Protective Life Corporation (NYSE: PL) (“PLC” or “the Company”) today reported results for the second quarter of 2013. Net income available to PLC’s common shareowners for the second quarter of 2013 was $103.2 million or $1.27 per average diluted share, compared to $76.2 million or $0.91 per average diluted share in the second quarter of 2012. After-tax operating income was $77.7 million or $0.96 per average diluted share, compared to $70.9 million or $0.85 per average diluted share in the second quarter of 2012.
Net income available to PLC’s common shareowners for the six months ended June 30, 2013 was $181.5 million or $2.24 per average diluted share, compared to $175.2 million or $2.10 per average diluted share for the six months ended June 30, 2012. After-tax operating income was $149.2 or $1.84 per average diluted share, compared to $170.0 million or $2.04 per average diluted share for the six months ended June 30, 2012.
“We are pleased to report solid financial results in the second quarter that exceed our plan for the quarter,” said John D. Johns, Chairman, President and CEO. “Very strong investment income, strong earnings in the variable annuity line, favorable mortality in life marketing and better than plan results in the Asset Protection segment more than offset the adverse impact of several items and adjustments in the quarter. We are continuing to press ahead on the MONY acquisition and are making good progress on all fronts toward our targeted closing date of October 1. We are also pleased to report that in each of our three major retail business lines (Life Marketing, Annuities and Asset Protection) our sales in this quarter exceeded last year’s comparable sales. Overall, we remain on track to achieve or exceed our earnings plan for the year.”
Business Segment ResultsThe table below sets forth business segment operating income before income tax for the periods shown:
|Operating Income Before Income Tax|
|($ in thousands)||$||%|
|Stable Value Products||22,464||15,958||6,506||41|
|Corporate & Other||(2,483||)||(25,397||)||22,914||90|
|($ in thousands)|
|Operating income before income tax||$||117,855||$||99,556|
|Realized investment gains (losses)||44,491||12,072|
Related amortization of deferred policy acquisition costs and value of business acquired
|Income tax expense||53,814||31,532|
|Net income available to PLC's common shareowners||$||103,199||$||76,155|