Protective Life has reported a net loss, for the fourth quarter ended December 31, 2008, of $15.91 million
Protective Life has reported that its net loss for the fourth quarter ended December 31, 2008 was $15.91 million, or $0.22 per diluted share, compared to a net income of $60.89 million, or $0.85 per share, for the fourth quarter ended December 31, 2007.
Operating income for the fourth quarter of 2008 was $56.72 million, or $0.80 per diluted share, compared to $66.58 million, or $0.93 per diluted share, in the fourth quarter of 2007.
The company has reported a net loss of $41.86 million, or $0.59 per diluted share, for the year ended December 31, 2008 versus a net income of $289.57 million, or $4.05 per diluted share, for the year ended December 31, 2007.
For the year 2008 operating income declined to $239.9 million, or $3.37 per diluted share, from $285.52 million, or $3.99 per diluted share, for the year 2007.
John Johns, chairman, president and CEO of Protective, said: In 2008, Protective faced some of the most challenging and difficult economic circumstances in our history and we are disappointed to report a loss, on a net income basis, for the quarter and for the year. The losses were generally attributable to realised losses and impairments in our investment portfolio and charges incurred as a result of mark-to-market and fair value accounting principles. On an operating basis, we reported positive earnings for the quarter and the year.