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, 1999
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, 1999, 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, 1999.
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, 1999
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Exhibit Index
EXHIBIT NUMBER DESCRIPTION
99. Press Release Dated February 11, 1999
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Exhibit 99
PROTECTIVE ANNOUNCES 4Q98 EARNINGS
BIRMINGHAM, Alabama (February 11, 1999) Protective Life Corporation (NYSE:PL)
announced fourth quarter results today. The Company's basic operating income,
which excludes realized investment gains and losses and related amortization,
was $.53 per share in the 1998 fourth quarter, a 15% increase over the $.46 per
share last year. Consolidated net income for the fourth quarter of 1998 was
$34.7 million, compared to $29.2 million reported for the 1997 fourth quarter.
Basic net income per share was $.53 per share in the 1998 fourth quarter
compared to $.46 per share last year. All prior period results have been
restated to reflect a two-for-one stock split on April 1, 1998.
Diluted operating income was $.53 per share in the 1998 fourth quarter compared
to $.46 last year, and diluted net income per share was $.53 per share in the
1998 fourth quarter compared to $.46 per share last year.
Drayton Nabers, Jr., Protective's Chairman of the Board and Chief Executive
Officer commented:"In 1998 we enjoyed solid earnings growth throughout the
Company. Our strong sales momentum and recent acquisitions positions us well for
1999."
The Company's 1998 basic operating income was $2.04 per share, a 14% increase
over the $1.79 per share reported for 1997. Consolidated net income for 1998 was
$130.8 million, compared to $112.0 million reported for 1997. Basic net income
per share was $2.06 per share in 1998 compared to $1.79 per share last year.
Diluted operating income was $2.02 per share in 1998 compared to $1.78 last
year, and diluted net income per share was $2.04 per share in 1998 compared to
$1.78 per share last year.
At December 31, 1998, the Company's assets were $12.1 billion. Stockholders'
equity per share was $13.80 (excluding $.85 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 December 31,
1998 was 16.5%. (Average equity excludes the effect of unrealized gains and
losses on stockholders' equity.)
THIS RELEASE INCLUDES "FORWARD-LOOKING STATEMENTS" WHICH EXPRESS EXPECTATIONS OF
FUTURE EVENTS AND/OR RESULTS. ALL STATEMENTS BASED ON FUTURE EXPECTATIONS RATHER
THAN ON HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE A NUMBER OF
RISKS AND UNCERTAINTIES, AND THE COMPANY CANNOT GIVE ASSURANCE THAT SUCH
STATEMENTS WILL PROVE TO BE CORRECT. PLEASE REFER TO EXHIBIT 99 OF THE COMPANY'S
MOST RECENT FORM 10-Q FOR MORE INFORMATION ABOUT FACTORS WHICH COULD AFFECT
FUTURE RESULTS.
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