Company Quick10K Filing
Protective Life
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-13 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-03-05 Annual: 2018-12-31
10-Q 2018-11-09 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-11 Quarter: 2018-03-31
10-K 2018-03-02 Annual: 2017-12-31
10-Q 2017-11-14 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-K 2014-02-28 Annual: 2013-12-31
10-Q 2013-11-04 Quarter: 2013-09-30
10-Q 2013-08-02 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-02-28 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-10-09 Officers
8-K 2019-09-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-31 Enter Agreement, M&A, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-05-28 Officers, Exhibits
8-K 2019-04-30 Officers, Shareholder Vote
8-K 2019-03-05 Accountant, Exhibits
8-K 2019-02-25 Accountant, Amend Bylaw, Exhibits
8-K 2019-01-23 Enter Agreement, Other Events, Exhibits
8-K 2018-12-11 Enter Agreement, Leave Agreement, Exhibits
8-K 2018-11-06 Officers, Exhibits
8-K 2018-08-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-06 Officers, Shareholder Vote, Exhibits
8-K 2018-05-03 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-01 Other Events, Exhibits
8-K 2018-04-30 Officers, Shareholder Vote
8-K 2018-02-14 Earnings, Regulation FD
8-K 2018-01-18 Enter Agreement, Other Events, Exhibits
PL 2019-09-30
Part I
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 plc930201910-qxexh311.htm
EX-31.2 plc930201910-qxexh312.htm
EX-32.1 plc930201910-qxexh321.htm
EX-32.2 plc930201910-qxexh322.htm

Protective Life Earnings 2019-09-30

PL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DESEO 0 0 0 0 -0 -0 -0 0.1 -1,288%
HEYU 0 1 0 0 -0 -0 -0 43% 0.4 -95%
AXAEQ 217,177 203,203 7,785 0 995 1,063 -3,093 0% -2.9 0%
VRC 1 0 0 0 -0 -0 -0 0% 0.7 -5%
YTFD 0 1 0 0 -0 -0 -0 0.0
PL 117,446 109,083 5,464 0 393 552 -243 0% -0.4 0%
INFOR 6,654 7,213 3,175 0 317 729 4,941 0% 6.8 5%
FEPI 2 1 0 0 -0 -0 -0 1.6 -2%
STEMH 41 6 2 0 -8 -7 -5 23% 0.7 -20%
VPLM 3 0 0 0 -8 -8 -2 0.2 -260%

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019  
or 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from              to       
 Commission File Number 001-11339
 
PROTECTIVE LIFE CORPORATION
(Exact name of registrant as specified in its charter) 

Delaware95-2492236
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification Number)
 
2801 Highway 280 South
Birmingham, Alabama 35223
(Address of principal executive offices and zip code)
 Registrant’s telephone number, including area code (205) 268-1000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
N/AN/AN/A
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated Filer
Non-accelerated filer
Smaller Reporting Company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
 Number of shares of Common Stock, $0.01 Par Value, outstanding as of October 23, 2019:  1,000



Table of Contents
PROTECTIVE LIFE CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
 
TABLE OF CONTENTS
 
PART I
 
   Page
Item 1.Financial Statements (unaudited):  
  
  
  
  
  
  
Item 2. 
Item 3. 
Item 4. 
    
Item 1. 
Item 1A. 
Item 2. 
Item 6. 
  



Table of Contents
PROTECTIVE LIFE CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
For The
Three Months Ended
September 30,
For The
Nine Months Ended
September 30,
2019201820192018
 (Dollars In Thousands)(Dollars In Thousands)
Revenues  
Premiums and policy fees$1,028,082  $878,182  $2,904,293  $2,709,216  
Reinsurance ceded(316,983) (269,335) (975,356) (1,005,699) 
Net of reinsurance ceded711,099  608,847  1,928,937  1,703,517  
Net investment income785,285  672,139  2,197,020  1,809,464  
Realized investment gains (losses)(13,994) (47,334) (52,622) (94,211) 
Other-than-temporary impairment losses(39,752) (14) (41,245) (715) 
Portion recognized in other comprehensive income (before taxes)28,934    26,587  (2,949) 
Net impairment losses recognized in earnings(10,818) (14) (14,658) (3,664) 
Other income147,139  113,530  392,839  341,802  
Total revenues1,618,711  1,347,168  4,451,516  3,756,908  
Benefits and expenses    
Benefits and settlement expenses, net of reinsurance ceded: (three and nine months 2019 - $227,027 and $742,213; three and nine months 2018 - $215,848 and $861,501)
1,172,297  952,353  3,149,050  2,600,703  
Amortization of deferred policy acquisition costs and value of business acquired61,319  33,511  125,502  144,009  
Other operating expenses, net of reinsurance ceded: (three and nine months 2019 - $58,555 and $164,970; three and nine months 2018 - $54,439 and $149,115)
257,252  224,585  744,132  684,907  
Total benefits and expenses1,490,868  1,210,449  4,018,684  3,429,619  
Income before income tax127,843  136,719  432,832  327,289  
Income tax expense 27,217  26,619  85,811  61,582  
Net income$100,626  $110,100  $347,021  $265,707  

See Notes to Consolidated Condensed Financial Statements
2

Table of Contents
PROTECTIVE LIFE CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 
 For The
Three Months Ended
September 30,
For The
Nine Months Ended
September 30,
2019201820192018
 (Dollars In Thousands)(Dollars In Thousands)
Net income$100,626  $110,100  $347,021  $265,707  
Other comprehensive income (loss):  
Change in net unrealized gains (losses) on investments, net of income tax: (three and nine months 2019 - $227,013 and $793,599; three and nine months 2018 - $(53,488) and $(320,520))
854,000  (201,216) 2,985,443  (1,206,478) 
Reclassification adjustment for investment amounts included in net income, net of income tax: (three and nine months 2019 - $(1,022) and $(1,521); three and nine months 2018 - $427 and $(554))
(3,846) 1,605  (5,722) (2,086) 
Change in net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax: (three and nine months 2019 - $(5,318) and $1,146; three and nine months 2018 - $ and $6)
(20,008)   4,308  22  
Change in accumulated (loss) gain - derivatives, net of income tax: (three and nine months 2019 - $(893) and $(2,157); three and nine months 2018 - $61 and $813)
(3,362) 229  (8,116) 3,060  
Reclassification adjustment for derivative amounts included in net income, net of income tax: (three and nine months 2019 - $157 and $285; three and nine months 2018 - $101 and $168)
589  380  1,075  631  
Total other comprehensive income (loss)827,373  (199,002) 2,976,988  (1,204,851) 
Total comprehensive income (loss)$927,999  $(88,902) $3,324,009  $(939,144) 

See Notes to Consolidated Condensed Financial Statements
3

Table of Contents
PROTECTIVE LIFE CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
 
As of
September 30, 2019December 31, 2018
(Dollars In Thousands)
Assets  
Fixed maturities, at fair value (amortized cost: 2019 - $63,659,719; 2018 - $54,466,305)
$66,680,596  $51,904,699  
Fixed maturities, at amortized cost (fair value: 2019 - $2,685,076; 2018 - $2,547,210)
2,544,054  2,633,474  
Equity securities, at fair value (cost: 2019 - $604,474; 2018 - $627,087)
619,341  595,884  
Mortgage loans (related to securitizations: 2019 - $; 2018 - $134)
9,327,911  7,724,733  
Investment real estate, net of accumulated depreciation (2019 - $350; 2018 - $251)
7,274  6,816  
Policy loans1,686,832  1,695,886  
Other long-term investments1,149,755  759,354  
Short-term investments1,597,919  807,283  
Total investments83,613,682  66,128,129  
Cash293,299  173,714  
Accrued investment income737,549  634,921  
Accounts and premiums receivable120,779  113,507  
Reinsurance receivables4,477,663  4,764,743  
Deferred policy acquisition costs and value of business acquired3,424,874  3,023,154  
Goodwill825,511  825,511  
Other intangibles, net of accumulated amortization (2019 - $239,846; 2018 - $197,583)
596,336  613,431  
Property and equipment, net of accumulated depreciation (2019 - $44,346; 2018 - $33,199)
214,425  184,957  
Other assets1,849,949  250,036  
Income tax receivable40,363    
Assets related to separate accounts: 
Variable annuity12,542,212  12,288,919  
Variable universal life1,066,999  937,732  
Reinsurance assumed9,947,404    
Total assets$119,751,045  $89,938,754  

See Notes to Consolidated Condensed Financial Statements
4

Table of Contents
PROTECTIVE LIFE CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(continued)
 
As of
September 30, 2019December 31, 2018
 (Dollars In Thousands)
Liabilities  
Future policy benefits and claims$53,892,978  $41,901,552  
Unearned premiums887,079  872,594  
Total policy liabilities and accruals54,780,057  42,774,146  
Stable value product account balances5,450,981  5,234,731  
Annuity account balances14,181,458  13,720,081  
Other policyholders’ funds1,622,475  1,128,379  
Other liabilities3,884,452  2,374,112  
Income tax payable  38,547  
Deferred income taxes1,411,539  839,316  
Non-recourse funding obligations2,545,049  2,632,497  
Secured financing liabilities352,732  495,307  
Debt2,069,224  1,101,827  
Subordinated debt605,528  605,426  
Liabilities related to separate accounts:  
Variable annuity12,542,212  12,288,919  
Variable universal life1,066,999  937,732  
Reinsurance assumed9,947,404    
Total liabilities110,460,110  84,171,020  
Commitments and contingencies - Note 11
Shareowner’s equity  
Common Stock: 2019 and 2018 - $0.01 par value; shares authorized: 5,000; shares issued: 1,000
    
Additional paid-in-capital5,804,059  5,554,059  
Retained earnings1,935,654  1,639,441  
Accumulated other comprehensive income (loss):  
Net unrealized (losses) gains on investments, net of income tax: (2019 - $423,248; 2018 - $(368,830))
1,592,217  (1,387,504) 
Net unrealized losses relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax: (2019 - $(4,908); 2018 - $(6,054))
(18,465) (22,773) 
Accumulated gain (loss) - derivatives, net of income tax: (2019 - $(1,873); 2018 - $(2))
(7,048) (7) 
Postretirement benefits liability adjustment, net of income tax: (2019 - $(4,112); 2018 - $(4,112))
(15,482) (15,482) 
Total shareowner’s equity9,290,935  5,767,734  
Total liabilities and shareowner’s equity$119,751,045  $89,938,754  

See Notes to Consolidated Condensed Financial Statements
5

Table of Contents
PROTECTIVE LIFE CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF SHAREOWNER’S EQUITY
(Unaudited)

Common StockAdditional Paid-In- CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareowner’s Equity
 (Dollars In Thousands)
Balance, December 31, 2018$  $5,554,059  $1,639,441  $(1,425,766) $5,767,734  
Net income for the three months ended March 31, 2019138,284  138,284  
Other comprehensive income1,141,817  1,141,817  
Comprehensive income for the three months ended March 31, 20191,280,101  
Cumulative effect adjustments(50,808)