Globe Life Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	1,071	970.76	894.39	1,031
Depreciation & Amortization	-	27	21	21	20
Other Amortization	-	410	379.7	348.82	317.62
Gain (Loss) on Sale of Investments	-	24.19	65.68	76.55	-68.63
Change in Income Taxes	-	77.93	101.45	91.84	147.99
Change in Insurance Reserves / Liabilities	-	750.69	839.81	795.06	677.43
Other Operating Activities	-	-958.13	-895.97	-805.46	-687.84
Operating Cash Flow	-	1,402	1,482	1,422	1,438
Operating Cash Flow Growth	-	-5.40%	4.23%	-1.08%	-2.63%
Capital Expenditures	-	-71.05	-49.55	-27.93	-38.24
Investment in Securities	-	-407.41	-719.62	-845.45	-834.17
Other Investing Activities	-	0.1	-	-	-56.7
Investing Cash Flow	-	-641.52	-926.15	-943.02	-913.37
Short-Term Debt Issued	-	484.73	32.96	-	74.97
Long-Term Debt Issued	-	530	170	250.49	325
Total Debt Issued	-	1,015	202.96	250.49	399.97
Total Debt Repaid	-	-385.89	-165.61	-196.29	-300
Net Debt Issued (Repaid)	-	628.84	37.35	54.2	99.97
Issuance of Common Stock	-	51.79	114.08	106.59	69.83
Repurchases of Common Stock	-	-1,002	-511.1	-454.64	-541.44
Common Dividends Paid	-	-85.49	-84.12	-80.55	-80.04
Other Financing Activities	-	-421.03	-0.76	-5.27	-7.69
Financing Cash Flow	-	-715.84	-541.49	-492.45	-523.6
Foreign Exchange Rate Adjustments	-	17.08	-4.19	13.67	-3.39
Net Cash Flow	-	62.17	10.6	0.4	-2.68
Free Cash Flow	-	1,331	1,433	1,394	1,399
Free Cash Flow Growth	-	-7.08%	2.77%	-0.37%	-2.46%
Free Cash Flow Margin	-	23.04%	26.30%	26.68%	27.38%
Free Cash Flow Per Share	-	14.85	14.87	14.09	13.56
Cash Interest Paid	-	116.99	99.55	88.81	83.07
Cash Income Tax Paid	-	175.4	121.03	114.89	96.22
Levered Free Cash Flow	-	1,442	1,176	-133.12	1,103
Unlevered Free Cash Flow	-	1,521	1,240	-76.62	1,155
Change in Working Capital	-	828.62	941.26	886.9	825.42

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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