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) FEBRUARY 11, 1998
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 February 11, 1998, 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 February 11, 1998.
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: February 11, 1998
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Exhibit Index
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER
99. Press Release Dated February 11, 1998 4-5
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Exhibit 99
February 11, 1998
FOR IMMEDIATE RELEASE
PROTECTIVE ANNOUNCES 4Q97 EARNINGS
Protective Life Corporation (NYSE:PL) announced fourth quarter results today.
The Company's operating income, which excludes realized investment gains and
losses and related amortization, was $.94 per share in the 1997 fourth quarter,
a 21% increase over the $.78 per share last year in the fourth quarter.
Consolidated net income for the fourth quarter of 1997 was $29.2 million or $.94
per share, compared to $24.6 million or $.79 per share for the 1996 fourth
quarter.
The Company's 1997 operating income was a record $3.58 per share, a 23% increase
over the $2.90 per share reported for 1996. Consolidated net income in 1997 was
$112.0 million or $3.59 per share, compared to $89.0 million or $2.94 per share
last year.
Drayton Nabers, Jr., Protective's Chairman and CEO said: "1997 was an excellent
year for Protective. We enjoyed solid earnings growth and strong sales momentum
in most of our core business units. We are especially pleased with the results
of our efforts to generate more earnings growth from internal sources. Our
outlook for 1998 is also positive. We are well positioned for growth".
At December 31, 1997, the Company's assets were $10.5 billion. Stockholders'
equity per share was $22.60 (excluding $2.00 per share of unrealized investment
gains resulting from marking the Company's securities to market values).
Operating return on average equity for 1997 was 17.1%. (Average equity excludes
the effect of unrealized gains and losses on stockholders' equity.)
New accounting rules require US companies to report basic and diluted earnings
per share. All references to earnings per share in the preceding paragraphs are
basic earnings per share. On a diluted basis, the Company's net income was $.93
per share in the fourth quarter of 1997, compared to $.79 per share last year,
and $3.56 per share for all of 1997, compared to $2.92 per share for all of
1996.
Protective Life Corporation provides financial services through the production,
distribution and administration of insurance and investment products throughout
the United States and Hong Kong.
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This release includes "forward-looking statements" which express expectations of
future events and/or results. Actual events and results may differ materially
from projections. Please refer to Exhibit 99 of the Company's most recent
Form10-Q or the Management's Discussion and Analysis section of the Company's
most recent Annual Report to Stockholders for more information about factors
which could affect future results.
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