Exhibit 99
PROTECTIVE ANNOUNCES ACQUISITION
BIRMINGHAM, Alabama, (November 7, 2000) Protective Life Corporation (NYSE:PL)
announced today that its principal operating subsidiary, Protective Life Insurance Company, has
agreed to acquire through a coinsurance transaction a block of approximately 70,000 individual
life insurance policies from Standard Insurance Company (NYSE:SFG) of Portland, Oregon.
The transaction is subject to regulatory approval. The transaction includes approximately $725
million of reserves.
Drayton Nabers, Jr., Chairman and Chief Executive Officer of Protective stated: “This
transaction is being pursued by our Acquisitions Division. We are very pleased with it. We are
acquiring a seasoned block of policies written by a high quality company. The guidance we gave
in our third quarter conference call with respect to 2001 operating earnings and available capital
included the projected earnings and capital requirements of this transaction.”
Protective Life Corporation provides financial services through the production, distribution and
administration of insurance and investment products throughout the United States. It currently
has annual revenues of approximately $1.7 billion and assets of $14.7 billion.
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. The factors which could
effect the Company’s future results include, but are not limited to, general economic conditions
and the following certain known trends and uncertainties: we operate in a mature, highly
competitive industry, which could limit our ability to gain or maintain our position in the
industry; a ratings downgrade could adversely affect our ability to compete; our policy claims
fluctuate from year to year; we could be forced to sell illiquid investments at a loss to cover
policyholder withdrawals; interest-rate fluctuations could negatively affect our spread income;
insurance companies are highly regulated; a tax law change could adversely affect our ability to
compete with non-insurance products; financial services companies are frequently the targets of
litigation, including class action litigation, which could result in substantial judgements; our
investments are subject to risks; our growth from acquisitions involves risks; we are dependent
on the performance of others; and our reinsurance program involves risks. Please refer to Exhibit
99 of the Company’s most recent Form 10-K/10-Q for more information about these factors
which could affect future results.
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