Protective Life to Take Charge

Protective Life(PL) a financial services provider, said Wednesday that it expects to take a pretax charge of $35 million, or about 32 cents a share, related to the discontinued lender's indemnity product and the discontinued residual value product line. The charge will be reflected in the company's third-quarter results, the Birmingham, Ala.-based company said.

The charge includes a bad debt of $26 million related to the asset protection segment's discontinued lender's indemnity product and a $9 million reserve charge in the corporate and other segment related to the discontinued residual value line, it added.