Protective Life Corp.
) reported operating earnings of 98 cents per share ahead of the
Zacks Consensus Estimate of 88 cents per share. Earnings also
came in a penny more than earnings of 97 cents reported in the
year ago quarter.
The earnings beat came from higher contribution from across the
company's segments - Life Marketing, Acquisitions, Annuities, and
Total revenues were $869.6 million, down 1.9% year over year.
Gross premium earned was $721.6 million compared with $720.2
million in the year ago quarter.
Net investment income came in at $476.0 million, up 2.4% year
Total benefits and expenses were $766.1 million, unchanged
relative to the year-ago quarter.
Full Year Results
Operating income was $3.78 per share up 15.2% year over year.
Earnings were also ahead of the Zacks Consensus Estimate of $3.68
Total revenue was $3.6 billion, up 1.5% year over year.
segment reported before-tax operating income of $15.64 million,
down 54% year over year. The decline came on the back of a
reserve financing transaction closing and the transfer of
investment income to the Corporate & Other segment, adverse
mortality experience, and an increase in operating expenses.
Sales were $41.9 million, up 66% year over year.
Before tax operating income of
segment was $42.2 million up 1.6% year over year. The increase
was primarily due to favorable mortality and lower transition
expenses related to the United Investors Life Insurance Company
and the Liberty Life Insurance Company blocks compared to the
year ago quarter.
segment reported before tax operating income of $45.3 million up
by a significant 87% year over year. The increase was driven by
increased contribution from fixed as well as variable annuity
segment reported before tax operating income of $18.7 million, up
31% year over year. The segment reported sales of $272.2 million,
compared to $32.9 million in the year-ago quarter.
segment reported before-tax operating income of $0.9 million,
down significantly from $6.7 million in the year ago quarter. The
decrease was primarily due to cost capital charge of $4.1 million
related to software development.
Corporate & Other
segment pre-tax operating income was $0.9 million compared to an
operating loss of $4.4 million in the year-ago quarter.
During the reported quarter, the company repurchased 1,047,084
shares at a total cost of approximately $27.4 million.
Protective stands solid with respect to its capital position. Its
RBC ratio is between 500-510%.
Book value per share ended the year at $59.60, up 30% from $45.45
a year ago.
Other players in the same field include
StanCorp Financial Group
Lincoln National Corporation
Reinsurance Group of America Inc.
). All reported operating earnings ahead of the Zacks Consensus
LINCOLN NATL-IN (LNC): Free Stock Analysis
PROTECTIVE LIFE (PL): Free Stock Analysis
REINSURANCE GRP (RGA): Free Stock Analysis
STANCORP FNL CP (SFG): Free Stock Analysis
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