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 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 July 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 July 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: July 23, 1997
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Exhibit Index
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER
99. Press Release Dated July 23, 1997 4
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Exhibit 99
July 23, 1997
FOR IMMEDIATE RELEASE
PROTECTIVE ANNOUNCES RECORD 2Q97 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 $.86 per share in the 1997 second
quarter, a 13% increase over the $.76 per share last year. Consolidated net
income for the second quarter of 1997 was $27.5 million or $.88 per share,
compared to $23.3 million or $.78 per share reported for the 1996 second
quarter.
The Company's operating income was $1.67 per share in the first six months of
1997, a 12% increase over the $1.49 per share reported for the first six months
of 1996. Consolidated net income in the first six months of 1997 was $52.3
million or $1.68 per share, compared to $44.4 million or $1.51 per share last
year.
Drayton Nabers, Jr., the Company's Chairman and Chief Executive Officer,
commented "Our record earnings for the first half of 1997 are encouraging, and
we are building a foundation to support continued earnings growth."
At June 30, 1997, the Company's assets were $9.3 billion. Stockholders' equity
per share was $21.09 (excluding $.40 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 June 30, 1997
was 16.0%. (Average equity excludes the effect of unrealized gains and losses on
stockholders' equity.)
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