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BIRMINGHAM, Ala. - Protective Life Corp.'s net income for the third quarter of 2009 was $27.6 million, or $0.32 per average diluted share, compared to a net loss of $100.0 million, or $1.41 per average diluted share, in the third quarter of 2008.
Operating income, after-tax, for the third quarter of 2009 was $47.9 million, or $0.55 per average diluted share, compared to $62.5 million, or $0.88 per average diluted share, in the third quarter of 2008.
Net income for the nine months ended September 30, 2009, was $140.5 million, or $1.77 per average diluted share, compared to a net loss of $25.9 million, or $0.36 per average diluted share, in the nine months ended September 30, 2008. Operating income, after tax, for the nine months ended September 30, 2009 was $190.3 million, or $2.40 per average diluted share, compared to operating income, after tax, of $183.2 million, or $2.57 per average diluted share, in the nine months ended September 30, 2008.
Book value per share increased to $26.91 at quarter-end, compared to $10.89 at December 31, 2008.
John D. Johns, Protective’s Chairman, President and CEO said, “We continue to expand the breadth and depth of our annuity distribution platform, and we saw a strong increase in variable annuity sales and positive fund flows in our major annuity product lines. We also made some good progress in expanding our capacity to distribute universal life products. Our universal life sales increased 33% over last year’s third quarter in the face of some very difficult market conditions.
"Our Asset Protection segment continued to perform in line with expectations. Asset Protection sales were up about $10 million during the quarter on a sequential basis. Just after the quarter closed, we successfully refinanced surplus notes supporting one of our securitization structures. We expect that the transaction will generate a substantial increase in operating earnings in the fourth quarter and will also further bolster our capital base and capital ratios at year-end."
Johns added that earnings in the quarter were negatively impacted by the substantial amounts of excess liquidity that Protective continued to carry, less favorable mortality, some consolidation and other unusual expense items and impairments in the investment portfolio.
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