Protective Life Sees Dip In 1Q Income
May 9, 2013 by Stan Diel sdiel@al.com
Protective Life Corp. this week reported$78.3 million in net income available to common shareholders, or97 cents per share, down from the$99 million, or$1.18 per share, reported in the first quarter last year. Operating income totaled$71.4 million in the quarter,89 cents per share. In the same period last year the company reported$99.1 million, or$1.18 per share, in operating income.
After adjusting for unexpected expenses, the results surpassed the company’s goals, said CEO John D. Johns. “ We are off to a strong start in 2013,” Johns said in a prepared statement. “We are also pleased to see higher life sales, moderation in variable annuity sales, solid performance in the investment portfolio and continued robust spreads in the stable value segment. Our energies for the rest of the year will be intensely focused on achieving our financial plan and closing the recently announced MONY Life Insurance Company acquisition transaction.”
Protective, which provides life and specialty insurance, last month announced it would acquire MONY Life in a $1 billion deal. Protective stock has risen about 10 percent since the deal was disclosed.
