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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) OCTOBER 25, 1994
PROTECTIVE LIFE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 0-9924 95-2492236
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2801 HIGHWAY 280 SOUTH, BIRMINGHAM, ALABAMA 35223
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (205) 879-9230
N/A
(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS.
On October 25, 1994, Registrant issued a press release with respect to its
earnings which is attached hereto as Exhibit A.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PROTECTIVE LIFE CORPORATION
BY /s/ Jerry W. DeFoor
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Jerry W. DeFoor
Vice President and Controller
Dated: October 27, 1994
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Exhibit A
October 25, 1994
FOR IMMEDIATE RELEASE
PROTECTIVE ANNOUNCES RECORD EARNINGS
Protective Life Corporation (NYSE: PL) announced today that its consolidated net
income for the third quarter of 1994 was a record $18.7 million or $1.36 per
share, compared to $12.4 million or $.90 per share reported for the 1993 third
quarter. (The 1993 third quarter included a one-time increase to tax expense of
$1.3 million or $.09 per share.)
The Company's operating income, which excludes realized investment gains, was a
record $1.22 per share in the 1994 third quarter, a 23% increase over the $.99
per share earned by the Company in the third quarter of last year.
Drayton Nabers, Jr., Chief Executive Officer of the Company, commented: "Our
third quarter earnings were generally in line with our targets. We are
especially pleased by our performance in managing the effects of higher interest
rates on our interest-sensitive products. Our plans emphasize growth in our
marketing and acquisitions segments, and we are encouraged by the progress we
are making in those areas."
Consolidated net income in the first nine months of 1994 was $51.7 million or
$3.77 per share, compared to $37.8 million or $2.76 per share reported for the
first nine months of 1993. The Company's operating income, was $3.51 per share
in the first nine months of 1994, a 25% increase over the $2.81 per share last
year.
At September 30, 1994 the Company's assets were $5.8 billion, and stockholders'
equity per share was $26.48 (excluding $6.61 of unrealized investment losses
resulting from marking the Company's securities to their market values.) The
Company's operating return on average equity for the twelve months ending
September 30, 1994 was 19.3%.
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