XML 88 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues      
Premiums and policy fees $ 2,981,651 $ 2,814,278 $ 2,800,140
Reinsurance ceded (1,377,195) (1,345,836) (1,394,675)
Net of reinsurance ceded 1,604,456 1,468,442 1,405,465
Net investment income 1,918,081 1,862,332 1,820,643
Realized investment gains (losses):      
Derivative financial instruments 188,131 (238,480) (155,251)
All other investments (123,537) 231,035 234,915
Other-than-temporary impairment losses (10,941) (66,188) (62,332)
Portion recognized in other comprehensive income (before taxes) (11,506) 7,302 14,890
Net impairment losses recognized in earnings (22,447) (58,886) (47,442)
Other income 394,315 358,563 307,812
Total revenues 3,958,999 3,623,006 3,566,142
Benefits and expenses      
Benefits and settlement expenses, net of reinsurance ceded: (2013 - $1,209,783; 2012 - $1,228,425; 2011 - $1,228,775) 2,479,757 2,326,040 2,233,473
Amortization of deferred policy acquisition costs and value of business acquired 192,898 203,565 264,993
Other operating expenses, net of reinsurance ceded: (2013 - $196,311; 2012 - $196,709; 2011 - $198,888) 695,971 640,430 597,200
Total benefits and expenses 3,368,626 3,170,035 3,095,666
Income before income tax 590,373 452,971 470,476
Income tax expense      
Current 21,855 76,186 9,774
Deferred 175,054 74,333 145,065
Total income tax expense 196,909 150,519 154,839
Net income 393,464 302,452 315,637
Less: Net income attributable to noncontrolling interests     245
Net income available to PLC's common shareowners $ 393,464 [1] $ 302,452 [1] $ 315,392 [1]
Net income available to PLC's common shareowners - basic (in dollars per share) $ 4.96 $ 3.73 $ 3.70
Net income available to PLC's common shareowners - diluted (in dollars per share) $ 4.86 $ 3.66 $ 3.65
Cash dividends paid per share (in dollars per share) $ 0.780 $ 0.700 $ 0.620
Average shares outstanding - basic (in shares) 79,395,622 81,066,338 85,208,612
Average shares outstanding - diluted (in shares) 80,925,713 82,723,016 86,475,229
[1] Protective Life Corporation ("PLC")