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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues        
Premiums and policy fees $ 657,218 $ 684,939 $ 2,140,396 $ 2,092,673
Reinsurance ceded (270,730) (321,059) (996,570) (970,290)
Net of reinsurance ceded 386,488 363,880 1,143,826 1,122,383
Net investment income 454,275 467,944 1,378,129 1,386,287
Realized investment gains (losses):        
Derivative financial instruments 41,326 (134,222) 192,592 (212,399)
All other investments (19,508) 122,555 (133,631) 223,874
Other-than-temporary impairment losses (6,635) (1,676) (9,764) (49,766)
Portion recognized in other comprehensive income (before taxes) (2,046) (6,880) (7,501) 8,838
Net impairment losses recognized in earnings (8,681) (8,556) (17,265) (40,928)
Other income 98,794 81,190 278,213 273,930
Total revenues 952,694 892,791 2,841,864 2,753,147
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (three months: 2013 - $204,065; 2012 - $307,866; nine months: 2013 - $882,123; 2012 - $895,845) 624,577 629,945 1,764,323 1,788,096
Amortization of deferred policy acquisition costs and value of business acquired 22,446 14,011 149,631 138,035
Other operating expenses, net of reinsurance ceded: (three months: 2013 - $47,506; 2012 - $46,679; nine months: 2013 - $138,901; 2012 - $139,288) 163,550 157,849 511,149 477,764
Total benefits and expenses 810,573 801,805 2,425,103 2,403,895
Income before income tax 142,121 90,986 416,761 349,252
Income tax expense 49,060 30,506 142,210 113,596
Net income 93,061 60,480 274,551 235,656
Net income available to PLC's common shareowners $ 93,061 [1] $ 60,480 [1] $ 274,551 [1] $ 235,656 [1]
Net income available to PLC's common shareowners - basic (in dollars per share) $ 1.17 $ 0.75 $ 3.46 $ 2.89
Net income available to PLC's common shareowners - diluted (in dollars per share) $ 1.15 $ 0.73 $ 3.39 $ 2.83
Cash dividends paid per share (in dollars per share) $ 0.20 $ 0.18 $ 0.58 $ 0.52
Average shares outstanding - basic (in shares) 79,492,274 80,662,745 79,346,771 81,541,462
Average shares outstanding - diluted (in shares) 80,852,078 82,406,103 80,882,552 83,187,854
[1] Protective Life Corporation ("PLC")