years 3 months 21 days |
Aggregate intrinsic value | $ 200,681 | $ 77,329 |
Unvested Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding (in shares) | 3,295,503 | 3,537,907 |
Weighted-average exercise price (in dollars per share) | $ 100.33 | $ 94.99 |
Weighted-average remaining contractual term (in years) | 5 years 3 months 3 days | 5 years 4 months 13 days |
Aggregate intrinsic value | $ 66,647 | $ 10,352 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule Of Restricted Stock Units Outstanding And Vested (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-Based Payment Arrangement [Abstract] | |||
Restricted stock units outstanding (in shares) | 93,381 | 84,426 | 77,167 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Performance Shares Settled (Details) - Performance Shares - shares | Feb. 22, 2023 | Feb. 23, 2022 | Feb. 24, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Settlement of performance shares | 66,751 | 210,155 | |
Subsequent Event | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Settlement of performance shares | 84,298 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock and Restricted Stock Units Granted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants (in shares) | 166,202 | 156,789 | 161,909 |
Directors Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants (in shares) | 10,746 | 10,031 | 4,548 |
Price per share (in dollars per share) | $ 94.94 | $ 92.40 | $ 105.56 |
Aggregate value | $ 1,020 | $ 927 | $ 480 |
Percent vested | 100% | 97% | 100% |
Directors Restricted Stock Units Including Dividend Equivalents | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants (in shares) | 8,956 | 7,258 | 6,161 |
Price per share (in dollars per share) | $ 95.62 | $ 92.60 | $ 103.32 |
Aggregate value | $ 856 | $ 672 | $ 637 |
Percent vested | 100% | 96% | 100% |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants (in shares) | 146,500 | 139,500 | 151,200 |
Price per share (in dollars per share) | $ 103.23 | $ 98.32 | $ 100.74 |
Aggregate value | $ 15,123 | $ 13,716 | $ 15,232 |
Percent vested | 0% | 0% | 0% |
Stock-Based Compensation - An_3
Stock-Based Compensation - Analysis of Unvested Restricted Stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Beginning Balance (in shares) | 342,966 | 518,976 | 716,542 |
Grants (in shares) | 166,202 | 156,789 | 161,909 |
Additional performance shares | (16,102) | (94,883) | (65,473) |
Restriction lapses (in shares) | (87,031) | (226,866) | (282,552) |
Forfeitures (in shares) | (7,500) | (11,050) | (11,450) |
Ending Balance (in shares) | 398,535 | 342,966 | 518,976 |
Executive Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Beginning Balance (in shares) | 0 | 0 | 0 |
Grants (in shares) | 0 | 0 | 0 |
Additional performance shares | 0 | 0 | 0 |
Restriction lapses (in shares) | 0 | 0 | 0 |
Forfeitures (in shares) | 0 | 0 | 0 |
Ending Balance (in shares) | 0 | 0 | 0 |
Executive Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Beginning Balance (in shares) | 342,388 | 518,976 | 716,542 |
Grants (in shares) | 146,500 | 139,500 | 151,200 |
Additional performance shares | (16,102) | (94,883) | (65,473) |
Restriction lapses (in shares) | (66,751) | (210,155) | (271,843) |
Forfeitures (in shares) | (7,500) | (11,050) | (11,450) |
Ending Balance (in shares) | 398,535 | 342,388 | 518,976 |
Directors Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Beginning Balance (in shares) | 289 | 0 | 0 |
Grants (in shares) | 10,746 | 10,031 | 4,548 |
Additional performance shares | 0 | 0 | 0 |
Restriction lapses (in shares) | (11,035) | (9,742) | (4,548) |
Forfeitures (in shares) | 0 | 0 | 0 |
Ending Balance (in shares) | 0 | 289 | 0 |
Directors Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Beginning Balance (in shares) | 289 | 0 | 0 |
Grants (in shares) | 8,956 | 7,258 | 6,161 |
Additional performance shares | 0 | 0 | 0 |
Restriction lapses (in shares) | (9,245) | (6,969) | (6,161) |
Forfeitures (in shares) | 0 | 0 | 0 |
Ending Balance (in shares) | 0 | 289 | 0 |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of Weighted-Average Grant-Date Fair Value of Unvested Restricted Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Executive Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Grant-date fair value per share, beginning of year (in dollars per share) | $ 0 | ||
Grants (in dollars per share) | 0 | ||
Estimated additional performance shares (in dollars per share) | 0 | ||
Restriction lapses (in dollars per share) | 0 | ||
Forfeitures (in dollars per share) | 0 | ||
Grant-date fair value per share, end of year (in dollars per share) | 0 | $ 0 | |
Executive Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Grant-date fair value per share, beginning of year (in dollars per share) | 94.75 | ||
Grants (in dollars per share) | 103.23 | ||
Estimated additional performance shares (in dollars per share) | (81.42) | ||
Restriction lapses (in dollars per share) | (82.56) | ||
Forfeitures (in dollars per share) | (82.56) | ||
Grant-date fair value per share, end of year (in dollars per share) | 100.68 | 94.75 | |
Directors Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Grant-date fair value per share, beginning of year (in dollars per share) | 92.56 | ||
Grants (in dollars per share) | 94.94 | 92.40 | $ 105.56 |
Estimated additional performance shares (in dollars per share) | 0 | ||
Restriction lapses (in dollars per share) | (94.88) | ||
Forfeitures (in dollars per share) | 0 | ||
Grant-date fair value per share, end of year (in dollars per share) | 0 | 92.56 | |
Directors Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |||
Grant-date fair value per share, beginning of year (in dollars per share) | 92.56 | ||
Grants (in dollars per share) | 94.94 | ||
Estimated additional performance shares (in dollars per share) | 0 | ||
Restriction lapses (in dollars per share) | (94.94) | ||
Forfeitures (in dollars per share) | 0 | ||
Grant-date fair value per share, end of year (in dollars per share) | $ 0 | $ 92.56 |
Business Segments - Segment Pre
Business Segments - Segment Premium Income by Distribution Channel and Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | |||
Number of segments | segment | 4 | ||
Segment Reporting Information [Line Items] | |||
Revenue | $ 4,302,709 | $ 4,099,887 | $ 3,813,905 |
% of Total | 100% | 100% | 100% |
Life | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 3,023,296 | $ 2,898,210 | $ 2,672,804 |
% of Total | 100% | 100% | 100% |
Health | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,279,412 | $ 1,201,676 | $ 1,141,097 |
% of Total | 100% | 100% | 100% |
Annuity | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1 | $ 1 | $ 4 |
% of Total | 100% | 100% | 100% |
American Income | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,622,733 | $ 1,517,828 | $ 1,363,460 |
% of Total | 38% | 37% | 36% |
American Income | Life | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,505,425 | $ 1,402,878 | $ 1,257,726 |
% of Total | 50% | 48% | 47% |
American Income | Health | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 117,308 | $ 114,950 | $ 105,734 |
% of Total | 9% | 9% | 9% |
American Income | Annuity | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% |
Direct to Consumer | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,052,612 | $ 1,045,407 | $ 983,486 |
% of Total | 24% | 25% | 26% |
Direct to Consumer | Life | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 981,517 | $ 971,461 | $ 906,959 |
% of Total | 32% | 34% | 34% |
Direct to Consumer | Health | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 71,095 | $ 73,946 | $ 76,527 |
% of Total | 6% | 6% | 7% |
Direct to Consumer | Annuity | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% |
Liberty National | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 512,403 | $ 498,408 | $ 482,732 |
% of Total | 12% | 12% | 13% |
Liberty National | Life | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 326,642 | $ 311,081 | $ 293,897 |
% of Total | 11% | 11% | 11% |
Liberty National | Health | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 185,761 | $ 187,327 | $ 188,835 |
% of Total | 14% | 16% | 16% |
Liberty National | Annuity | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% |
United American | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 546,342 | $ 490,437 | $ 462,672 |
% of Total | 13% | 12% | 12% |
United American | Life | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 7,913 | $ 8,822 | $ 9,688 |
% of Total | 0% | 0% | 0% |
United American | Health | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 538,428 | $ 481,614 | $ 452,980 |
% of Total | 42% | 40% | 40% |
United American | Annuity | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1 | $ 1 | $ 4 |
% of Total | 100% | 100% | 100% |
Family Heritage | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 372,407 | $ 348,796 | $ 321,274 |
% of Total | 9% | 9% | 8% |
Family Heritage | Life | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 5,587 | $ 4,957 | $ 4,253 |
% of Total | 0% | 0% | 0% |
Family Heritage | Health | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 366,820 | $ 343,839 | $ 317,021 |
% of Total | 29% | 29% | 28% |
Family Heritage | Annuity | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% |
Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 196,212 | $ 199,011 | $ 200,281 |
% of Total | 4% | 5% | 5% |
Other | Life | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 196,212 | $ 199,011 | $ 200,281 |
% of Total | 7% | 7% | 8% |
Other | Health | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% |
Other | Annuity | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% |
Business Segments - Reconciliat
Business Segments - Reconciliation of Segment Operating Information to Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Premium | $ 4,302,709 | $ 4,099,887 | $ 3,813,905 |
Net investment income | 987,499 | 952,447 | 927,062 |
Other income | 1,246 | 1,216 | 1,325 |
Total revenue | 5,291,454 | 5,053,550 | 4,742,292 |
Expenses: | |||
Policy obligations | 2,865,456 | 2,859,616 | 2,572,884 |
Required interest on reserves | 0 | 0 | 0 |
Required interest on DAC | 0 | 0 | 0 |
Amortization of acquisition costs | 624,407 | 603,838 | 575,770 |
Commissions, premium taxes, and non-deferred acquisition costs | 374,383 | 331,510 | 304,841 |
Insurance administrative expense | 307,516 | 282,029 | 254,932 |
Parent expense | 10,788 | 9,728 | 10,214 |
Stock-based compensation expense | 35,650 | 30,272 | 35,892 |
Interest expense | 90,395 | 83,486 | 86,704 |
Total benefits and expenses | 4,308,595 | 4,200,479 | 3,841,237 |
Subtotal | 982,859 | 853,071 | 901,055 |
Non-operating items | 7,807 | 11,898 | 4,308 |
Measure of segment profitability (pretax) | 990,666 | 864,969 | 905,363 |
Realized gain (loss)—investments | (76,548) | 68,633 | (3,737) |
Realized loss—redemption of debt | 0 | (9,314) | (634) |
Administrative settlements | (1,325) | ||
Legal proceedings | (2,496) | (8,139) | (3,275) |
Non-operating expenses | (5,311) | (2,434) | (1,033) |
Income before income taxes | 906,311 | 912,390 | 896,684 |
Life | |||
Revenue: | |||
Premium | 3,023,296 | 2,898,210 | 2,672,804 |
Health | |||
Revenue: | |||
Premium | 1,279,412 | 1,201,676 | 1,141,097 |
Annuity | |||
Revenue: | |||
Premium | 1 | 1 | 4 |
Operating Segments | |||
Expenses: | |||
Non-operating items | 0 | 0 | |
Operating Segments | Life | |||
Revenue: | |||
Premium | 3,023,296 | 2,898,210 | 2,672,804 |
Net investment income | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Total revenue | 3,023,296 | 2,898,210 | 2,672,804 |
Expenses: | |||
Policy obligations | 2,045,730 | 2,070,485 | 1,809,373 |
Required interest on reserves | (771,914) | (735,282) | (698,112) |
Required interest on DAC | 229,957 | 218,575 | 210,152 |
Amortization of acquisition costs | 494,431 | 486,724 | 463,586 |
Commissions, premium taxes, and non-deferred acquisition costs | 256,546 | 234,033 | 212,859 |
Insurance administrative expense | 0 | 0 | 0 |
Parent expense | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Total benefits and expenses | 2,254,750 | 2,274,535 | 1,997,858 |
Subtotal | 768,546 | 623,675 | 674,946 |
Non-operating items | 0 | ||
Measure of segment profitability (pretax) | 768,546 | 623,675 | 674,946 |
Operating Segments | Health | |||
Revenue: | |||
Premium | 1,279,412 | 1,201,676 | 1,141,097 |
Net investment income | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Total revenue | 1,279,412 | 1,201,676 | 1,141,097 |
Expenses: | |||
Policy obligations | 791,809 | 758,745 | 733,481 |
Required interest on reserves | (109,789) | (102,574) | (93,475) |
Required interest on DAC | 30,695 | 28,556 | 26,586 |
Amortization of acquisition costs | 128,170 | 115,194 | 110,177 |
Commissions, premium taxes, and non-deferred acquisition costs | 117,815 | 97,453 | 91,959 |
Insurance administrative expense | 0 | 0 | 0 |
Parent expense | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Total benefits and expenses | 958,700 | 897,374 | 868,728 |
Subtotal | 320,712 | 304,302 | 272,369 |
Non-operating items | 0 | ||
Measure of segment profitability (pretax) | 320,712 | 304,302 | 272,369 |
Operating Segments | Annuity | |||
Revenue: | |||
Premium | 1 | 1 | 4 |
Net investment income | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Total revenue | 1 | 1 | 4 |
Expenses: | |||
Policy obligations | 27,846 | 29,061 | 30,030 |
Required interest on reserves | (38,090) | (39,966) | (41,413) |
Required interest on DAC | 191 | 258 | 328 |
Amortization of acquisition costs | 1,806 | 1,920 | 2,007 |
Commissions, premium taxes, and non-deferred acquisition costs | 22 | 24 | 23 |
Insurance administrative expense | 0 | 0 | 0 |
Parent expense | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Total benefits and expenses | (8,225) | (8,703) | (9,025) |
Subtotal | 8,226 | 8,704 | 9,029 |
Non-operating items | 0 | ||
Measure of segment profitability (pretax) | 8,226 | 8,704 | 9,029 |
Operating Segments | Investment | |||
Revenue: | |||
Premium | 0 | 0 | 0 |
Net investment income | 987,499 | 952,447 | 927,062 |
Other income | 0 | 0 | 0 |
Total revenue | 987,499 | 952,447 | 927,062 |
Expenses: | |||
Policy obligations | 71 | 0 | 0 |
Required interest on reserves | 919,793 | 877,822 | 833,000 |
Required interest on DAC | (260,843) | (247,389) | (237,066) |
Amortization of acquisition costs | 0 | 0 | 0 |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 |
Insurance administrative expense | 0 | 0 | 0 |
Parent expense | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 0 |
Interest expense | 90,395 | 83,486 | 86,704 |
Total benefits and expenses | 749,416 | 713,919 | 682,638 |
Subtotal | 238,083 | 238,528 | 244,424 |
Non-operating items | 0 | ||
Measure of segment profitability (pretax) | 238,083 | 238,528 | 244,424 |
Corporate & Other | |||
Revenue: | |||
Premium | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 |
Other income | 1,246 | 1,216 | 1,325 |
Total revenue | 1,246 | 1,216 | 1,325 |
Expenses: | |||
Policy obligations | 0 | 0 | 0 |
Required interest on reserves | 0 | 0 | 0 |
Required interest on DAC | 0 | 0 | 0 |
Amortization of acquisition costs | 0 | 0 | 0 |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 |
Insurance administrative expense | 299,341 | 271,631 | 250,947 |
Parent expense | 11,156 | 9,553 | 9,891 |
Stock-based compensation expense | 35,650 | 30,272 | 35,892 |
Interest expense | 0 | 0 | 0 |
Total benefits and expenses | 346,147 | 311,456 | 296,730 |
Subtotal | (344,901) | (310,240) | (295,405) |
Non-operating items | 0 | 0 | 0 |
Measure of segment profitability (pretax) | (344,901) | (310,240) | (295,405) |
Adjustments | |||
Revenue: | |||
Premium | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 |
Expenses: | |||
Policy obligations | 0 | 1,325 | 0 |
Required interest on reserves | 0 | 0 | 0 |
Required interest on DAC | 0 | 0 | 0 |
Amortization of acquisition costs | 0 | 0 | 0 |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 |
Insurance administrative expense | 8,175 | 10,398 | 3,985 |
Parent expense | (368) | 175 | 323 |
Stock-based compensation expense | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Total benefits and expenses | 7,807 | 11,898 | 4,308 |
Subtotal | (7,807) | (11,898) | (4,308) |
Non-operating items | 7,807 | 11,898 | 4,308 |
Measure of segment profitability (pretax) | $ 0 | $ 0 | $ 0 |
Business Segments - Assets by S
Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and invested assets | $ 18,300,927 | $ 22,850,154 | ||
Accrued investment income | 259,581 | 251,307 | ||
Deferred acquisition costs | 5,249,907 | 4,914,728 | $ 4,595,444 | $ 4,341,941 |
Goodwill | 481,791 | 481,791 | ||
Other assets | 1,244,953 | 1,270,068 | ||
Total assets | 25,537,159 | 29,768,048 | ||
Corporate & Other | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and invested assets | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Deferred acquisition costs | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 1,244,953 | 1,270,068 | ||
Total assets | 1,244,953 | 1,270,068 | ||
Life | Operating Segments | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and invested assets | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Deferred acquisition costs | 4,517,577 | 4,236,401 | ||
Goodwill | 309,609 | 309,609 | ||
Other assets | 0 | 0 | ||
Total assets | 4,827,186 | 4,546,010 | ||
Health | Operating Segments | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and invested assets | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Deferred acquisition costs | 722,366 | 675,871 | ||
Goodwill | 172,182 | 172,182 | ||
Other assets | 0 | 0 | ||
Total assets | 894,548 | 848,053 | ||
Annuity | Operating Segments | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and invested assets | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Deferred acquisition costs | 9,964 | 2,456 | ||
Goodwill | ||||
Other assets | 0 | 0 | ||
Total assets | 9,964 | 2,456 | ||
Investment | Operating Segments | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and invested assets | 18,300,927 | 22,850,154 | ||
Accrued investment income | 259,581 | 251,307 | ||
Deferred acquisition costs | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | $ 18,560,508 | $ 23,101,461 |
Business Segments - Liabilities
Business Segments - Liabilities by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Future policy benefits | $ 16,721,846 | $ 16,034,727 |
Unearned and advance premiums | 60,742 | 65,472 |
Policy claims and other benefits payable | 430,027 | 412,940 |
Debt | 2,077,055 | 2,026,138 |
Other | 1,351,628 | 2,585,965 |
Total | 20,641,298 | 21,125,242 |
Corporate & Other | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Future policy benefits | 0 | 0 |
Unearned and advance premiums | 0 | 0 |
Policy claims and other benefits payable | 0 | 0 |
Debt | 0 | 0 |
Other | 1,328,628 | 2,585,965 |
Total | 1,328,628 | 2,585,965 |
Life | Operating Segments | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Future policy benefits | 13,320,773 | 12,686,851 |
Unearned and advance premiums | 18,830 | 19,874 |
Policy claims and other benefits payable | 251,506 | 245,108 |
Debt | 0 | 0 |
Other | 0 | 0 |
Total | 13,591,109 | 12,951,833 |
Health | Operating Segments | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Future policy benefits | 2,447,605 | 2,315,507 |
Unearned and advance premiums | 41,912 | 45,598 |
Policy claims and other benefits payable | 178,521 | 167,832 |
Debt | 0 | 0 |
Other | 0 | 0 |
Total | 2,668,038 | 2,528,937 |
Annuity | Operating Segments | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Future policy benefits | 953,468 | 1,032,369 |
Unearned and advance premiums | 0 | 0 |
Policy claims and other benefits payable | 0 | 0 |
Debt | 0 | 0 |
Other | 0 | 0 |
Total | 953,468 | 1,032,369 |
Investment | Operating Segments | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Future policy benefits | 0 | 0 |
Unearned and advance premiums | 0 | 0 |
Policy claims and other benefits payable | 0 | 0 |
Debt | 2,077,055 | 2,026,138 |
Other | 23,000 | 0 |
Total | $ 2,100,055 | $ 2,026,138 |
Schedule II. Condensed Financ_2
Schedule II. Condensed Financial Information of Registrant (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||||
Short-term investments | $ 114,121 | $ 69,145 | ||
Total investments | 18,208,368 | 22,757,991 | ||
Cash | 92,559 | 92,163 | ||
Other assets | 760,066 | 782,625 | ||
Total assets | 25,537,159 | 29,768,048 | ||
Liabilities: | ||||
Short-term debt | 449,103 | 479,644 | ||
Long-term debt | 1,627,952 | 1,546,494 | ||
Other liabilities | 542,094 | 722,009 | ||
Total liabilities | 20,641,298 | 21,125,242 | ||
Shareholders' equity: | ||||
Preferred stock | 0 | 0 | ||
Common stock | 105,218 | 109,218 | ||
Additional paid-in-capital | 529,661 | 520,564 | ||
Accumulated other comprehensive income | (1,415,714) | 2,677,583 | ||
Retained earnings | 6,466,220 | 6,182,100 | ||
Treasury stock | (789,524) | (846,659) | ||
Total shareholders' equity | 4,895,861 | 8,642,806 | $ 8,771,092 | $ 7,294,307 |
Total liabilities and shareholders' equity | 25,537,159 | 29,768,048 | ||
Parent Company | ||||
Assets: | ||||
Long-term investments | 31,651 | 31,384 | ||
Short-term investments | 15,001 | 0 | ||
Total investments | 46,652 | 31,384 | ||
Cash | 58 | 20,228 | ||
Investment in affiliates | 6,886,870 | 10,618,826 | ||
Due from affiliates | 131,353 | 170,983 | ||
Taxes receivable from affiliates | 14,161 | 33,229 | ||
Other assets | 173,044 | 185,143 | ||
Total assets | 7,252,138 | 11,059,793 | ||
Liabilities: | ||||
Short-term debt | 449,103 | 629,607 | ||
Long-term debt | 1,777,490 | 1,546,494 | ||
Other liabilities | 129,684 | 240,886 | ||
Total liabilities | 2,356,277 | 2,416,987 | ||
Shareholders' equity: | ||||
Preferred stock | 351 | 351 | ||
Common stock | 105,218 | 109,218 | ||
Additional paid-in-capital | 880,172 | 871,075 | ||
Accumulated other comprehensive income | (1,415,714) | 2,677,583 | ||
Retained earnings | 6,466,220 | 6,182,100 | ||
Treasury stock | (1,140,386) | (1,197,521) | ||
Total shareholders' equity | 4,895,861 | 8,642,806 | ||
Total liabilities and shareholders' equity | $ 7,252,138 | $ 11,059,793 |
Schedule II. Condensed Financ_3
Schedule II. Condensed Financial Information of Registrant (Condensed Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | $ 987,499 | $ 952,447 | $ 927,062 |
Realized gains (losses) | (76,548) | 59,319 | (4,371) |
Total revenue | 5,214,906 | 5,112,869 | 4,737,921 |
General operating expenses | 353,954 | 322,029 | 301,038 |
Interest expense | 90,395 | 83,486 | 86,704 |
Total benefits and expenses | 4,308,595 | 4,200,479 | 3,841,237 |
Income tax benefit (expense) | (166,607) | (167,431) | (164,911) |
Net income | 739,704 | 744,959 | 731,773 |
Other comprehensive income (loss): | |||
Attributable to Parent Company | (4,093,297) | (351,661) | 1,184,414 |
Comprehensive income (loss) | (3,353,593) | 393,298 | 1,916,187 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | 33,664 | 32,816 | 30,199 |
Realized gains (losses) | (9,643) | (5,682) | 12,792 |
Total revenue | 24,021 | 27,134 | 42,991 |
General operating expenses | 59,307 | 51,378 | 57,679 |
Reimbursements from affiliates | (51,312) | (57,504) | (68,556) |
Interest expense | 97,051 | 86,751 | 90,197 |
Total benefits and expenses | 105,046 | 80,625 | 79,320 |
Operating income (loss) before income taxes and equity in earnings of affiliates | (81,025) | (53,491) | (36,329) |
Income tax benefit (expense) | 12,426 | 9,682 | 7,773 |
Net operating loss before equity in earnings of affiliates | (68,599) | (43,809) | (28,556) |
Equity in earnings of affiliates, net of tax | 808,303 | 788,768 | 760,329 |
Net income | 739,704 | 744,959 | 731,773 |
Other comprehensive income (loss): | |||
Attributable to Parent Company | 75,076 | 58,903 | (21,477) |
Attributable to affiliates | (4,168,373) | (410,564) | 1,205,891 |
Comprehensive income (loss) | $ (3,353,593) | $ 393,298 | $ 1,916,187 |
Schedule II. Condensed Financ_4
Schedule II. Condensed Financial Information of Registrant (Condensed Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income | $ 739,704 | $ 744,959 | $ 731,773 |
Other, net | 26,588 | 109,616 | 66,602 |
Cash provided from (used for) operating activities | 1,422,194 | 1,437,680 | 1,476,434 |
Cash provided from (used for) investing activities: | |||
Net decrease (increase) in short-term investments | (44,976) | 38,637 | (69,497) |
Cash provided from (used for) investing activities | (943,015) | (913,370) | (1,181,730) |
Cash provided from (used for) financing activities: | |||
Repayment of debt | (150,000) | (300,000) | (386,875) |
Payment for debt issuance costs | (5,272) | (7,687) | (5,844) |
Net issuance (repayment) of commercial paper | (46,289) | 74,974 | (34,445) |
Issuance of stock | 106,592 | 69,826 | 48,093 |
Acquisitions of treasury stock | (454,638) | (541,435) | (443,866) |
Payment of dividends | (80,547) | (80,043) | (78,192) |
Cash provided from (used for) financing activities | (492,453) | (523,603) | (274,057) |
Net increase (decrease) in cash | 396 | (2,684) | 18,914 |
Cash at beginning of year | 92,163 | 94,847 | 75,933 |
Cash at end of year | 92,559 | 92,163 | 94,847 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 739,704 | 744,959 | 731,773 |
Equity in earnings of affiliates | (808,303) | (788,768) | (760,329) |
Cash dividends from subsidiaries | 407,042 | 478,535 | 485,871 |
Other, net | 26,444 | 58,617 | 21,129 |
Cash provided from (used for) operating activities | 364,887 | 493,343 | 478,444 |
Cash provided from (used for) investing activities: | |||
Net decrease (increase) in short-term investments | (15,001) | 19,300 | (15,899) |
Investment in subsidiaries | (10,010) | (159,924) | (7,875) |
Other long-term investments | (2,000) | (2,500) | 0 |
Loaned money to affiliates | (846,002) | (1,049,932) | (1,008,860) |
Repayments from affiliates | 886,002 | 1,200,932 | 782,860 |
Cash provided from (used for) investing activities | 12,989 | 7,876 | (249,774) |
Cash provided from (used for) financing activities: | |||
Repayment of debt | (300,000) | (300,000) | (386,875) |
Proceeds from issuance of debt | 400,000 | 325,000 | 700,000 |
Payment for debt issuance costs | (5,272) | (7,687) | (5,844) |
Net issuance (repayment) of commercial paper | (46,289) | 74,974 | (34,445) |
Issuance of stock | 111,970 | 69,826 | 48,093 |
Acquisitions of treasury stock | (454,638) | (541,435) | (443,866) |
Borrowed money from affiliate | 22,400 | 32,000 | 76,000 |
Repayments to affiliates | (22,400) | (32,000) | (79,500) |
Payment of dividends | (103,817) | (103,313) | (101,462) |
Cash provided from (used for) financing activities | (398,046) | (482,635) | (227,899) |
Net increase (decrease) in cash | (20,170) | 18,584 | 771 |
Cash at beginning of year | 20,228 | 1,644 | 873 |
Cash at end of year | $ 58 | $ 20,228 | $ 1,644 |
Schedule II. Condensed Financ_5
Schedule II. Condensed Financial Information of Registrant (Notes To Condensed Financial Statements) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Stock-based compensation not involving cash | $ 35,650 | $ 30,272 | $ 35,892 |
Interest paid | 88,814 | 83,072 | 83,518 |
Income taxes paid (received) | $ 114,888 | $ 96,218 | 76,701 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends from subsidiaries | $ 407,042 | $ 478,535 | 485,871 |
Stock-based compensation not involving cash | 35,650 | 30,272 | 35,892 |
Contribution of property to subsidiary | 0 | 5,004 | 0 |
Interest paid | 96,903 | 86,206 | 86,504 |
Income taxes paid (received) | $ (11,537) | $ (11,838) | $ (12,744) |
Preferred stock, liquidation distribution available to stockholders, per share in thousands (in dollars per share) | $ 1,000 | ||
Preferred stock, liquidating distribution legally available, aggregate value | $ 351,000 | ||
Cumulative Series A Preferred Stock | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Preferred stock, shares issued (in shares) | 351,000 | ||
Preferred stock, shares outstanding (in shares) | 351,000 | ||
6.50% Cumulative Preferred Stock, Series A | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Preferred stock, shares issued (in shares) | 280,000 | ||
Preferred stock, shares outstanding (in shares) | 280,000 | ||
Preferred stock, dividend rate, percentage | 6.50% | ||
7.15% Cumulative Preferred Stock, Series A | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Preferred stock, shares issued (in shares) | 71,000 | ||
Preferred stock, shares outstanding (in shares) | 71,000 | ||
Preferred stock, dividend rate, percentage | 7.15% |
Schedule IV. Reinsurance (Detai
Schedule IV. Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Life insurance in force, gross amount | $ 222,098,389 | $ 217,350,660 | $ 203,894,460 |
Life insurance in force, ceded to other companies | 662,569 | 648,766 | 669,063 |
Life insurance in force, assumed from other companies | 2,172,728 | 2,371,163 | 2,551,770 |
Life insurance in force, net amount | $ 223,608,548 | $ 219,073,057 | $ 205,777,167 |
Life insurance in force, percentage of amount assumed to net | 1% | 1.10% | 1.20% |
Premium, gross amount | $ 4,230,597 | $ 4,061,326 | $ 3,787,025 |
Premium, ceded to other companies | 7,452 | 7,598 | 7,614 |
Premium, assumed from other companies | 66,019 | 31,923 | 19,775 |
Premium, net amount | $ 4,289,164 | $ 4,085,651 | $ 3,799,186 |
Percentage of amount assumed to net | 1.50% | 0.80% | 0.50% |
Policy charges | $ 13,500 | $ 14,200 | $ 14,700 |
Life insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premium, gross amount | 2,995,104 | 2,868,759 | 2,642,555 |
Premium, ceded to other companies | 4,361 | 4,286 | 4,241 |
Premium, assumed from other companies | 19,009 | 19,502 | 19,775 |
Premium, net amount | $ 3,009,752 | $ 2,883,975 | $ 2,658,089 |
Percentage of amount assumed to net | 0.60% | 0.70% | 0.70% |
Health insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premium, gross amount | $ 1,235,493 | $ 1,192,567 | $ 1,144,470 |
Premium, ceded to other companies | 3,091 | 3,312 | 3,373 |
Premium, assumed from other companies | 47,010 | 12,421 | 0 |
Premium, net amount | $ 1,279,412 | $ 1,201,676 | $ 1,141,097 |
Percentage of amount assumed to net | 3.70% | 1% | 0% |
Uncategorized Items - gl-202212
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |