-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q8c8wgQrjl1jP6KYpVVbhn6hAiaV/qm/84OqTzH3fDT2OMhpwqG5wnjPFZUKX0I0 myuo4cvnhWJcNZRIpBu3vA== 0000355429-06-000376.txt : 20061019 0000355429-06-000376.hdr.sgml : 20061019 20061018191133 ACCESSION NUMBER: 0000355429-06-000376 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061018 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061019 DATE AS OF CHANGE: 20061018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROTECTIVE LIFE CORP CENTRAL INDEX KEY: 0000355429 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 952492236 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11339 FILM NUMBER: 061151787 BUSINESS ADDRESS: STREET 1: 2801 HGWY 280 S CITY: BIRMINGHAM STATE: AL ZIP: 35223 BUSINESS PHONE: 2052683596 MAIL ADDRESS: STREET 1: PO BOX 2606 CITY: BIRMINGHAM STATE: AL ZIP: 35202 8-K 1 pressrelease.htm 8K PRESS RELEASE CENTRIX RESVAL 8K Press Release Centrix ResVal
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 18, 2006

Protective Life Corporation
(Exact name of registrant as specified in its charter)

Delaware
001-11339
95-2492236
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)


2801 Highway 280 South
Birmingham, Alabama 35223
(Address of principal executive offices and zip code)

(205) 268-1000
(Registrant's telephone number, including area code)


N/A
(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CF 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 


 

Item 2.02 Results of Operations and Financial Condition.

On October 18, 2006, Registrant issued a press release to announce certain charges that it expects to take which will be reflected in the Registrant's third quarter 2006 results.  The press release is included herein as Exhibit 99.1.
 
In accordance with General Instruction B.2 of Form 8-K, the information included or incorporated in this report, including Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information and exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.
 
    (c)  Exhibits: 
99.1 - Press Release Dated October 18, 2006

  

SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
PROTECTIVE LIFE CORPORATION
 
By/s/Steven G. Walker
 
Steven G. Walker
 
Senior Vice President, Controller
and Chief Accounting Officer


Dated: October 18, 2006

 
 EX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 PRESS RELEASE 10-18-06 Exhibit 99.1 Press Release 10-18-06
 
                                                                                         
Protective Life Corporation                                                                                                                                                                       &# 160;                                                                      Exhibit 99.1
Post Office Box 2606
Birmingham, AL 35202
205-268-1000


FOR IMMEDIATE RELEASE


PROTECTIVE ANNOUNCES CHARGES ON
DISCONTINUED PRODUCT LINES


BIRMINGHAM, Alabama (October 18, 2006) Protective Life Corporation (NYSE:PL) today announced it expects to take charges of $35 million pretax (approximately $0.32 per diluted share outstanding) related to the discontinued Lender’s Indemnity product and the discontinued Residual Value product line. The charges will be reflected in the Company’s third quarter 2006 results.

Included in the charges for the quarter is a bad debt charge of $26 million related to the Asset Protection segment’s discontinued Lender’s Indemnity product. The charge is a result of the Company’s assessment of two counter-parties’ ability to meet their obligations under the program following the recent bankruptcy of one of the companies. The Company ceased offering the Lender’s Indemnity product in 2003.

Also included in the charges for the quarter is a $9 million reserve charge in the Corporate and Other segment related to the discontinued Residual Value line. The charge is primarily a result of a further decline in used car prices and an increase in the expected frequency of claims.

The Company will hold a conference call for management to discuss the reserve charges on Thursday, October 19, 2006 at 9:00 a.m. Eastern. Those interested in listening to the live webcast of the conference call may access it through Protective’s website. Listeners should log on to www.protective.com approximately fifteen minutes prior to the call to register, download and install the audio software required to listen to the webcast.

A recording of the call will be available from 12:00 p.m. Eastern October 19 until midnight October 26. The recording may be accessed by dialing 1-888-566-0831 (international callers 1-402-220-0121). A recording of the webcast will also be available at www.protective.com until midnight October 26.



Third Quarter 2006 Earnings Conference Call

The Company will announce third quarter 2006 results after the market closes on Tuesday, November 7, 2006. The company will hold a conference call for management to discuss third quarter results on Wednesday, November 8, 2006 at 9:00 a.m. Eastern.

Those interested in listening to the live webcast of the conference call may access it through Protective’s website. Listeners should log on to www.protective.com approximately fifteen minutes prior to the call to register, download and install the audio software required to listen to the webcast.

A recording of the call will be available from 12:00 p.m. Eastern November 8 until midnight November 15. The recording may be accessed by dialing 1-800-839-9303 (international callers 1-402-220-6083). A recording of the webcast will also be available at www.protective.com until midnight November 15.

Supplemental financial information regarding third quarter 2006 will be available at release time on November 7 on the company’s website at www.protective.com.

About Protective Life Corporation

Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the United States. It has annual revenues of approximately $2.0 billion and as of June 30, 2006 had assets of approximately $29.1 billion.

FORWARD-LOOKING STATEMENTS

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 expected charges included in this release are based on management’s current estimate of the charges and there can be no assurance that amounts may not change.

CONTACT:

Gary Corsi
Executive Vice President and Chief Financial Officer
205-268-2226

Chip Wann
Vice President, Corporate Finance/Investor Relations
205-268-6461

 
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