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Protective Life Corporation (NYSE: PL) (“PLC” or “the Company”) today reported results for the second quarter of 2012. Net income available to PLC’s common shareowners for the second quarter of 2012 was $76.2 million or $0.91 per average diluted share, compared to $87.6 million or $1.00 per average diluted share in the second quarter of 2011. After-tax operating income was $70.9 million or $0.85 per average diluted share, compared to $75.4 million or $0.86 per average diluted share in the second quarter of 2011.
Net income available to PLC’s common shareowners for the six months ended June 30, 2012 was $175.2 million or $2.10 per average diluted share, compared to $146.5 million or $1.67 per average diluted share for the six months ended June 30, 2011. After-tax operating income was $170.0 million or $2.04 per average diluted share, compared to $137.9 million or $1.57 per average diluted share for the six months ended June 30, 2011.
“Second quarter operating results continued to be very solid across all operating segments,” said John D. Johns, Chairman, President and CEO. “Our financial results for this quarter and the year to date are well ahead of our plan. Encouraging developments in the quarter included favorable mortality results, sequentially higher life insurance and asset protection sales, positive fund flows in the annuity segment and strong stable value spreads. In the face of continued macroeconomic challenges, we remain very focused on disciplined execution of our growth plans, careful allocation of capital and prudent expense and risk management. We remain confident in our ability to execute successfully on our business and financial plans for the remainder of the year.”
Results for the current and all prior periods reflect the adoption and the Company’s retrospective application of Accounting Standards Update 2010-26, effective January 1, 2012, which modifies the accounting guidance for deferred acquisition costs.