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Protective Life’s Q1 net income down to $22.13m

Operating income after-tax for the first quarter of 2009 increased to $61.55m

Protective Life has reported that its net income for the first quarter ended March 31, 2009 was $22.13m, or $0.31 per diluted share, compared to $35.88m, or $0.50 per diluted share, for the first quarter ended March 31, 2008.

Operating income after-tax for the first quarter of 2009 was $61.55m, or $0.86 per diluted share, compared to $52.14m, or $0.73 per diluted share, for the first quarter of 2008.

John Johns, Protective’s chairman, president and CEO, said: We were encouraged in the quarter by a number of developments, including: our ability to stay generally on plan for life and annuity sales; overall favorable mortality; net positive cash flows for the annuities segment; the stabilization of our GAAP book value per share; the continued solid performance of our commercial mortgage portfolio; our continued strong liquidity; and the progress we are making in expense management and efficiency improvements.

As we look to the remainder of the year, we expect economic conditions to remain difficult. We expect credit downgrades and impairments to remain at an elevated level, and our stable value account balance should decline. As a result, we will stay focused on managing capital, liquidity, asset quality and expenses.