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, 1997
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, 1997, 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, 1997.
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, 1997
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Exhibit Index
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER
99. Press Release Dated October 23, 1997 4
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Exhibit 99
October 23, 1997
FOR IMMEDIATE RELEASE
PROTECTIVE ANNOUNCES RECORD 3Q97 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 a record $.97 per share in the 1997 third quarter,
compared to $.63 per share last year. Consolidated net income for the third
quarter of 1997 was $30.4 million or $.97 per share, compared to $20.0 million
or $.64 per share reported for the 1996 third quarter.
In the current quarter, the Company had approximately $.08 per share of unusual
investment income. In the 1996 third quarter, the Company had a one-time charge
of $.15 per share relating to a refund of premiums. Excluding both items, the
Company's operating income was $.89 per share in the 1997 third quarter, a 14%
increase over the $.78 per share last year.
The Company's operating income was $2.64 per share in the first nine months of
1997, compared to the $2.12 per share reported for the first nine months of
1996. Consolidated net income in the first nine months of 1997 was $82.7 million
or $2.65 per share, compared to $64.4 million or $2.15 per share last year.
At September 30, 1997, the Company's assets were $10.2 billion. Stockholders'
equity per share was $21.85 (excluding $1.22 per share of unrealized investment
gains resulting from marking the Company's securities to market values).
Operating return on average equity for the twelve months ending September 30,
1997, was 17.0%. (Average equity excludes the effect of unrealized gains and
losses on stockholders' equity.)
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