This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Protective Reports Third Quarter 2013 Financial Results

(October 30, 2013) – Protective Life Corporation (NYSE: PL) (“PLC” or “the Company”) today reported results for the third quarter of 2013. Net income available to PLC’s common shareowners for the third quarter of 2013 was $93.1 million or $1.15 per average diluted share, compared to $60.5 million or $0.73 per average diluted share in the third quarter of 2012. After-tax operating income was $79.5 million or $0.98 per average diluted share, compared to $63.0 million or $0.76 per average diluted share in the third quarter of 2012.

Net income available to PLC’s common shareowners for the nine months ended September 30, 2013 was $274.6 million or $3.39 per average diluted share, compared to $235.7 million or $2.83 per average diluted share for the nine months ended September 30, 2012. After-tax operating income was $228.7 or $2.82 per average diluted share, compared to $233.0 million or $2.80 per average diluted share for the nine months ended September 30, 2012.

“We are very pleased to report another solid quarter,” said John D. Johns, Chairman, President and CEO. “Notwithstanding the headwinds created by the low interest rate environment, an unsettled regulatory environment and intense competition across all retail product lines, we continue to stay on track to meet our sales, capital and earnings plans for the year. We are particularly pleased to have the MONY transaction closed and expect this acquisition to be immediately accretive to our bottom line in the fourth quarter.”

Business Segment Results

The table below sets forth business segment operating income before income tax for the periods shown:
                           
Operating Income Before Income Tax
($ in thousands) $ %
3Q13 3Q12 Change Change
Life Marketing $ 29,218 $ 28,673 $ 545 2 %
Acquisitions 29,429 46,155 (16,726 ) (36 )
Annuities 50,866 9,408 41,458 n/m
Stable Value Products 19,206 13,050 6,156 47
Asset Protection 6,827 4,150 2,677 65
Corporate & Other   (14,251 )   (6,614 )   (7,637 ) n/m
$ 121,295   $ 94,822   $ 26,473   28
 

The following table reconciles segment operating income to consolidated net income available to PLC’s common shareowners:
           
($ in thousands)
        3Q13 3Q12
Operating income before income tax $ 121,295 $ 94,822
Realized investment gains (losses) 28,919 (10,582 )
Less:

Amortization related to deferred policy acquisition costs, value of business acquired, and benefits and settlement expenses
8,093 (6,746 )
Income tax expense   49,060   30,506  
Net income available to PLC's common shareowners $ 93,061 $ 60,480  
 

Sales

The Company uses sales statistics to measure the relative progress of its marketing efforts. The Company derives these statistics from various sales tracking and administrative systems and not from its financial reporting systems or financial statements. These statistics measure only one of many factors that may affect future profitability of the business segments and therefore are not intended to be predictive of future profitability.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs