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OLDWICK, NJ – (BUSINESS WIRE) –
AM Best has assigned a long-term issue credit rating of “bbb-” (good) to the newly issued $ 325 million subordinated subordinated debentures of $ 325 million, due June 15, 2061, of Globe Life Inc. (Globe Life) (head office in McKinney, TX) [NYSE: GL]. The outlook assigned to this credit rating (rating) is stable. The existing ratings of Globe Life and its insurance subsidiaries remain unchanged.

Globe Life’s leverage and interest coverage ratios remain within AM Best’s rating guidelines. The proceeds of this offering will be used to repay the outstanding $ 300 million principal amount of the lower 6.125% subordinated debentures due 2056, with the remainder to be used for general corporate purposes. Globe Life has consistently generated strong cash flow and maintained significant liquidity, which supports the company’s ability to meet the cash flow needs of the holding company.

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best Recent rating activity Web page. For more information on the use and limits of credit rating opinions, please see Best Credit Score Guide. For more information on the appropriate media use of Best’s credit scores and AM Best press releases, please see Media Guide – Appropriate Use of Best Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

Copyright © 2021 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210616005966/en/

Shauna Nelson

Senior Financial Analyst

+1 908 439 2200, ext. 5365

[email protected]

Rosemarie Mirabella

Director

+1 908 439 2200, ext. 5892

[email protected]

Christophe sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

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Jim peavy

Director, Communications

+1 908 439 2200, ext. 5644

[email protected]

Source: AM Best