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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 23, 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 October 23, 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 exhibit is included herein.
Exhibit 99: Press Release dated October 23, 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: October 23, 1996
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Exhibit Index
Exhibit Number Description
99. Press Release Dated October 23, 1996
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Exhibit 99
October 23, 1996
For Immediate Release
PROTECTIVE ANNOUNCES 3Q96 EARNINGS
Protective Life Corporation (NYSE:PL) announced third quarter results today. The
Company's operating income, which excludes realized investment gains and losses
and related amortization, was $.78 per share in the 1996 third quarter before a
one-time charge of $.15 per share representing the estimated cost of the
previously announced refund of premiums to certain cancer insurance
policyholders and related expenses. Operating income was $.68 per share for the
same period last year. Consolidated net income for the third quarter of 1996,
including the one-time charge, was $20.0 million or $.64 per share, compared to
$20.9 million or $.72 per share reported for the 1995 third quarter.
Drayton Nabers, Jr., Protective's Chairman and Chief Executive Officer,
commented: "The third quarter represented good operating earnings momentum
throughout the Company which should provide the basis for continued growth."
In the first nine months of 1996 the Company's operating income was $2.27 per
share before the $.15 per share one-time charge. Operating income was $1.98 per
share for the first nine months of 1995. Consolidated net income in the first
nine months of 1996, including the one-time charge, was $64.4 million or $2.15
per share, compared to $57.7 million or $2.03 per share last year.
At September 30, 1996, the Company's assets were $8.0 billion. Stockholders'
equity per share was $19.14 (excluding $.56 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 September 30,
1996 was 16.5% including the one-time charge and 17.4% excluding it. (Average
equity excludes the effect of unrealized gains and losses on stockholders'
equity.)
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