Insurance provider

Protective Life

(PL)

said its second-quarter profits rose 39% from the year-ago period, as higher annuity sales boosted its results.

The company earned $66.9 million, or 94 cents a share, in the quarter, compared with $48 million, or 68 cents a share, a year ago. Excluding realized investment losses, the company earned 95 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 94 cents a share in the most recent quarter.

By segment, revenue from life marketing fell 23.2% to $53.5 million, but revenue from annuities jumped 44% to $217.8 million. Sales from stable value products declined 72.4% to $124.5 million, but rose 6.9% to $136.2 million from the asset protection segment.

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