Increase (decrease) in gross unrealized losses

[Table of Contents](#ic55317410763413da1d4be4008f977bd_658)Globe Life Inc.Notes to Consolidated Financial Statements(Dollar amounts in thousands, except per share data)Analysis of Gross Unrealized Investment Losses

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|  | At December 31, 2020 |
|  | Less than Twelve Months |  | Twelve Months or Longer |  | Total |
|  | FairValue |  | UnrealizedLoss |  | FairValue |  | UnrealizedLoss |  | FairValue |  | UnrealizedLoss |
| Fixed maturities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
| Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 2,006  |  |  | $ | (43) |  |  | $ | —  |  |  | $ | —  |  |  | $ | 2,006  |  |  | $ | (43) |  |
| States, municipalities and political subdivisions | 32,910  |  |  | (315) |  |  | —  |  |  | —  |  |  | 32,910  |  |  | (315) |  |
| Foreign governments | 19,532  |  |  | (898) |  |  | —  |  |  | —  |  |  | 19,532  |  |  | (898) |  |
| Corporates, by sector: |  |  |  |  |  |  |  |  |  |  |  |
| Financial | 117,762  |  |  | (2,564) |  |  | 6,333  |  |  | (2,168) |  |  | 124,095  |  |  | (4,732) |  |
| Utilities | 2,726  |  |  | (108) |  |  | —  |  |  | —  |  |  | 2,726  |  |  | (108) |  |
| Energy | 1,692  |  |  | (8) |  |  | 14,871  |  |  | (106) |  |  | 16,563  |  |  | (114) |  |
| Other corporate sectors | 21,882  |  |  | (720) |  |  | —  |  |  | —  |  |  | 21,882  |  |  | (720) |  |
| Total corporates | 144,062  |  |  | (3,400) |  |  | 21,204  |  |  | (2,274) |  |  | 165,266  |  |  | (5,674) |  |
| Collateralized debt obligations | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| Other asset-backed securities | 28,864  |  |  | (1,051) |  |  | 5  |  |  | —  |  |  | 28,869  |  |  | (1,051) |  |
| Total investment grade securities | 227,374  |  |  | (5,707) |  |  | 21,209  |  |  | (2,274) |  |  | 248,583  |  |  | (7,981) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
| States, municipalities and political subdivisions | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Corporates, by sector: |  |  |  |  |  |  |  |  |  |  |  |
| Financial | 6,822  |  |  | (36) |  |  | 115,093  |  |  | (19,453) |  |  | 121,915  |  |  | (19,489) |  |
| Utilities | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| Energy | 18,432  |  |  | (757) |  |  | 38,720  |  |  | (2,212) |  |  | 57,152  |  |  | (2,969) |  |
| Other corporate sectors | 25,711  |  |  | (3,588) |  |  | 19,516  |  |  | (1,910) |  |  | 45,227  |  |  | (5,498) |  |
| Total corporates | 50,965  |  |  | (4,381) |  |  | 173,329  |  |  | (23,575) |  |  | 224,294  |  |  | (27,956) |  |
| Collateralized debt obligations | —  |  |  | —  |  |  | 11,131  |  |  | (8,869) |  |  | 11,131  |  |  | (8,869) |  |
| Other asset-backed securities | —  |  |  | —  |  |  | 11,223  |  |  | (2,727) |  |  | 11,223  |  |  | (2,727) |  |
| Total below investment grade securities | 50,965  |  |  | (4,381) |  |  | 195,683  |  |  | (35,171) |  |  | 246,648  |  |  | (39,552) |  |
| Total fixed maturities  | $ | 278,339  |  |  | $ | (10,088) |  |  | $ | 216,892  |  |  | $ | (37,445) |  |  | $ | 495,231  |  |  | $ | (47,533) |  |

  
  
Gross unrealized losses decreased from $47.5 million at December 31, 2020, to $34.0 million at December 31, 2021, a decrease of $13.5 million. The decrease in the gross unrealized losses from the prior year was primarily attributable to the decrease in market interest rates.  
  
85 GL 2021 FORM 10-K
