Protective Life Corporation (NYSE: PL) (“PLC” or “the Company”) today reported results for the third quarter of 2012. Net income available to PLC’s common shareowners for the third quarter of 2012 was $60.5 million or $0.73 per average diluted share, compared to $82.9 million or $0.96 per average diluted share in the third quarter of 2011. After-tax operating income was $63.0 million or $0.76 per average diluted share, compared to $64.2 million or $0.74 per average diluted share in the third quarter of 2011.
Net income available to PLC’s common shareowners for the nine months ended September 30, 2012 was $235.7 million or $2.83 per average diluted share, compared to $229.4 million or $2.63 per average diluted share for the nine months ended September 30, 2011. After-tax operating income was $233.0 million or $2.80 per average diluted share, compared to $202.1 million or $2.32 per average diluted share for the nine months ended September 30, 2011.
“Our core fundamentals were solid in the third quarter,” commented John D. Johns, Chairman, President and CEO. “We experienced renewed sales momentum in Life Marketing, achieved a record level of account balances in Annuities, continued to enjoy robust spreads in Stable Value and enjoyed a record level of investment income in the quarter. In addition, our very strong and growing capital position enabled us to continue to return a substantial portion of our earnings to shareowners through dividends and share repurchase. We are very well positioned to close the year on a strong note. We are fully engaged in executing our plan in fourth quarter. If we are successful, we will achieve a record level of operating income for the year. That is our goal.”
Richard J. Bielen, Protective’s Vice Chairman and CFO added, “The quarter’s results included extraordinary investment income of $0.11; deferred debt issue cost write-off of $(0.03); and unfavorable unlocking of $(0.20), primarily attributable to the variable annuity product line. Adjusted for these items, the core operations generated $0.88 of operating earnings in the quarter.”
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