(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 $2.80 per average diluted share for the nine months ended September 30, 2012.
“We are very pleased to report another solid quarter,” said John D. Johns, Chairman, President and CEO. “Notwithstanding the headwinds created by the low interest rate environment, an unsettled regulatory environment and intense competition across all retail product lines, we continue to stay on track to meet our sales, capital and earnings plans for the year. We are particularly pleased to have the MONY transaction closed and expect this acquisition to be immediately accretive to our bottom line in the fourth quarter.”
Business Segment ResultsThe table below sets forth business segment operating income before income tax for the periods shown:
|Operating Income Before Income Tax|
|($ in thousands)||$||%|
|Stable Value Products||19,206||13,050||6,156||47|
|Corporate & Other||(14,251||)||(6,614||)||(7,637||)||n/m|
|($ in thousands)|
|Operating income before income tax||$||121,295||$||94,822|
|Realized investment gains (losses)||28,919||(10,582||)|
Amortization related to deferred policy acquisition costs, value of business acquired, and benefits and settlement expenses
|Income tax expense||49,060||30,506|
|Net income available to PLC's common shareowners||$||93,061||$||60,480|