-----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, TFLJ7OTilu5E/T5srmLtj5YewVw3d2BBGfCLiT4z43EfdZotvJMwF1wmvCsNq87p Ri5uDtI9HBxOLyTVAqX0wA== 0000355429-96-000013.txt : 19960729 0000355429-96-000013.hdr.sgml : 19960729 ACCESSION NUMBER: 0000355429-96-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960424 ITEM INFORMATION: Other events FILED AS OF DATE: 19960726 SROS: NYSE 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: 001-12332 FILM NUMBER: 96599411 BUSINESS ADDRESS: STREET 1: 2801 HGWY 280 S CITY: BIRMINGHAM STATE: AL ZIP: 35223 BUSINESS PHONE: 2058799230 MAIL ADDRESS: STREET 1: PO BOX 2606 CITY: BIRMINGHAM STATE: AL ZIP: 35202 8-K 1 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) JULY 24, 1996 PROTECTIVE LIFE CORPORATION (Exact name of registrant as specified in its charter) Delaware 1-12332 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) (Zip Code) Registrant's telephone number, including area code (205) 879-9230 N/A (Former name or former address, if changed since last report.) 1 Item 5. Other Events. On July 24, 1996, Registrant issued a press release with respect to its earnings which is included as an Exhibit to this Current Report and incorporated by reference herein: Item 7. Financial Statements and Exhibits (c) Exhibits The following exhibits are included herein. Exhibit 12 listed below is filed with reference to the Registration Statements on Form S-3 (Registration Nos. 33-3435, 33-55063 and 33-528311) of Protective Life Corporation and PLC Capital L.L.C. Exhibit 12: Computation of Ratios of Consolidated Earnings to Fixed Charges. Exhibit 99: Press Release Dated July 24, 1996. 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/JERRY W. DEFOOR Jerry W. DeFoor Vice President and Controller Dated: July 26, 1996 2 Exhibit Index Exhibit Number Description 12. Computation of Ratios of Consolidated Earnings to Fixed Charges 99. Press Release Dated July 24, 1996. 3 EX-12 2 EXHIBIT 12
PROTECTIVE LIFE CORPORATION Three Months Ended March 31 Year Ended December 31 ------------ ------------------------------------------------ 1996 1995 1995 1994 1993 1992 1991 ---- ---- ---- ---- ---- ---- ---- COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES Income before income tax $33,140 $29,572 $121,034 $106,173 $85,044 $59,947 $51,703 Less pretax minority interest 19 90 1,721 Add interest expense 2,709 2,615 9,589 7,766 6,338 4,806 5,738 ------- ------- -------- -------- ------- ------- ------- Earnings before interest and taxes $35,849 $32,187 $130,623 $113,939 $91,363 $64,663 $55,720 ======= ======= ======== ======== ======= ======= ======= Earnings before interest and taxes divided by interest expense 13.2 12.3 13.6 14.7 14.4 13.5 9.7 ==== ==== ==== ==== ==== ==== === COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO COMBINED FIXED CHARGES AND DIVIDENDS ON PREFERRED SECURITIES Income before income tax $33,140 $29,572 $121,034 $106,173 $85,044 $59,947 $51,703 Less pretax minority interest 19 90 1,721 Add interest expense 2,709 2,615 9,589 7,766 6,338 4,806 5,738 ------- ------- -------- -------- ------- ------- ------- Earnings before interest and taxes $35,849 $32,187 $130,623 $113,939 $91,363 $64,663 $55,720 ======= ======= ======== ======== ======= ======= ======= Dividends on Preferred Securities $1,237 $1,237 $4,950 $2,763 ====== ====== ====== ====== Earnings before interest and taxes divided by interest expense and dividends on preferred securities 9.1 8.4 9.0 10.8 14.4 13.5 9.7 === === === ==== ==== ==== === COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO INTEREST ON DEBT, DIVIDENDS ON PREFERRED SECURITIES AND INTEREST CREDITED ON INVESTMENT PRODUCTS Income before income tax $ 33,140 $29,572 $121,034 $106,173 $ 85,044 $ 59,947 $ 51,703 Less pretax minority interest 19 90 1,721 Add interest expense 2,709 2,615 9,589 7,766 6,338 4,806 5,738 Add interest credited to investment products 69,895 67,685 286,710 260,081 $220,772 173,658 132,533 -------- ------- -------- -------- -------- -------- -------- Earnings before interest, taxes and interest credited on investment products $105,744 $99,872 $417,333 $374,020 $312,135 $238,321 $188,253 ======== ======= ======== ======== ======== ======== ======== Dividends on Preferred Securities $1,237 $1,237 $4,950 $2,763 ====== ====== ====== ====== Earnings before interest, taxes and interest credited to investment products divided by interest expense, dividends on preferred securities, and interest credited on investment products 1.4 1.4 1.4 1.4 1.4 1.3 1.4 === === === === === === ===
EX-99 3 Exhibit 99 July 24, 1996 For Immediate Release PROTECTIVE ANNOUNCES RECORD 2Q96 EARNINGS Protective Life Corporation (NYSE:PL) announced second quarter results today. The Company's operating income, which excludes realized investment gains and losses and related amortization, was a record $.76 per share in the 1996 second quarter, a 13% increase over the $.67 per share last year. Consolidated net income for the second quarter of 1996 was $23.3 million or $.78 per share, compared to $17.9 million or $.62 per share reported for the 1995 second quarter. The Company's operating income was $1.49 per share in the first six months of 1996, a 15% increase over the $1.30 per share reported for the first six months of 1995. Consolidated net income in the first six months of 1996 was $44.4 million or $1.51 per share, compared to $36.9 million or $1.31 per share last year. At June 30, 1996, the Company's assets were $7.8 billion. Stockholders' equity per share was $18.68 (excluding $.83 per share of unrealized investment losses resulting from marking the Company's securities to market values). Operating return on average equity for the twelve months ending June 30, 1996 was 17.7%. (Average equity excludes the effect of unrealized gains and losses on stockholders' equity.) -----END PRIVACY-ENHANCED MESSAGE-----