Protective Posts 3Q 2014 Financial Results
November 7, 2014 by Proquest LLC
Protective Life Corp. has reported results for the third quarter of 2014.
In its release onNovember 3, the Company noted net income for the third quarter of 2014 was $118.9 million or $1.46 per average diluted share, compared to $93.1 million or$1.15 per average diluted share in the third quarter of 2013. After-tax operating income was $107.9 million or $1.33 per average diluted share, compared to $79.5 million or $0.98 per average diluted share in the third quarter of 2013.
Net income for the nine months ended September 30, was $310.5 million or $3.82 per average diluted share, compared to $274.6 million or $3.39 per average diluted share for the nine months ended September 30, 2013. After-tax operating income was $310.9 million or $3.82 per average diluted share, compared to $228.7 million or $2.82 per average diluted share for the nine months ended September 30, 2013.
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.
Statutory Risk-Based Capital (RBC) andTotal Adjusted Capital (TAC) at9/30/14
The preliminary company action level RBC ratio is estimated to be in the range of 520 percent – 525 percent. TAC is estimated to be $3.7 billion.
Agreement and Plan of Merger with The Dai-ichi Life Insurance Company
On June 3, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement) with The Dai-ichi Life Insurance Company, Limited, a kabushiki kaisha organized under the laws of Japan (Dai-ichi) and DL Investment (Delaware), Inc., a Delaware corporation and wholly owned subsidiary of Dai-ichi providing for the merger of DL Investment (Delaware), Inc. with and into the Company (the “Merger), with the Company surviving the Merger as a wholly owned subsidiary of Dai-ichi.
On October 6, the Company held a Special Meeting of Shareholders at which Company’s shareowners approved a proposal to adopt the Merger Agreement. The transaction is progressing as expected and the Company continues to expect closing in late 2014 or early 2015. Completion of the Merger remains subject to various closing conditions, including, but not limited to, regulatory approvals in Japan and the U.S. and other customary closing conditions.
