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) JULY 24, 1996
PROTECTIVE LIFE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-12332 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 July 24, 1996, Registrant issued a press release with respect to its
earnings which is included as an Exhibit to this Current Report and incorporated
by reference herein:
Item 7. Financial Statements and Exhibits
(c) Exhibits
The following exhibits are included herein. Exhibit 12 listed below is
filed with reference to the Registration Statements on Form S-3
(Registration Nos. 33-3435, 33-55063 and 33-528311) of Protective Life
Corporation and PLC Capital L.L.C.
Exhibit 12: Computation of Ratios of Consolidated Earnings to Fixed
Charges.
Exhibit 99: Press Release Dated July 24, 1996.
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
Jerry W. DeFoor
Vice President and Controller
Dated: July 26, 1996
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Exhibit Index
Exhibit Number Description
12. Computation of Ratios of Consolidated
Earnings to Fixed Charges
99. Press Release Dated July 24, 1996.
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<TABLE>
EXHIBIT 12
<CAPTION>
PROTECTIVE LIFE CORPORATION
Three Months
Ended
March 31 Year Ended December 31
------------ ------------------------------------------------
1996 1995 1995 1994 1993 1992 1991
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
COMPUTATION OF RATIO OF CONSOLIDATED
EARNINGS TO FIXED CHARGES
Income before income tax $33,140 $29,572 $121,034 $106,173 $85,044 $59,947 $51,703
Less pretax minority interest 19 90 1,721
Add interest expense 2,709 2,615 9,589 7,766 6,338 4,806 5,738
------- ------- -------- -------- ------- ------- -------
Earnings before interest and taxes $35,849 $32,187 $130,623 $113,939 $91,363 $64,663 $55,720
======= ======= ======== ======== ======= ======= =======
Earnings before interest and taxes
divided by interest expense 13.2 12.3 13.6 14.7 14.4 13.5 9.7
==== ==== ==== ==== ==== ==== ===
COMPUTATION OF RATIO OF CONSOLIDATED
EARNINGS TO COMBINED FIXED CHARGES
AND DIVIDENDS ON PREFERRED SECURITIES
Income before income tax $33,140 $29,572 $121,034 $106,173 $85,044 $59,947 $51,703
Less pretax minority interest 19 90 1,721
Add interest expense 2,709 2,615 9,589 7,766 6,338 4,806 5,738
------- ------- -------- -------- ------- ------- -------
Earnings before interest and taxes $35,849 $32,187 $130,623 $113,939 $91,363 $64,663 $55,720
======= ======= ======== ======== ======= ======= =======
Dividends on Preferred Securities $1,237 $1,237 $4,950 $2,763
====== ====== ====== ======
Earnings before interest and taxes
divided by interest expense and
dividends on preferred securities 9.1 8.4 9.0 10.8 14.4 13.5 9.7
=== === === ==== ==== ==== ===
COMPUTATION OF RATIO OF CONSOLIDATED
EARNINGS TO INTEREST ON DEBT,
DIVIDENDS ON PREFERRED SECURITIES
AND INTEREST CREDITED ON INVESTMENT
PRODUCTS
Income before income tax $ 33,140 $29,572 $121,034 $106,173 $ 85,044 $ 59,947 $ 51,703
Less pretax minority interest 19 90 1,721
Add interest expense 2,709 2,615 9,589 7,766 6,338 4,806 5,738
Add interest credited to investment
products 69,895 67,685 286,710 260,081 $220,772 173,658 132,533
-------- ------- -------- -------- -------- -------- --------
Earnings before interest, taxes and
interest credited on investment
products $105,744 $99,872 $417,333 $374,020 $312,135 $238,321 $188,253
======== ======= ======== ======== ======== ======== ========
Dividends on Preferred Securities $1,237 $1,237 $4,950 $2,763
====== ====== ====== ======
Earnings before interest, taxes and
interest credited to investment
products divided by interest expense,
dividends on preferred securities,
and interest credited on investment
products 1.4 1.4 1.4 1.4 1.4 1.3 1.4
=== === === === === === ===
</TABLE>
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Exhibit 99
July 24, 1996
For Immediate Release
PROTECTIVE ANNOUNCES RECORD 2Q96 EARNINGS
Protective Life Corporation (NYSE:PL) announced second quarter results today.
The Company's operating income, which excludes realized investment gains and
losses and related amortization, was a record $.76 per share in the 1996 second
quarter, a 13% increase over the $.67 per share last year. Consolidated net
income for the second quarter of 1996 was $23.3 million or $.78 per share,
compared to $17.9 million or $.62 per share reported for the 1995 second
quarter.
The Company's operating income was $1.49 per share in the first six months of
1996, a 15% increase over the $1.30 per share reported for the first six months
of 1995. Consolidated net income in the first six months of 1996 was $44.4
million or $1.51 per share, compared to $36.9 million or $1.31 per share last
year.
At June 30, 1996, the Company's assets were $7.8 billion. Stockholders' equity
per share was $18.68 (excluding $.83 per share of unrealized investment losses
resulting from marking the Company's securities to market values).
Operating return on average equity for the twelve months ending June 30, 1996
was 17.7%. (Average equity excludes the effect of unrealized gains and losses on
stockholders' equity.)
